The resurgence of the villa community Jumeirah Park

March 19th, 2014

jumierah park

Real estate analysts predict a rise of 100/0 to 150/0 in prices as city continues to attract investors

A development spread over 350 hectares with soon-to-be approximately 3,000 villas, Jumeirah Park is a residential villa community splendidly positioned at the nucleus of Dubai’s major freehold areas offering easy access to Shaikh Zayed Road and other prime business locations.

As the prices in Dubai real estate rose by the highest percentage in the world during 2013 (according to Reidin) and, for that matter, the average prices of villas also increased by approximately 15 percent on a yearly basis, it was an excellent year
for the city after the global fiscal crisis in 2008-2009. Even with real estate prices soaring, Jumeirah Park has been one of the leading communities to attract not only local and global investors but also end-users because of its strategic location, serenity, master developer brand identity, etc.

About 12 months ago, the bulk of rents for Jumeirah Park was somewhere between Dh240K to Dh300K p.a. for 5 B/R villas, while 4 B/R villas were in the range between Dh220K and Dh280K p.a. which was still a little lower than the average advertised
rental rates. With the announcement of the EXPO 2020 hosting, the excitement around the whole country and its ripple effects on connected industries, we have seen a massive rise of 15 percent to 20 percent in the rents in this community. For instance, 5 B/R villas, in today’s date, will cost up to Dh300K to Dh360K.

Also, with the colossal success this month of recent auctions for plots at Jumeirah Park, real estate analysts predict a further rise of 10 percent to 15 percent in the prices as the city continues to attract local residents and foreign expats to largely invest in the community.

With the population increasing at a significant rate, there is also an increasing demand in the real estate market. With the successful launches of Jumeirah Park villas, both locals and foreign expats are not only decisively looking at great potential in the off-plan market but also considering this community as the future of Dubai because of its proximity to areas like Jebel Ali Port, Dubai World Central, the Expo 2020 site, etc.

Source: Gulf News

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