A massive land sale in Dubai exceeds Dh300 million

In Dubai’s highly sought-after Jumeirah Golf Estates, the real estate companies AveNew by RH, Pride, and Property, and Landsmith Real Estate have collectively completed a land sale transaction valued at over Dh300 million.

One of the largest deals of its kind in Dubai is indicative of the rising demand for golf course communities, which is being driven by a dearth of available stock, ongoing interest from local and international investors, and the UAE’s reputation as an investment-friendly real estate market.

One of the top ten lifestyle estates in the world, Jumeirah Golf Estates is a transit-oriented community featuring over 1,500 villas, townhouses, and apartments connected to the metro. The prestigious DP World Tour Championship (European Tour) final tournament is also held at the opulent golf course community.

“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.

According to Knight Frank’s ranking of the world’s leading luxury real estate markets for 2023, Dubai came in first place and accounted for 17% of the segment’s global sales. This land deal at Jumeirah Golf in Dubai, which sold for more than Dh300 million, is a clear indication that the city’s luxury market will expand and see overall price increases.

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