14th August 2013

 

The snagging and handover process has really gathered pace in Jumeirah Park over the Dubai summer months. The latest news is that the remaining 3 Bed Small villas in Package 3 are now receiving their snagging and handover notices with 18th September 2013 marked as the date for actual key handover to begin. Sectors A, B and C were handed over earlier this year, now the remaining Sectors D through to J will follow to complete the Package 3 handover process.

 

Jumeirah Park Package 3 is a popular area as the average plot size is between 7000 and 7500 sq ft, which is perfect for families who like to spend time in their garden and create a beautifully landscaped living environment. These plots also allow the opportunity to develop a private swimming pool which tends to add extra value to the villa when it comes to selling or leasing in the future. The internal living area for a 3 Bed Small villa is 3063 sq ft. With permission from the master developer, it is possible to add extra living space downstairs between the living and dining areas.

 

The rental market is likely to remain strong for villas providing the current trend continues in Dubai, whereby the city's population is on the increase and demand stays for prime location Dubai properties. During the next few months landlords should recognise that a large number of villas will be coming onto the Jumeirah Park market at the same time, so there will initially be more competition and prices negotiated by tenants looking to rent in the community. This will balance out over time and a more settled market rental rate will become the norm for Jumeirah Park. Current rental rates are approximately AED 180k to 200k per annum for 3 Bed Small villas in Package 3, with higher rents being achieved for villas with private swimming pools.

 

The sales market has remained strong in Jumeirah Park throughout 2013 with the majority of prices for 3 Bed Small villlas in Package 3 recently crossing the AED 4m mark.

 

Some Jumeirah Park villas will command higher sales or rental prices due to their location. Corner plot and single row villas tend to offer extra privacy, while villas close to parks and community centres offer additional convenience. Owners who upgrade their villas and gardens can potentially benefit from producing a unique living environment, providing the upgrades have been created in a way that is attractive to a larger number of potential buyers and tenants.

 

By the end of 2014 we should see a thriving highly populated community in Jumeirah Park. The communal landscaping will be at an advanced stage and the local community retail centre should be in operation for Jumeirah Park residents and those living in the nearby communities.

 

Property Boutique continues to help owners with 3 Bed Small villas in Package 3 and other parts of Jumeirah Park for both sales, leasing and general market updates.