Monday, April 09, 2012

Prices of the The Meadows villas, surged by 25 percent

A leading real estate brokerage company expert has revealed that the selling price of villas in The Meadows have gone up by 25percent.

Over the past one year, there has been dramatic increase in prices. This growth in value is not just limited to the regions of The Meadows. For quite some time now, demand has surpassed supply, thereby creating a ripple effect to the higher numbered Meadows, said Nick Grassick, Sales and Lead Director, Allsopp and Allsopp.

The Residential Consultant at JBR Office at Better Homes, Sandrine Loureiro, mentioned that the increase has been around 10 to 15 percent this year.

The prices have increased from Dh.1,133 last year to Dh.1,298 in the current year, on per square feet average, thereby indicating a 10 to 15 percent growth. At present, a four bedroom villa in the community is worth over Dh.4.5mn, which can vary with size of plot and the location, Loureiro said.

According to Allsopp, the premium depends on the condition of the villa. A pool and park view is the preferred choice of the buyers, although such villas are rare. An additional premium is applicable for availability of occupation, and the condition such as kitchen and bathroom upgrades.

Further, while higher community charges are becoming cause of concern for several communities across Dubai, the villa owners’ in The Meadows are not facing any unjustified fee hike, which can add to the appeal of the community.

The service charges in the community have remained static at less than Dh.2 per sq.ft. on the BUA for years, although it has marginally grown this year. According to Loureiro, service charges for 2012 are Dh.1.90 per sq.ft. for plot size.

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