The new year’s start in Dubai will be marked with a launch of a new series of super-luxury villas in District One residential community of the MBR City having a reputation of the most expensive city area.
The average price for four and five bedroom houses in District One is about USD 4 million, which is about USD 490 to 735 psf, given the average size of the units to be offered to buyers. This offer is aimed at a high net-worth investors, thus property price fluctuations in this real estate sector were generally imperceptible at the overall background of the recent Dubai’s downturn.
Meydan representatives also stated that, despite the price, this offer is actually one of a kind.
“Prices for ultra-luxury in Dubai have not reached anywhere near the levels seen in London, New York and Paris,” said Mohammad Al Kheyat, Vice-President, Commercial and Free Zone at Meydan Group. “In Knightsbridge, for a similar level of quality that we are offering at District One, the per square foot could be USD 8000 - 11000. And our buyers are aware of that.”
Buyers will also be able to choose from 45 design options for their future houses, and those who will be ready making a higher upfront payments, will be offered discounts.
The first villa project in District One MBR City is planned for completion in June 2016. Previously, the company has already launched the sales of 600 villas. The total cost of the project will amount to at least USD 8 billion.
“For Phase 3, we will continue to offer competitive pricing — within this ultra-luxury category — and backed by incentives based on the upfront payments,” the developer said.