United Arab Emirates Property News

25 to 30 percent growth in prices for Springs Community villas

25 to 30 percent growth in prices for Springs Community villas
The villas in Springs Community of Dubai have registered an increase of 25 to 30 percent a year.
According to data by PropSquare Real Estate, a Dubai-based real estate agency, prices of double bedroom villas grew to Dh.1.60mn in October this year, in comparison to Dh.1.25mn during the same month last year, while the three bedroom villas were priced at Dh.2.4mn in comparison to Dh.1.75 million.

During the third quarter of the year, the prices jumped 10 percent, touching Dh.1.60mn from Dh.1.45mn in the second quarter, while three bedroom villas grew nine percent touching Dh.2.4mn from Dh.2.2mn.

The Director of PropSquare, Faisal Baig, said that there is huge demand for Springs villas, and people are willing to pay a premium for them. However, the growing demand for villas are creating problem for real estate brokers, with owners cancelling agreements in the last minute hoping to land on better offers. This tendency is largely noticed among owners in the Meadows, Springs, Arabian Ranches and Jumeirah Islands.

According to Properfinder.ae, the average listed price for a double bedroom unit is Dh.1.6mn, in place of average price of Dh.1.2mn to Dh.1.25mn last year.

The property agents said that banks are comfortable to lend for these villas, as Springs villas are huge liquid assets. The Springs comprises townhouses built around man-made lakes. Majority of the properties here are double to four bedroom townhouses and are located in proximity to The Greens and The Meadows.