DUBAI, UNITED ARAB EMIRATES
AVERAGE SALE PRICE
Dubai, United Arab Emirates
About 200 occupied villas
Dubai went through a real estate building boom during the years 2002‐2008, whenskyscrapers and high‐end condos were being actively constructed in this desert city. This period solidified Dubai as the shining metropolis in the gulf, and attracted major investment in the city. Developed as a luxurious community in Dubai, Jumeirah Park features 2,046 large villas. The project began construction and sales in 2006, at the height of the building boom. During 2006‐2008, 70% of the properties were sold; these properties were used mostly bought as investments, and is subsequently left vacant most of the year.
The 2008 financial crisis slowed the development cycle of the project, and prices in Jumeirah Park tanked for quite a while. The market experienced an upturn in 2012‐2014, when Jumeirah Park became one of most actively traded property within the 60 major communities in freehold Dubai. Prices in recent years have again dipped due to the slow real estate market and lowered confidence of investors in Dubai’s unoccupied residential properties.
While the prices per square meter remains on par with many other projects around the world, due to the large sizes of the villas, most of these properties can only be afforded by a small population that invests in the nearby Dubai Financial District. These houses are often used as either vacation villas or kept as investment properties without people actually living inside, resulting in a ‘ghost town’ like atomosphere even though most of the properties are sold. Moreover, due to the frequency these properties are sold, most of these houses are not owned for long periods of time by the same owner, making community building nearly impossible.
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