Bullet-Point Property: Dubai No. 51
Did you know that one-third of the world's population lives within a 4-hour flight and two thirds within a nine-hour flight from Dubai?
When I arrived here to live and work in 2003, I joined 1,014,379 registered Dubai residents
On 1 November 2017 according to the Dubai Statistics Centre (Government of Dubai), I am now one of the 2,872,252 residents, and the city is on track to reach 3.4m in 2020 and a staggering 5.2m in 2030, hopefully, I will still be here.
In 27 years the population will have multiplied by five if all goes according to plan, so we had better get building otherwise there could be a housing shortage.
This week's property discussions have included the following
- A studio in Dubai selling for less than AED 430k within an area that a young ex-pat professional would aspire to live is a rare find, one that has been specially created to attract such a tenant or first-time buyer is even more unique. UNA is that place. The one-bed apartments at about AED 530k are an even better deal as an entry-level "Buy to Let" investment offering high rental yields and a good payment plan.
- Vera Residences in Business Bay, Dubai's central business district will launch on 4.11.2017 with studios starting at AED499k (probably all sold ) while the one beds will average at a very low AED 730k - some of the most affordable apartments in the entire location– pay 24% now followed by 1% for 35 months and 45% due on completion in November 2020 – expect rental yields in excess of 9% net due to sizes, low service fees and fully equipped kitchens – a perfect Dubai buy to let property
- We are preparing for the Belgravia 5 launch, still no prices but I have been to the site, so I know where it is located in District 12 of Jumeirah Village Circle close to the Sports City/JVC interchange and I also know that it will have a Ground floor, four podium levels and 16 floors of studios, one and two-bed apartments. Please let me know if you want to be kept informed of news as and when we have it. I suspect this will be my next "Property of the Month" unless something comes along beforehand
- Vincitore Palacio in Arjan will be handing over keys to new owners in the next three weeks, and I have been offered 3 x studios at AED 575k to AED 600k, 9 x one beds for between AED 990k to AED 1.05m and 6 x two beds at AED 1.46mto AED 1.6m. Self-certified 50% Loan to Value Mortgages are readily available to overseas buyers on these properties
- I have been researching Hotel Residences at the request of a few clients, these offer a fully managed "armchair investment" and often include several nights stay per year as part of the overall package. Properties that are managed by world-renowned 5* hotel brands seem to be the safer bet, and with this city's highly competitive market, I am more confident of the hotels that appeal to both discerning high net worth tourists and business travellers. The new Langham Residences in Downtown Dubai and the Jumeirah Living Marina Gate in Dubai Marina are worthy of further investigation if this type of investment appeals to you. The Langham, delivery Q3 2020, is offering an 8% net rental guarantee for the first three years combined with a post-handover payment plan both while the JLMG in Dubai Marina is on a 30/70 payment plan for delivery in Q4 2019.
- Please take a look at some properties offered by our clients
Looking for more information? Ask Steven and stay informed about what is happening in the Dubai property market. You ask, we answer.
For a more detailed discussion or to meet me in Dubai, please call or email and I will be sure to respond as soon possible.
Have a great weekend