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Dubai property sector justifies Knight Frank’s top rank with record deals

Dubai's real estate space now accounts for 17% of the global sales of luxury properties

UAE-based real estate firms AveNew by RH, Pride and Property and Landsmith Real Estate have hit the headlines by jointly concluding a land sale transaction worth over Dh300 million in the Emirati City’s most sought-after Jumeirah Golf Estates.

The development reflected the growing demand for golf course communities in the Gulf country, fueled by limited supply and sustained investor interest, with UAE’s track record as an investment-friendly real estate market sweetening up the matter more.

Talking about Jumeirah Golf Estates, which is rated among the top ten lifestyle estates in the world, with metro connectivity and over 1,500 villas, townhouses, and apartments, also hosts the final tournament of the 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, while interacting with the Khaleej Times.

Kunal Singh Sandhu, owner of Pride and Property, told further, “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.”

Talking about Dubai’s real estate space, it has secured the first rank in Knight Frank’s list of the world’s top luxury real estate markets in 2023, accounting for 17% of the segment’s total sales globally.

While Jumeirah Golf Estates saw the record-breaking deal, Dubai’s ultra-luxury residential property scene continued to flourish further, as a new penthouse on Palm Jumeirah got sold for a record Dh500 million.

The five-bedroom Como Residences penthouse, spread over 21,949 square feet, is reportedly equipped with a home automation system and an exclusive access via a private elevator. The property also gives a stunning visual of the Dubai skyline through floor-to-ceiling windows.

With the Dh500 million deal, Como Residences penthouse broke the previous record for the most expensive penthouse, which was held by Marsa Al Arab, with a value of Dh420 million.

In fact, Como Residences’ record may be again broken, if the Dh750-million Sky Mansion Penthouse at Bugatti Residences by Binghatti finds a suitable buyer.

The developments emerging from the Jumeirah region reiterate the growing demand seen in the UAE’s property market, especially from the HNWI (High Net Worth Individual) clients from Europe, East Asia and Gulf countries. In Dubai alone, Dh100-million-plus property purchases have become the new normal in the post-COVID period.

According to the Knight Frank, Dubai’s USD 10 million-plus homes market has continued to solidify itself, with 88 sales being registered in Q1 2023 alone.

“2022 saw Dubai recording 219 deals above the USD 10 million price point, positioning the city as the fourth busiest luxury homes market in the world. 2023 is shaping up to be another record year for this segment of the market,” the report noted further.

Coming back to the Como Residences, the property has now been ranked the third most expensive penthouse ever built and sold in the world, followed by ‘Penthouse D’ at London’s ‘One Hyde Park’ (priced at USD 237 million). The Odeon Tower Penthouse in Italy’s Monaco (priced at USD 440 million), has the top spot as of November 2023.

The deal was closed by Sam Horani, associate partner of Provident Estate, who remarked, “The Como Residences Penthouse is not just a residence, but a statement of ultimate luxury and exclusivity. Its sale marks a historic moment in the Dubai real estate landscape, solidifying its place as an enduring symbol of opulence for generations to come.”

The penthouse will likely be completed in the third quarter of 2027.

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