Green shoots in Meadows: Villas rise 20%

An increase in demand for villas in the Meadows area of Dubai has pushed owners’ asking prices up by 10 to 20 per cent since the beginning of the year, according to real estate agents.

Data shared by Dubai-based Better Homes reveals that three-bedroom villas are now being offered for Dh3.2-3.3 million, compared to Dh2.5-2.6 million in January.

Four-bed villas are currently listed for Dh3.4-3.5 million compared to Dh2.8-2.9 million, while five-bedrooms are available for Dh4.2-Dh4.4 million compared to Dh3.6-3.7 million.

PropSquare Real Estate, a real estate agency, says its data shows three-bed (type 15) villas, which were available for Dh2.6m, are now being listed for Dh3m.

Four-beds (type 14) have gone up from Dh3.5m to Dh4m, while Meadows’ five-beds (type 13) are being priced at Dh4.3m compared to Dh3.7m.

Propertyfinder.ae points to a nominal three to 10 per increase in prices. It says three-bed villas are currently priced at Dh3.2m (Dh2.9m last year); four-beds are listed for Dh4m (Dh3.9m), while five-beds are available for Dh4.9m (Dh4.5m).

Agents, however, make it clear that prices tend to rise depending on the view, location and on upgrades done to these villas. No data was available for registered sales transactions.

Jan Tabrizi, Manager – Residential Sales & Leasing, Head Office, Better Homes, told Emirates 24|7 that prices have gone up and part of this rise is due to the fact that there is not enough stock in the market.

“The villas that are within the Emirates Living district are in a community that is well established and are within close proximity to everything. Distress sales are long gone from the market and when there is demand and not enough stock that is when the prices start going up,” Tabrizi said.

A number of local and global real estate consultancies have already pointed out in their reports that villa prices have stablised in the last six months with established communties registering a price hike.

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