Work has been completed on the Victory Heights residential community in Dubai Sports City, more than six years after the project’s launch.
“We are very pleased to have completed this landmark development during a period saddled by global financial crisis and volatility in the Dubai real estate market,” said Yasser Abdulrahman Al Raee, the development’s general manager.
Victory Heights residential community was launched in October 2007, forming part of Dubai Sports City, a Dubailand project. The community is a joint venture initiative between Dubai Sports City and the Bahraini bank Arcapita.
Dubai Sports City was one of the hardest hit by the emirate’s real estate crisis of late 2008 onwards.
Although key developments such as Dubai International Cricket Stadium and the Els Golf Club have now been completed, many remain incomplete or have been shelved.
“Sports City today is less and less to do with sports and hospitality, as was originally envisioned, and is now much more of a residential development,” said Matthew Green, the head of research and consultancy at CBRE in Dubai.
Victory Heights comprises 961 villas and townhouses, ranging in size between 2,521 square feet and 6,661 sq ft.
Mr Green noted that developments such as Victory Heights and Jumeirah Village have become increasingly popular in recent months, as occupiers look for more affordable options.
“There’s still plenty of work in the area that’s yet to be completed, but there’s been a lot of improvement,” he said. “Over the next 12-18 months it will become a lot more liveable.”
Prices per square foot in Victory Heights increased to Dh1,000 in the third quarter of last year, a quarterly percentage growth of 18 per cent, according to Asteco.
However, prices remain 38 per cent lower than at their peak in the third quarter of 2008.