Thursday, September 15, 2011

Meadows villas witnessing 20 percent growth in prices


Huge demand for villas in Meadows has led to growth in prices by 15 to 20 percent since the start of this year, say real estate agents.

The data from the Dubai-based Better Homes, said that three bedroom villas are now offered for Dh.3.2mn to Dh.3.3mn, in comparison to Dh.2.5mn to Dh.2.6mn.

The four bedroom villas are now listed for Dh.3.4mn to Dh.3.5mn, in comparison to Dh.2.8mn to Dh.2.9mn. The five bedrooms are available for Dh.4.2mn to Dh.4.4mn in comparison to Dh.3.6mn to Dh.3.7mn.

The leading real estate agency, PropSquare Real Estate, mentioned that the three bedroom villas are now open for Dh.3mn instead of Dh.2.6mn. Meanwhile, the price for four bedrooms (type 14) touched Dh.4mn, up from Dh.3.5mn, while five bedrooms (type 13) in Meadows are now costing Dh.4.3mn instead of Dh.3.7mn.

As pointed out by Propertyfinder.com, a nominal three to ten percent growth is noticed in villa prices.  According to agents, the prices will continue to grow based on the view, location and up-gradation of the villas.

The Manager – Residential Sales & Leasing at Better Homes, Jan Tabrizi, said that the days of distress sales have long gone from the market. Several local and global real estate consultancies have agreed in their reports about villa prices being stable during the past six months, while in established communities, a price hike has been recorded.

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