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5 & 6 Downtown Dubai 7 Emirates Hills
Burj Dubai Boulevard are at AED2,000 per square foot in June, having registered an increase of 17 percent since January. Average listed prices for units in Emaar’s The Lofts apartments, located on the same street, are AED1,800 per square foot, 28 percent higher since the start of the year. Asteco notes that Downtown Dubai witnessed an increase of 18 percent in Q2 (38 percent year on year) and remains the most expensive area in Dubai to buy an apartment at AED17,750 per square metre. Launched in 2004 by local developer Emaar Properties, the 500-acre development includes highly coveted residential options such as The Address The Blvd, The Address Residence Fountain Views and Burj Vista. A city-within-a-city with access to a galaxy of entertainment and shopping options, including of course The Dubai Mall – the world’s largest mall – Downtown Dubai evokes the vibrant urban districts of New York’s Lower Manhattan.
Emirates Hills The exclusive Emirates Hills area stretches to three bordering areas – The Lakes, The Meadows and The Springs. According to Reidin.com, Dubai’s biggest Q2 2013 deal was for a property in Emirates Hills, which sold for an eye-watering AED67 million. The equivalent of AED2,692 per square foot, this is double the price of the most expensive villa sold in the first quarter of 2013 and a sure indicator of the area’s cachet.
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Asteco reports that The Springs and The Meadows were the top performers for villa rental rates in Q2 2013, recording 10 percent and eight percent increases respectively over the last three months. A three-bedroom villa in The Springs now leases for AED160,000 per annum and the same unit type leases for AED240,000 in The Meadows. Average year-on-year rental increases stood at 35 percent and 17 percent, respectively. Emirates Hills is the only freehold area where some plots were sold for buyers to build their own choice of house in Dubai, most of them mansion-style overlooking the Montgomerie Championship Golf Course and several lakes. The Emirates Golf Club sits on the periphery close to Sheikh Zayed Road. The Lakes (between 7
the two golf courses), The Meadows and The Springs all benefit from being right next door to Emirates Hills. All of the individual areas offer a tranquil villa life in a secure self-contained gated community, ideal for family life. Each area has a dedicated community centre with convenient shopping facilities, such as supermarkets, pharmacies, medical facilities, gyms, cafés and restaurants. All around, a green landscape with lakes and plenty of amenities add to the charm. There are generous parks, playgrounds and sports facilities like tennis and basketball courts and gyms, as well as open-air pools, one for every sub-community in each of the areas. The Lakes also boasts air-conditioned squash courts and volleyball courts and one of the few indoor pools in Dubai. Emirates Hills appeals to rich, highprofile personalities, while The Meadows, The Lakes and The Springs attract welloff and middle-class families. The latter is also attractive for singles due to its relatively cheaper cost. For those commuting to Abu Dhabi, it’s one of the best-located communities offering houses and gardens. The neighbourhood is all about mansionsized properties, though large properties can also be found in The Meadows where three- to seven-bedroom properties come in different designs. The Lakes offers threeand four-beds, while The Springs is the only one that also has two-bedroom townhouses as well as bigger three-bedroom villas.