Monday, June 25, 2012

Developer announces price range for Arabian Ranches townhouses

The townhouses at the Alma 2 cluster in Arabian Ranches have been priced at the range of Dh.1.4mn to Dh.2.2mn by its developer, Emaar Properties. The 62 units have been offered exclusively to owners and renters in the master community.

The Alma Townhomes 1 is a Spanish-style single family attached villas (townhomes), with units in the range 2,436 square feet to 3,153 square feet.

Emaar was supposed to come up with a second development this year, a townhouse project in Arabian Ranches, following the launch of its Panorama project in the Greens area. The project will have double and triple bedroom townhouses, with the current owners of Arabian Ranches being given priority for purchasing these properties.

According to data, the average price of townhouses in Al Reem cluster is Dh.2.28mn, while the average price per square feet is Dh.807. The average price of Alma Townhouses is Dh.2.59mn, with per square feet price being Dh.935.

During the month of March, Emaar sold 18 Golf Homes or luxury villas in Arabian Ranches Golf Course for Dh.7.3mn to Dh.11mn. Emaar demanded complete payment to be made within six months, wherein the buyers had to offer a bank guarantee of Dh.100,000, which would be returned to buyer, on completion of villa fit-out. The project was due for completion in 2 years.

In April, Better Homes reported that villas at Arabian Ranches saw a price increase of 15 percent over the past one year. A five bedroom villa now sells in the range Dh.4.5mn to Dh.4.7mn.

The Senior Residential Consultant, Green Community Office, Better Homes, Rene D’Souza, agreed about the 15 percent increase in rate in the townhouse segment of Ranches.

Leading Dubai-based real estate consultancy, Asteco, earlier this year, stated that real estate prices in Dubai have stabilized in certain villa communities, including Palm Jumeirah, Arabian Ranches and the Springs, that are already witnessing spikes of up to nine percent.

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