Picture credit score: Jumeirah Golf Property/X
In one of many largest joint land offers of its form, a Dhs300 million deal has been registered in Dubai’s coveted Jumeirah Golf Estates.
UAE-based actual property firms AveNew by RH, Delight and Property and Landsmith Actual Property introduced the completion of the land transaction on Monday.
Jumeirah Golf Property amongst prime residential areas
The marketed land in Jumeirah Golf Estates overlooks expansive views of the Fairways and is residence to greater than 1,500 villas, townhouses and flats. It’s situated in one in every of Dubai’s finest residential areas, in keeping with Knight Frank.
The true property consultancy agency, talked about in its Fall 2023 reviews that since 2020, the world noticed a value per sq. foot (psf) improve of 15 % per quarter and a value improve of as a lot as 88 %.
This land sale deal underlines the energy of Dubai’s actual property sector, which has seen document development charges this yr. The report states: “With a mean value of three,740 psf or 1,018 psf for prime transactions, Dubai stays one of the vital inexpensive markets for luxurious properties.
Nitin Chauhan, director of Landsmith Actual Property, mentioned: “This land sale serves as a transparent indicator that Dubai’s luxurious actual property sector is poised for sustainable development and an upward pattern in property costs. The sale can also be testomony to Knight Frank’s record of the world’s high luxurious actual property markets in 2023, which put Dubai on the high – accounting for 17 % of worldwide gross sales on this phase,” he added.
“With that demand dynamic turning into clear and the placement of this plot, which overlooks a singular view of two Fairways, there was undoubtedly curiosity from high builders,” mentioned Chauhan, a specialist in luxurious villas, plots and flats in prime areas.
Prime areas set new information
The land transaction highlights the true property market’s curiosity in distinctive promoting factors, which on this case is group immersion as a golf vacation spot. Jumeirah Golf Property is surrounded by the panorama of a luxurious golf course, a family identify on the annual calendar and residential to 14 editions of the acclaimed DP World Tour Championship (European Tour) finals.
The Knight Frank report highlights the resilience of Dubai’s actual property sector, as transactions exceed these of different international cities resembling London and New York. “Demand for luxurious properties in Dubai stays resilient and provide is lagging behind. For instance, the variety of super-prime properties bought in Dubai, priced above $10 million, totaled $1.6 billion within the third quarter of 2023, whereas the entire variety of $10 million residence gross sales this yr has reached a document 277 reaches.”
The report notes: “This builds on Dubai’s emergence because the world’s busiest gross sales market with gross sales of greater than $10 million in the course of the first half of the yr, forward of New York (125) and Hong Kong (109).”
Kunal Singh Sandhu, proprietor of Delight and Property, mentioned: “We and our companions have invested a whole lot of effort and time on this record-breaking transaction. There’s a giant improve within the variety of luxurious actual property patrons in Dubai and we consider that is just the start for a promising phase. The perfect is but to come back for Dubai’s luxurious actual property market.”
