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What Property Can You Buy In Dubai For $7m?

What Property Can You Buy In Dubai For $7m?

A villa in Palm Jumeirah and an apartment in Dubai Marina can be yours for $7 million, according to Knight Frank.

Property prices in Dubai have skyrocketed in the last year. A report by Asteco this week found that residential prices were up 60 per cent in 2013.

“Sales prices for apartments and villas rose by 23 per cent in Q4 2013 alone, fuelled by increased confidence and the fact that the new law regulating maximum loan-to-value ratios was not being consistently enforced, although cash buyers still dominated,” said John Stevens, managing director, Asteco Property Management.

“Owner occupiers and investors were keen to enter the market as rental rates were on an upward trend, which indicated better returns and potential for capital appreciation in the medium term.”

However, a report by Knight Frank found that new regulations led to a slowdown of growth in Dubai’s luxury homes prices late last year.

Prime apartment and villa prices rose 15 per cent year-on-year in the fourth quarter of 2013, compared to an average annual rate of 21 per cent in the preceding four quarters, it said.

Limited new supply in 2014 and a boost in confidence after Dubai’s successful Expo 2020 bid could however push prime home prices to increase by 10-15 per cent this year, the report added.

The company also listed four property units that $7 million can currently fetch an investor in Dubai.

1. La Reve Apartment, 6,200 sq ft BUA, Dubai Marina

la reeve

2. Emirates Hills villa, from 8,000 sq ft plot area, Emirates Living

Emirates hills villa

3. Signature villa, 7,000sq ft BUA, 13,000 sq ft plot area, Palm Jumeirah

signature villa

4. Upgraded villa, 16,448 sq ft plot area, Al Barari

barari

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