Dubai’s Al Barari Villa Prices Fall By 30%

Al Barari villas are the luxury developments in the very famous Dubailand. The prices for these villas have fallen by 30 percent in the past one year. Meanwhile, the developers are preparing to handover around 290 residential villas next month. The Chief Operating Officer, Mohammed Zaal told that the handover will be phased in four batches and the delivery of the very first batch will begin around next month and that the first phase of the handover was likely to continue until next year July. Moreover, due to the economic downturn which real estate developers and other property agents around the world are facing, these villa prices have fallen. Dubai real estate has also been under this turmoil situation, however, things are settling down slowly.

If we compare the prices from the last year, it was Dh15m-Dh30m and the price now ranges between Dh12 million and Dh20m. Apart from this Zaal said that Al Barari development has not suffered losses as this project was sold before the property downturn began. Moreover, the construction contracts have been fixed since the year 2005. Majority of villas have been sold and 50 to 60 percent of payments have already been collected. Alwadiya said that as far as property here is concerned; villas are more in demand due to their limited supply.

Once the first phase of the project is handed over the demand for these villas will gradually increase, representing a high absorption especially among superior class segment. 290 villas have been sold in Al Barari, out of which only seven or eight had mortgages in place and the rest are cash buyers. Moreover, various boutique hotels, Grand Mosque, cultural island, the Healing Haven spa and residential apartments will be the elements of the second phase of the development. Not only this, but the developers are constantly putting an effort to improve the construction design in order to suit customer needs.