The homegrown luxury residential property developer, Condor Developers, today said that with the influx of new global investors, particularly from Europe to Dubai, demand for its premium Golf Links 18 project at Dubai Sports City has been surging and nearly 70 per cent of the golf facing development has been sold out.
“The sharp rise in European investors entering Dubai’s property market over the past year, driven by relocation to the UAE’s tax-friendly environment, has created a ripple effect in the real estate sector, providing strong tailwinds to the country’s growing economy,” said Vidhyadharan Sivaprasad, Chairman and CEO of Condor Developers.
He said construction of the project is also moving ahead at a rapid pace with a milestone of nearly 70 per cent of the AED 300 million Golf Links 18 now complete. “We are looking at early completion of the development before the first quarter of 2026, in line with our reputation of delivering projects even before the scheduled timelines.”
Condor Golf Links 18, coming up on a plot area of 47,000 square feet, offering an array of diverse amenities for premium residential living, will have a total of over 250 luxury residential units. The project’s range of 18 amenities span a Sky Retreat, two Infinity pools, a rooftop Yoga deck, outdoor cinema, indoor gymnasium, sun and float lounges, jacuzzi, picnic areas, BBQ stations and open cabanas, among others. The property will also have a viewing area, outdoor fitness box, sauna and steam rooms.
Investor diversity
Sivaprasad said the demographic mix of investors in Dubai’s real estate market as well as across its own developments has seen a marked shift with the inflow of new high net worth investors from across Europe, bringing in more diversity to the market.
“These shifts of a large number of people moving from tax-stringent countries of Europe, combined with Dubai’s strategic and persistent vision to make the Emirate a global investment destination is amply reflected in the sharp growth of asset values and rental yields in the property market,” Sivaprasad said.
According to him, property asset values have increased by 20 to 30 per cent in tandem with the increase in land prices, while rental yields is in the range of 10 per cent respectively depending on the location.
A majority of the buyers of the Golf Links 18 residential apartments so far is from the UK, followed by Russia, France, Slovakia and the UAE.
Sivaprasad said that for many High-Net-Worth (HNW) families and non-HNW professionals, the UAE real estate market offers an attractive destination of low-tax jurisdiction without the rigors of complex and cumbersome tax machinery, attracting new European investors from across the UK, Germany, Belgium and the Netherlands.
It is estimated that 6,700 millionaires moved to Dubai last year as per Henley & Partners’ 2024 Wealth Migration Report, which is the highest for any country in the world. The influx is also expected to grow with a New World Wealth report projectinga 39% increase in the number of HNWIs in the UAE by 2026, bringing the total to over 100,000 individuals.
Condor which has a pipeline of AED 2.5 billion worth of projects in the next couple of years across Dubai Islands, Al Majan and Jumeirah Village is well-positioned to reap the dividends of the new investor surge, Sivaprasad added.
