Sunday, July 31, 2005

Will villas out-sell apartments this autumn? | Dubai Property

Will villas out-sell apartments this autumn? | Dubai Property: "A recent survey pointed to rising villa prices and falling apartment prices in the first-half of 2005. Will this trend continue into the autumn in Dubai?
United Arab Emirates: Saturday, July 30 - 2005 at 07:52
Asked for a recommendation for the hottest Dubai property this autumn and one agent immediately answered 'Jumeirah Islands', the much-delayed Nakheel executive villas surrounded by lakes opposite the Dubai Marina district.

This is a new trend: agents are beginning to recommend buying villas and not apartments in Dubai. Why?

One reason is that villas represent better value for money in terms of space per square foot. High-rise is more expensive to build than low-rise, so you get less space for your dirham in an apartment. Thus villas are cheaper than apartments, and also come with gardens which many expatriates seem to like.

Another issue is supply. On some estimates there are around 80,000 units under construction in Dubai, of which perhaps 15,000 are villas and 65,000 apartments. Clearly villas in the best locations are going to be scarcer than apartments, and that scarcity should mean higher prices.

Then there is demand. The Dubai expatriate community has a marked preference for living in villas: hence the popularity of Jumeirah, which is the prime expatriate area and principally a district of low-rise villas.

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