MBR and Meydan Cities boosted development plans

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The Mohammed Bin Rashid and Meydan Cities will get new project activity to boost the MBR and Meydan Cities boosted development planslocations by October. These two cities will head for multi-billion dirham worth of further market developments. While there are new developments are being planned, there is a little short of supply in the high-end due to the summer season and several new launches certainly in fourth quarter around October this year as well as during early 2014.
Most developers of the cities focus more on the sub-Dh4 million- market for single- family housing projects along MBR and expected of a more range in the majority of the projects. The pricing will synchronize with comparable developments in Dubai with new launches and by extension will increase secondary market activity.
The MBR and Meydan cities will determine its stand its figure within the Dubai’s super-premium locations as other developments remain to price off. There is the Palm where properties fetched at Dh1,800 a square foot while Downtown and the Burj pegged pricing at higher transactional values. There is a sense that MBR and Meydan will attract its promoters having a feel of the market.
These two cities in partnerships with other groups came out with at least 198 villas which priced from Dh1,065 to Dh1,600 a square foot. Market sources suggest that other developers would hold off until September and October’s Cityscape before unveiling their plans for the new mini cities. By then, the pricing levels on existing projects in MBR and Meydan would be secured enough to traction with investors and form the foundation for other projects.
Prospective project promoters want to be assured that the prices are comfortable with target buyers since the projects are in long-term in nature. Stakeholders in the property market including the investors to raise fundamentals as a driving demand.