Dubai property market zooms, realty deals record 37% growth in 3rd quarter

Inayat-ur-Rahman, Business Editor

The Dubai real estate market achieved remarkable and unprecedented results in property transactions. In Q3 2023 alone, the value of these transactions soared to Dhs430 billion, showcasing an impressive 37% growth compared to the same period last year, while the number of new investors witnessed a significant upswing of 15%.

This underscores our steadfast dedication to translating and embracing Dubai’s vision and goals and underscores the unshakable confidence investors have in the sector, the resilience of our economy, and its ability to tackle challenges head-on, all of which collectively contribute to the ongoing elevation of Dubai’s competitive Standing.

This was stated recently by Sultan Butti Bin Mejren, Director General of the Dubai Land Department.

Meanwhile, the UAE-based real estate firms AveNew by RH, Pride and Property and Landsmith Real Estate have announced the completion of a joint land transaction worth over Dhs300 million - one of the biggest transactions of its kind - in Dubai’s coveted Jumeirah Golf Estates. Established in 2021, AveNew has created a strong presence in the Dubai Real Estate Market in a short span of time, specialising in helping investors and property buyers secure incredible deals across the Emirate owing to their extensive knowledge of the Dubai Real Estate market and a strong network of agents & consultants.

Landsmith Real Estate, a well-established homegrown boutique real estate firm, and among the pioneers in the luxury property segment in Dubai, specialises in prime residential locations as well as structuring deals and large commercial projects. Pride and Property, another formidable entity in the real estate realm, has immense experience in selling luxury off-plan and ready-to-move-in properties on the beachfront and other prominent locations in Dubai.

The trio combined their expertise to secure the land deal of over Dhs300 million. Jumeirah Golf Estates is among the world’s ten foremost luxury and lifestyle estates and houses over 1,500 villas, townhouses, and apartments.

The transacted land that is part of this deal overlooks an expansive view of the Fairways. It is surrounded by the landscapes of a luxury golf course community which is a renowned name in the annual golf calendar and has hosted 14 editions of the acclaimed DP World Tour Championship’s (European Tour) finals.

Nitin Chauhan, Director of Landsmith Real Estate, expressed his insights into the unique appeal of golf course-facing luxury villas in Dubai.

“The final form of this project will be the epitome of luxury living in golf course communities. Golf course-facing luxury villas are popular but rare in this region. With that demand dynamic becoming apparent and the location of this plot, which overlooks unique views of two Fairways, there was bound to be interest from top developers.”

Popular for his customer-first approach in the real estate market, Nitin is a specialist in luxury villas, plots and apartments in prime locations. He has had a presence in Dubai’s real estate scene since the inception of freehold properties and is an investor in multiple projects and properties.

This land sale serves as a clear indicator that Dubai’s luxury real estate sector is poised for sustained growth and an upward trend in property prices. The sale is also a testament to Knight Frank’s list of the world’s top luxury real estate markets in2023, which placed Dubai at the top - accounting for 17% of global sales in the segment.

Kunal Singh Sandhu, owner of Pride and Property, feels the landmark sale represents the growing allure of luxury real estate in Dubai. “Pride and Property and partners invested significant time and effort into this record-breaking transaction. There has been a significant increase in buyers for luxury properties in Dubai and we think this is just the start for a promising segment. The best is yet to come for the luxury property market in Dubai.”

Kunal has been in real estate since 2007 and has carved a successful path in the luxury real estate niche. Under Kunal’s leadership, they have made luxury real estate their forte and helped launch and manage projects for reputable developers in Dubai The completion of this deal in Dubai is an indicator of the escalating demand for golf course communities due to several key factors.

Foremost among these is the limited supply of such exclusive properties. The scarcity of available golf course real estate contributes significantly to the premium placed on these sought-after developments by discerning buyers. It also underscores the global recognition of Dubai’s real estate market as a lucrative and stable investment destination for local and global buyers, and is another hat-tip to the UAE’s exemplary track record as an investment-friendly real estate market.