Meadows villa price up 25% in one year

Property prices in the popular villa community Meadows are going up again.

According to an expert in a leading real estate brokerage company, the sale price has gone up by as much as 25 per cent. 

“In the past one year, the prices have increased dramatically, circa 25 per cent.

“This value increase is not limited to selected regions of The Meadows. Demand has exceeded supply for some time, thus having a ripple effect to the higher numbered Meadows,” Nick Grassick, Sales and Leading Director at Allsopp and Allsopp told Emirates 24|7.

Sandrine Loureiro, Residential Consultant, JBR Office at Better Homes believes that increase has been around 10-15 per cent this year.

“We have seen an increase in price, per sqft on average, from Dh1,133 in 2011 to Dh1,298 per sqft in 2012. [The] general increase is between 10 – 15 per cent,” said the Better Homes expert.

Currently, a four bedroom villa in the community is priced over Dh4.5 million, which can change with the plot size and the location.

On an average, a seller can expect up to 5 per cent more if he has a good location. “Pool, park and lake view; can add 2.5-5 per cent premium,” said Loureiro.

According to Allsopp and Allsopp, the premium depends on “the condition of the villa. A pool and park view is the preferred choice of buyers though villas built with these views are few.

“An additional premium is often applicable for availability of occupation, and more so is the condition, such as kitchen and bathroom upgrades.”

Higher service charges are becoming a cause of concern for many communities across Dubai but villa owners in The Meadows can breathe easy as they are not faced with any unjustified fee hike, which adds to the appeal of the community.

“Service charges in the community] have been static at just under Dh2 per sqft on the BUA for years, though it has just marginally increased this year,” said Grassick.

As per Loureiro, service charges for 2012 are Dh1.90 per sqft of plot size.

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