Recent statistics show that Emirates Hills, one of the earliest villa communities in Dubai, is now showing a significant price drop of 20%, This price drop is creating difficulties for sellers while presenting an advantage to buyers, at the same time. According to experts, the decrease in market rates has been gradually happening for the past 12 months.
This drop in price is largely due to the overall decrease in market prices over the emirate. A closer look at past analysis revealed that prices have fallen by almost 30% per square foot over the last couple of years. Currently, the prices in this community are set at AED 1,000 – 2,000/sq. ft.
Although Emirates Hills is still one of the most notable localities in Dubai offering more than just access to world-class amenities, recent price drops have stirred things up. According to the co-founder of luxuryproperty.com, Andrew Cummings, there is not enough land in the community and instead, villas have taken their place. This is the reason why new buyers have shown their keenness to buy villas for sale. They aim to reconstruct more contemporary-styled and themed villas after demolishing the old ones. He added that the highest price for a villa in Emirates Hills has been AED 69 million.
John Lyons, the managing director of Espace Real Estate, testifies that the community has been more than just a doorstep to some of the region’s best lifestyle amenities. According to him, each residential unit in the neighborhood is the epitome of luxurious living spaces that is still considered top-notch around the world. Lyons also added that these lower prices are welcoming new wealthy buyers to purchase old villas and remodel them. He is of the view that these prices are more realistic than those of 2014.
Both Cummings and Lyons agree that Emirates Hills stands on top of all its competitors with the nearest ones being Dubai Hills and Palm Jumeirah that offer villas of the same price bracket, although with a different and unique style of their own. It is still one of the most preferred communities for those who want to find property in Dubai that meets their needs and suits their budget.
Emirates Hills, a masterpiece by the developer Emaar Properties, was one of the first freehold projects in the emirate. Covering an area of almost 12.3 km2 and nestling an 18-hole golf course, the community was the developer’s only project that was sold on a per square foot basis. This was to allow expatriates to build properties according to their own preferences.
The CEO of PH Real Estate, Myles Bush, talked about how in their experience of over 13 years, the recurring requirements that buyers presented still remain the same. He added that people don’t show interest unless staff accommodation is present. Moreover, a second kitchen along with the promise of complete privacy is enough to convince buyers. Mr. Bush continued on to state that this was an unprecedented decrease in price that presents ample opportunity for anyone to buy, renovate and live in one of the best communities in the Middle East.
According to Myles Bush, buyers who had a budget of AED 12-14m and were looking at communities like The Palm and Hattan villas can now consider buying a villa in Emirates Hills. He is of the view that as long as the price is right, it’s easy to sell any villa. Whereas, properties that have an unreasonable asking price can take a year or two to sell.