Dubai: Don’t go bargain hunting at two of Dubai’s enduringly popular freehold choices — The Springs and The Meadows. Property values there have gone up by a hefty 6 per cent from what they were as late as January this year.
The villa prices at The Springs are at around Dh1.7 million and going up to Dh3.4 million, while those at The Meadows are from Dh3.9 million and close at Dh6.5 million. Some of the “Hattan” villas at The Meadows can command Dh8 million.
“There are definitely more buyers in this district than sellers, particularly for The Springs due to the lower entry point, a perceived maturity reached by the Emirates Living communities, and a deeper market than in many other smaller developments,” said David Godchaux, CEO of CORE.
“The geography is also increasingly perceived by investors as one of the best in Dubai, with mature infrastructure and a strategic location, as the city continues to expand south and outside its core locations.
“There is virtually no land remaining in the close surroundings of Emirates Living to develop. All these factors, combined with a relatively stronger and proven rental market in the bottom to upper mid-market segment contribute to the area being one of the most favoured by long term investors.
“Especially in comparison to some of the many new villa developments spread across very large areas in the outer parts of town which carry less certain long term exit strategies. The resulting gap between supply and demand has been casting upward pressure on prices, with investors already owning properties adopting a wait-and-see approach trying to achieve higher exit prices.”
