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As the demand for villas in Dubai is unabated and the supply is gradually being exhausted, Dubai developers are getting ready to launch new promising projects. And not a moment too soon! Market analysts forecast that the demand in this sector, including medium-priced and premium-class properties, will remain unchanged in the nearest future.
Signature Developers that owns Taj Hotels in JLT confirmed its plans to build a new villa community in Jumeirah Golf Estates, at one of the few plots available for construction. Developers intend to create a luxurious environment in JGE (Jumeirah Golf Estates), associated with Dubai’s iconic destinations.
The new project will not target the super-luxurious segment worth over AED 100 million. On the contrary, the prices will range from AED 18 million to AED 35 million (USD 4.9 – 9.5 million). A single property in this community will cost AED 50 million (USD 13.6 million).
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Detailed development plan
Signature promises to be creative about using the available land. For instance, garages will be built under villas, not outside, thus freeing up the adjacent grounds. According to the CEO, 21 villas will have access to a basement spine where every owner will be able to park up to 6 vehicles. This way, the developer will free up more land for standalone villas and amenities.
Construction is scheduled to begin in September – October 2022. In the future, this will be a comfortable gated community where owners can live with their families and enjoy all amenities of a well-developed district.
Project by a Bahraini developer
GFH, one of the largest investment firms in the Persian Gulf, launched California Village, a project that will offer only villas and townhouses.
Located in Dubailand near IMG Park, California Village consists of two phases. Its construction will require USD 187 million.
Potential buyers too impatient to wait can choose from four-bedroom townhouses and five-bedroom twin villas in Phase 1. The second phase is under construction and includes three and four-bedroom townhouses.
The payment plan where a customer can pay 70% of the property value over five years after the handover looks particularly enticing. As the mortgage rates grow, this plan will benefit end users who will be able to borrow less from banks.
GFH has successfully launched many projects all over the world, including Harbour Heights, one of its flagships that shaped the Bahrain’s skyline. This company has now entered the Dubai market.
After a new boom of off-plan projects in the second half of 2021, Dubai developers mostly focused on apartment blocks and more niche offerings. They believed villa-only projects could get caught up in market cycles and take longer to build. It was also felt that the city had enough completed villas to satisfy the demand.
Market sources are saying that many developers got the latter part wrong, as the demand is still higher than the villas and townhouses supply in the market. Akoya by Damac and the recently launched Lagoons Developments benefited from that. Niche-specific projects in Jumeirah are also in unprecedented demand.
