Up to 3,500 villas to be built in Dubai

18/04/2011 - Dubai Property News Posted by Neil King
Up to 3,500 villas to be built in Dubai

Dubai is set to receive up to 3,500 villas as construction projects come to a close.However, investors could be advised to move fast while the price of property remains stable before they slowly fall as more villas are handed over.Speaking to Emirates 24/7, Oliver Hogg, senior analyst for the Landmark Advisory, said: "Villa prices have seen a lesser decline over the past two years than apartment prices… we expect this trend to continue going forward as the oversupply situation is much less severe in this market segment."Prices should remain relatively stable with only marginal decreases expected, however as more units are eventually handed over in Jumeirah Park, Jumeirah Golf Estates etc further price drops could be evident then."He added that the large number of new villas excludes the ones sold in these exclusive developments.His comments come after Cluttons reported that villa prices in Arabian Ranches, Meadows and Palm Jumeirah have remained unchanged in the past three months of 2011, a factor put down to over supply.