Monday, August 12, 2013

Discovery Garden units record 88 percent growth in sale transactions

Dubai's Discovery Gardens, which was among the most affordable communities in the emirate, has recorded 88 percent growth in sale transactions during the first six months of 2013, in comparison to same period last year.

There has been 18 percent rise in average prices, touching Dh.692.8 per square foot, in comparison to Dh.587 per square foot data, as shared by Reidin.com.

During the first half of the year, 400 apartments have been sold as against just 213 units sold during the same period last year, marking 88 percent growth. These figures are as per data registered with the Dubai Land Department.

At present, the prices of studios are in the range Dh.430,000 to Dh.500,000, while single bedrooms are being sold for Dh.600,000 to Dh.750,000. Following the real estate crisis in 2008, studios and single bedroom apartments are being sold for Dh.250,000 and Dh.350,000 respectively.

Due to its proximity to Ibn Battuta Metro Station, rentals have grown considerably and investors are able to gain six to eight percent return on their investments in Discovery Garden units.

Further, Nakheel, the master developer, has also announced plans to build a retail community centre in Discovery Gardens. There are several swimming pools within the community now, and other features such as access control systems and CCTVs to offer safety to residents.

Spanning more than 26 million square feet, Discovery Gardens offer 291 buildings comprising more than 26,000 residential units. The development comprises six themed communities drawing inspiration from garden living and includes Contemporary, Mediterranean, Cactus courtyard gardens, Mesoamerican and Mogul.

Leading Property Consultant, Knight Frank, in their latest report said that real estate prices in Dubai have grown 18.3 percent over the past one year, and the emirate has been maintaining its position among the top five best performing real estate markets in the world.

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