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Villas in Victory Heights experienced a surge in price of around 20 per cent in the third quarter of the year, after falling 50 per cent in the first half of the year as a result of the economic recession.
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.
"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 per cent, 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.
Last month, Victory Heights handed over the keys of its 300th villa, signalling 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.
"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," Al Raee added.
