Dubai Expected To Have Shortage Of Townhouses And Villas – News Update
Dubai is exclusively known for the real estate market now. Due to the high demand of investors and the long list of investors, the developers are focusing more on residential towers rather than townhouses or villas. This practice from the developers to entertain the maximum number of clients would cause a shortage of new villas and townhouses in Dubai.
New Project Launching In Dubai
New real projects are launching every passing day but only one out of ten are townhouses and villas, stated Aston Pearl Real Estate Broker’s CEO Safura Abasniya. She further added that over 90% of the newly launched projects consist of apartments and it is causing a huge downfall in the development of townhouses and villas. The new developers are also focusing on apartments now. She also acclaimed that in the property supply and demand curve in Dubai, the demand curve will always be rising but cannot occur vice versa.?
High Demand Causes Shortage Of Townhouses And Villas In Dubai
The UAE market for townhouses, villas, or mansions was not much high from 2015 to 2019 but it did get extremely high in the past 2 years. The market increased with such exception all because of the migration of big global sharks to Dubai and also due to enhanced living standards. The demand for is growing for townhouses and villas.
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According to a report by a real estate consultancy, prices of an apartment increased on average by 8.0% in the third quarter of the year while prices of townhouses and villas increased on average by 14.3% in the third quarter. The overall increase was about 8.9%.
Though the latest data shows that villas in Dubai are yet to achieve their highest peak levels which they attained in 2014. Currently, the villas are 6.6% down on average as compared to 2014. Villas in Dubai still managed to achieve DH 1350 per ft.
The Most Expensive Villa In Dubai
Dubai also broke the records of high price villas by selling a villa over Dh302 million. The golden visa has also boosted the morals of the investors but again in the apartments and their prices.
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