A semi-detached freehold villa project in Meydan City, Dubai has had an “overwhelming response”.
The development, called Millennium Square, will be developed by G&Co at an estimated value of Dh3 billion.
The villas have a starting price of Dh4,348,750, with a handover scheduled for the last quarter of 2017.
“We are once again selling the product very well, as the city’s real estate market continues to attract investors from around the world,” said Kalpesh Sampat, director of SPF Realty.
“The project offers the most competitive pricing for the customers in the Meydan Community, starting at Dh1,250 per sq ft, which is almost 30 to 40 per cent less than the pricing of other projects in the same location.”
A statement from SPF Realty, the broker selling the properties, said that investors of any nationality irrespective of residency status, can purchase the villas which will be registered by the Dubai Land Department allowing the owner to have full rights to the property.
The semi-detached villas have four bedrooms plus a maid’s room. There is an option for making one extra bedroom on the ground floor at no extra cost the statement said.
Reports from JLL and MPM Properties released yesterday said that house prices flatlined in Dubai in the final three months of 2014.
Average villa prices in Dubai dipped by 1 per cent during the final three months of 2014, according to the property agent JLL, as the emirate’s real estate market slowed considerably in the final quarter.
Dubai Land Department reported that the total volume of real estate deals fell 15 per cent in 2014 compared with the previous year.
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