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UAE Real Estate Firms AveNew, Pride and Property, and Landsmith Conclude Dh300 Million Land Sale

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.

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Dubai’s Real Estate Market Reports Double-Digit Surge In June 2023

The emirate’s real estate market has posted its strongest performance for the month of June in a decade.

Dubai’s property market has continued its growth run for the month of June. It has defied trends for a mid-year dip to log 10,419 real estate transactions. The emirate’s real estate market saw a 17.78 per cent increase in volume compared to 8,846 in June 2022, reported real estate portal Property Finder.

The value of the real estate transactions witnessed a surge of 34.1 per cent compared to the same month last year, reaching Dhs30.41bn. This marks the highest transaction volume and value for the month of June in a decade.

Dubai real estate buying trends

Ten areas contributed to almost 68 per cent of the total sales value and 54 per cent of the total number of transactions in the off-plan market. These are – Dubai Marina, Palm Jumeirah, Dubai Harbour, Dubai Creek Harbour, Dubai Hills, Burj Khalifa, Jumeirah Lakes Towers, and Jumeirah Village Circle, as well as Umm Suqeim Third and Dubai Design District.

The real estate portal reported that the top areas that buyers looked at for purchasing apartments were Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle, and Palm Jumeirah. While, Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills, and Al Furjan were the most looked-up areas for those looking to own villas/townhouses.

According to Property Finder, 57.5 per cent of property buyers were looking for an apartment, while 42.5 per cent were interested in villas/townhouses. The most commonly searched apartment size for purchase was two-bedroom, accounting for 34.1 per cent, closely followed by one-bedroom apartments at 33.4 per cent.

Scott Bond, UAE country manager at Property Finder, said, “In June 2023, Dubai’s booming property sector once again marked a record rise in both volume and value. With off-plan transactions continuing to surge, the existing properties market reported a slight dip in volume, offset by an increase in value. While overall trends mostly remained the same, we have witnessed variations in home seeker preferences in the off-plan as well as the existing properties segment. It will be interesting to see how the dynamic evolves during the upcoming summer months.”

The off-plan segment played a significant role in driving the uptick in Dubai’s real estate market in June, accounting for 49.6 per cent of the total number of sales transactions and 41.5 per cent of total transaction value.

The volume of off-plan property sales rose by 46.6 per cent YoY, with more than 5,165 transactions recorded, compared to 3,523 in June 2022. This increase was reflected in the value of off-plan properties, which surged by almost 80.26 per cent to more than Dhs12.6bn, far surpassing the Dhs7.007bn recorded in June 2022.


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