Emaar Properties is all set to announce its second development this year, which is a townhouse project, located in the upscale Arabian Ranches community.
Spread over 247 acres of land, the Arabian Ranches Golf Course comprises 120 acres of grass land and desert vegetation, which forms part of Arabian Ranches Golf Club. The 18-hole, par 72-signature course, has been designed by Ian Baker-Finch, in association with Nicklaus Design.
The development offers nearly 4000 units of one-storey, two-storey single-family homes.
Al Reem comprises double and triple bedroom attached villas (townhouses) of varying sizes in the range 1690 square feet to 3155 square feet.
Alma Townhomes is a Spanish-influenced single-family attached villas/townhomes with units in the range 2436 square feet to 3,153 square feet.
The Hattan villas are detached villas comprising two storeys, four and five bedrooms, in the range 5,443 square feet to 7,230 square feet.
Mirador la Coleccion villas are detached villas in the range of 3,458 square feet to 6,911 square feet, comprising four to seven bedrooms.
The Palmera homes are in the range of 1,889 square feet to 2,936 square feet, and comprise double to triple bedroom villas.
La Avenida is a cluster of 17 detached villas with Spanish and Portuguese style, and is centrally located between the Arabian Ranches Golf Course and the Arabian Ranches Lake.
The average prices of townhouses in the Al Reem cluster, at present is Dh.2.28mn, while average price in square feet is Dh.807. The average pricing for Alma Townhouses is Dh.2.59mn, with per square feet rate being Dh.935.
According to real estate agents, although there is good demand for villas/townhouses in Arabian Ranches, Emaar will have to price the product in the range Dh.1000 to Dh.1200 per square foot.
Emaar has been selling the 18 Golf Homes, or luxury villas, in the Arabian Ranches for Dh.7.3mn to Dh.11mn.
Emaar has been seeking complete payment be made within six months time, with buyers having to produce a Dh.100,000 bank guarantee, which would be returned once the buyer completes the villa fit-out. The time for completion of the fit-out is two years.
According to Better Homes, villas in Arabian Ranches have seen appreciation of 15 percent over the past year. The price of a five bedroom villa is now Dh.4.5mn to Dh.4.7mn. Even the townhouse segment has seen price increase of 15 percent in the Ranches, says Rene D’Souza, Senior Residential Consultant, Green Community Office, Better Homes.
The Dubai-based real estate consultancy, Asteco, mentioned that property prices of villa communities have stabilized within Palm Jumeirah, Arabian Ranches and Springs, with price hikes of up to 9 percent.