Dubai Property Prices Commands Highest Premium
Villas and apartments nearing completion in Dubai are generating premiums of as much as 70 to 200 per cent a year, according to observers of the property market far higher than the 10 to 30 per cent annual premiums for completed properties. Adham Roshdy, director of sales for residential properties at Dubai-based Coldwell Banker, said: "Nine out of 10 residential property buyers in the market prefer to buy off-plan." At the Villa Project, a development by Dubai Properties and Mizin in Dubailand, which is due for handover by the first quarter of next year, "The Golf Towers by Emaar - a twin residential tower development overlooking the Emirates Golf Course due for completion in four to five months - has already achieved a 200 per cent profit since its launch two years back. "By end of this year, you will not find any unit in the market that will be less than Dh1,400 to Dh1,500 a square foot
Walking through the streets of Monaco, as one does, in between poking my nose into the nearest patisseries in search of the ultimate croissant, I came across a very familiar Dubai phenomenon - breathtaking, tear inducing property prices.That may make Dubai's properties seem out of kilter to any intrinsic value or common sense, but the law of scarcity, and of supply and demand,... Dubai's property prices will continue their inexorable rise, leaving its speculators much to gain.
