Demand for luxury Dubai villas goes through the roof
Prices of luxury-end villas in Dubai have soared as much as 55% over the last two years, as the growing pool of high net worth individuals snap up property in the Gulf region.
Some eight-bedroom properties in Dubai are on the market for as much as Dh130m ($35m), a record for the region, after a shortage of properties has driven up demand, according to Middle Eastern newswire Zawya.
"The demand for top-end villas is currently high with as much as 40% of the international buyers favouring luxury properties in Dubai," said Vineet Kumar, head of sales for Asteco Property Consultants, quoted by Zawya. "The buyer has limited options when it comes to choosing a luxury property in Dubai, hence prices have been escalating."
Emirates Hills is the most exclusive postcode to have in Dubai, which is where houses are most expensive.
And prices show no sign of stopping.
According to another property expert, Dubai will soon see other villa projects with prices higher than Dh130m. "We have seen off-plan properties in Dubailand selling at a higher price. For instance, there is a particular villa project, which, when completed in the next 18 to 24 months, will be priced in the region of Dh180m to Dh190m," said Peter Penhall, Chief Executive of Gowealthy.com.
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