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Emirates Hills and Palm Jumeirah continue to be the most expensive villa locations in Dubai. Both developments attract strong levels of demand from local and international buyers.
Despite being sought-after developments, rental rates and sales prices have declined marginally in the third quarter, in line with the overall market, due to softening transaction levels as a result of a new mortgage cap, increase in transaction fees and rapid price and rent increases witnessed last year.
AI Barari also offers luxury villas priced between Dh15 million and Dh18 million for a six-bedroom unit, whereas other villas are available at a lower price from Dh820 per square foot for shell and core units.
In terms of new supply of high-end villas. The Sobha Hartland project in Mohammad Bin Rashid City was launched in the quarter and will consist of 282 luxury villas with sizes ranging from 6,259-17,000 sq ft. The development is expected to reach completion by 2018.
Standard villas have been excluded from the analysis. For instance, for both Saadiyat Beach Vlllas and the Hills, the above table only presents rents and sales prices for the Executive, Premium or VIP villas.
AI Gurm Resort and The Hills are close to full occupancy, with only a few larger units available for lease. Both are available to Emiratis only, whereas all other developments can be purchased by all nationalities.
Most units are available on the secondary market only, with prices on the rise. The average sales price for a premium six-bedroom villa on the beachfront ranges from Dh2S million to Dh30 million in the Saadiyat Beach, whereas a five-bedroom villa at St Regis Residences can reach up to Dh40 million.
The now completed Nurai Island Villas, Abu Dhabi's most prestigious and exclusive development located on a private island, can reach up to Dh30 million £or a waterfront villa and up to Dh55 million for a beachfront estate. No units appear to be available for lease at this stage.
Source: Property Weekly