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Dubai records massive land-sale deal of over Dh300 million

Demand for golf course communities skyrockets

UAE-based real estate firms AveNew by RH, Pride and Property and Landsmith Real Estate have jointly concluded a land sale transaction worth over Dh300 million in Dubai’s sought-after Jumeirah Golf Estates.

One of the biggest transactions of its kind in Dubai reflects the growing demand for golf course communities, fuelled by limited supply, sustained investor interest locally and globally, and the UAE’s track record as an investment-friendly real estate market.

Jumeirah Golf Estates, rated among the top ten lifestyle estates in the world, is a transit-oriented development with metro connectivity and over 1,500 villas, townhouses, and apartments. The luxury golf course community also hosts the final tournament of the acclaimed DP World Tour Championship (European Tour).

“Golf course-facing luxury villas are popular but limited in Dubai. That demand-supply dynamic, combined with the plot’s unique view of two Fairways, generated interest among top developers. After the project attains final form, it will epitomize luxury living in golf course communities,” said Nitin Chauhan, director of Landsmith Real Estate. Chauhan has been involved and invested in Dubai real estate since the inception of freehold properties.

Commenting on the landmark sale, Kunal Singh Sandhu, owner of Pride and Property, said: “We’ve been witnessing an influx of luxury-property buyers in Dubai — a promising sign for the segment. Pride and Property and partners invested significant time and effort to conduct the record-breaking transaction. We believe the best is yet to come for the luxury property in Dubai.” Luxury real estate is a forte of Pride and Property, which, since its launch in 2008 and under the guidance of Kunal, has been immensely successful in launching and managing projects for reputable developers in Dubai.

Dubai ranked first in Knight Frank’s list of the world’s top luxury real estate markets in 2023, accounting for 17 per cent of the segment’s total sales globally. This land sale, in excess of Dh300 million, at Dubai’s Jumeirah Golf is a tell-tale sign that Dubai’s luxury segment will continue to grow, with a general uptrend in prices.