The Dubai villa market is presently encountering an increase in demand, Premium communities, for example being Green Community Motor City and Victory Heights in Dubai Sports City are noticing an increase in buyer interest. Nestled just off the Sheikh Mohammed bin Zayed Road, Victory Heights and Motor City are well balanced for families waiting for a secure environment. So, what are the competitive pros of this area, and what is bringing more buyers to these neighborhoods?
Andrew Cummings, co-founder and managing director of luxuryproperty.com says, “Well, firstly these communities are tremendously green. Victory Heights itself is built around the world-class golf course, designed by Ernie Els. It is a haven for golf lovers and you can even occasionally spot here one of the world’s top golfers, such as Rory McIlroy, practicing on the course before a major tournament. Additionally, Victory Heights presents a more affordable alternative to neighboring Jumeirah Golf Estates, while offering well-proportioned family homes with spacious gardens that are hard to find in newer developments like Dubai Hills.”
Cummings informed that over the last 12 months a total of more than 50 villas have been sold in the area and prices are rising and are reflective of the broader surge in activity in the Dubai villa market. The average sale price in Victory Heights in the first quarter of 2020 was Dh3,228,333 and across the first two-quarters last year, only 12 properties were sold off. Moving forward to the second half of the year, however, demand rises resulting in about 40 properties being sold. Average sales prices in the last quarter have risen to Dh3,769,300, an increase of 8 percent within a year.
“As we move into the first quarter of 2021, activity appears to be increasing in this community. Available properties are getting increasingly hard to find. This lack of supply, coupled with the high demand is likely to keep prices on the move as we go through the year,” explains Cummings.
Raghad Tikrity, the senior global property consultant at Luxhabitat Sotheby’s International Realty, says, “As a dedicated villa community, Victory heights has seen a rise in demand with people looking to upgrade. We have a lot of buyers looking for large and spacious villas along with active community facilities. The most number of transactions we saw in Victory heights was mainly towards the end of the second quarter where the prices were at their lowest. However, in the last quarter of 2020, these prices were back up to baseline figures driven by buyer interest and a general sense of social and economic security. We expect the prices to inflate 3-5 percent more as sellers are still seeing increased interest from multiple buyers. Many sellers may even hold off to see when the price point peaks itself for a better return. The first quarter of this year is a pro seller’s market compared to the same period last year when most buyers would dictate the closing point of a transaction.”
Speaking about the Green Community, Harry Singh, senior global property consultant at Luxhabitat Sotheby’s International Realty says, “Homebuyers now feel they need to test the Expo 2020 Dubai factor as the Green Community is the nearest community to the expo site and investments should fetch them a higher price towards the end of 2021. From an investment point of view, the Green Community is the second-lowest priced established community in Dubai. Occupancy rates here have always been high as tenants and owners who live in this community do not move out from here unless they are moving out of Dubai. There is always someone waiting to move into the Green Community, so it is a very secure investment for investors.”
Both the areas are prominent expatriate communities, says James Perry, managing partner of Haus and Haus. “The townhouses in Green Community reached lows of Dh2.7m pre-Covid, and since then we have sold these same floorplans for Dh3.15m (original condition) to Dh3.6m (renovated). There is a high demand for renovated units, but limited supply, so original (standard) units have also increased in value, despite needing to be upgraded.” There is zeal in the market, provided by Perry, who feels recent changes in the market and new visas will bring in new investment.
Facilities Management
The Dubai Sports City Facilities Services vertical provides premium quality services to residential and commercial property owners of Dubai, containing public facility establishments. Hussain Al Farsi, GM at Facilities Services says, “We provide a range of property maintenance services from cleaning to landscaping and pest control, from general handyman services to specialized AC maintenance and repairs. Besides cleaning, disinfection and sanitization, pool maintenance, and pest control during the ongoing crisis, there has also been a need for some hard services, such as maintenance of heaters and air conditioners, plumbing, civil repairs, and carpentry works.” Some of the specialized services provided by DSC Facilities Services are condition surveys and handovers, fire fighting system maintenance, water tank cleaning, electronic gates, and barriers and elevator maintenance. “In keeping with our motto, ‘Experience Excellence’, we do our utmost to understand the requirements of clients and provide them with the best FM services to suit their needs,” says Al Farsi. “We strive to serve your property like our own!”