Damac witnesses a ‘slight’ decrease in property prices

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A fall of 7% in property prices in Damac’s Akoya and US President Donald Trump’s branded luxury villas has been witnessed by local property consultants.

Earlier this month, It was confirmed that President Donald Trump had rejected a $2 billion (Dh7.34 billion) development deal in the emirate.

The Dubai-based developer has had commercial ties with the Trump Organisation since 2013 when it launched the Trump International Golf Club as part of its $6 billion (Dh22 billion) Akoya development in Dubailand. The club is all set to open in mid-February.

Hamza Betraoui, managing partner, Land Sterling, commented to a local newspaper that the price declines in Akoya and Trump projects were in line with the general market trend.

A ‘slight’ decrease

“We have noticed a ‘slight’ decrease of 5 to 7% in villa prices within the Akoya project since launch. This is due to various reasons such as market dynamics, delayed handover and oversupply of new properties to the market,” he added.

The consultancy said 5-bed villas in Trump Estates – consisting of 100 luxury villas – are currently listed between $1.72 million (Dh6.3 million) and $1.77 million (Dh6.5 million). Separately, prices of Trump PVRT villas, a gated community overlooking the Trump International Golf Club, start at $1.77 million (Dh6.5 million).

Villa and townhouses  cost in Akoya development dropped on average by 6.5% last year compared to 2015, according to the data provided by Reidin.com.

 However, no specific data was given on Trump-branded projects.

 

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