Discovery Gardens' units a hot buy
Sales transactions in Discovery Gardens, once among the most affordable communities in the emirate, have risen by 88 per cent in the first six months of 2013, compared to the same period last year.
Average prices have jumped by 18 per cent to Dh692.8 per square foot (psf) compared to Dh587 psf, data shared exclusively by Reidin.com with Emirates 24|7, reveals.
In the first six months of 2013, 400 apartments were sold as against 213 units same period last year, a rise of 88 per cent.
The figures, provided by Reidin.com, are of registered transactions with the Dubai Land Department.
Currently, listed prices of studios range between Dh430,000 and Dh500,000, while one-beds are being sold for Dh600,000 to Dh750,000.
After the property market crashed in 2008, studios and one-bedroom apartments were selling for Dh250,000 and Dh350,000, respectively.
Even studios are not available in established communities at the prices that one-beds in Discovery Gardens are going for.
As rents have risen substantially in this community (due to its proximity to Ibn Battuta Metro station), investors are getting a return on investment of up to six to eight per cent.
Nakheel, the master developer, has already announced construction of a retail community centre in Discovery Gardens. A number of swimming pools have been opened in the community.
In order to provide safety and security to the residents, the developer has installed access control systems and CCTVs in majority of the buildings.
Discovery Gardens, which spans over 26 million square feet with 291 buildings, has over 26,000 residential units.
The development consists of six themed communities inspired by garden living, and includes Zen, Mediterranean, Contemporary, Mogul, Mesoamerican and Cactus courtyard gardens.
Knight Frank, a global property consultant, said recently property prices in Dubai rose 18.3 per cent in the past one year (March 2012 to March 2013), with the emirate maintaining its position among the top five best performing real estate markets in the world.
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