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Dubai Villa Prices Rise by 20% on Back of Growing Demand

Victory Heights Saw Villa Prices Surge in Q3 After a 50% Fall in H2009

Villas in Victory Heights experienced a surge in price of around 20 percent in the third quarter of the year, after falling 50 percent in the first half of the year as a result of the global economic recession, it was announced today.

Growing demand for family homes in Dubai by current residents has pushed up prices, a trend that could continue if recent predictions of a villa shortage in 2010 play out - a stark contrast to the anticipated glut of apartments in the coming year.

"The fall in the price of villas seems to have bottomed out, and we are starting to see prices rise again. Since July prices for villas in Victory Heights have risen by about 20 percent , and we expect to see prices stay around the same figure to the end of the year," said Yasser Abdulrahman Al Raee General Manager at Victory Heights.

Late last month Victory Heights handed over the keys of its 300^th villa, signaling a significant milestone in the delivery of the 961-unit development, which is part of Dubai Sports City , and surrounds the award-winning Els Club golf course.

"Despite the recession families still are looking to find spacious homes, with quality finishing, in developments that have a community spirit - and that's what we offer at Victory Heights. Families are moving here from other developments in Dubai because they get like being away from the bustle of the city, and just a stone's throw from the all the sporting facilities of Dubai Sports City ," Al Raee added.

The potential shortage of villas on offer in Dubai in the next few years was highlighted by Landmark Properties CEO, Charles Neil, in an interview with Emirates Business on 29 November.

According to Neil the number of units coming online in 2010 will jump to 50,000 - of which 20 percent will be villas, and the rest apartments. In 2011 the number of new villas will drop to five percent, and to three percent in 2012, he told the Dubai-based newspaper.

Victory Heights' villas are built in three different styles; authentic Spanish Andalusian, bold Mediterranean, and classic European styles, and many have views of the Els' Club course which features gently rolling fairways, lakes, and grass swales. The developer holds regular community events, such as BBQs, which are part of its commitment to fostering a strong community spirit.

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About Victory Heights
Located in the heart of Dubai Sports City , the world's first integrated sports city, Victory Heights redefines everyday living. Diligently planned with an enviable mix of sporting, recreational and community facilities, there's no end to the world-class benefits provided by this desirable community. Victory Heights offers a collection of stylish homes from grand villas to distinctive townhouses designed in authentic Spanish Andalusian, bold Mediterranean or classic European styles. Set within an oasis of serenity covering 25 million square feet, the spacious homes provide natural privacy and calming views over the colourful landscaped grounds, and the manicured fairways of the stunning golf course.

For more information please contact:
Joanna Hartley
Consultant
WMC FZ - LLC
P.O. Box 502281
Tel: +971 4 390 1950
Mobile: +971 55 9237945
Email: joanna.hartley@wallis-mc.com

© Press Release 2009