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As golf enthusiast’s flock to observe Rory McIlroy and Padraig Harrington compete in the Dubai Desert Classic, property builders are hoping the event may supply another increase to golfing-designed villas in Dubai.
Tens of thousands of new villas are planned to be constructed around new golfing programs in Dubai as the emirate’s property marketplace returns from boom to bust to boom again. 100s of them had been postponed since the start of the world-wide fiscal crisis of 2008.
In the past six months, builders in Dubai have announced strategies for at least 28.5 million square metres of fresh course developments – the equivalent of about 7,000 football fields.
These generally include 1- 1 million sq yards of development at Dubai Slopes, which was started last June by Meraas and Emaar. The task, which is to be assembled in the first period of Mohammed bin Rashid city, will soon establish around a new 18-hole course. A first tranche of off-plan villas was silently started to 70 chosen customers in December.
At the same time, Dubai-based Damac is developing its Akoya villas, another 3.9 million sq metres of luxurious villas round the Trump Global. Damac established revenue for an initial line of villas in Dubai in its Rockwood, Richmond and Topanga clusters in November.
Further south at Dubai World central, the 140 square km megaproject around Al-Maktoum airport, another golf course is earmarked to be constructed. In December, Emaar announced to build up a 13.6 million sq metre course and apartment community along with hotels and a shopping centre.
“Golf program development is an instance of a notion that Golf is going to be a big investment opportunity in Dubai, but everyone jumped on board and began doing it, resulting in the marketplace over supply,” mentioned Victoria Garrett, associate director for homes at Knight Frank’s Dubai office.
Provident Real Estate 