Bullet-Point Property: Dubai No. 100
The Dubai real estate sector, as with all maturing markets, can be changeable. The pressure of oversupply and the impact that this has on pricing is a common talking point
These discussions rarely take into account the complex and interconnected nature of the real estate industry. Moreover, they fail to consider the many opportunities that can arise from changes in market dynamics. Indeed, oversupply is a challenge, but this seems to have had a limited effect on market activity.
In fact,transaction values and volumes have grown since the start of this year. Read more here
The main event this week has been the launch of a beach community in the Dubai Creek Harbour and the first cluster of buildings named, Breeze, went on general sale yesterday. Building 2 sold out in approximately one hour and then Building 3 which is located directly on the beach was released in the afternoon. Sales were brisque at these low prices with twobeds ranging from AED 1.3m to AED 1.7m and three beds starting at under AED 2.7m. Imagine the look and feel of Old Town around the Manzil Hotel in Downtown Dubai but on the beach and you will have an idea of what this development will look like when completed. The developer is offering 5-year free full property management services including rental and maintenance plus a payment plan of 40% in construction linked instalments, 30% on handover in December 2021 followed by 30% spread over two years. See the video here
The other recent note-worthy launch has been the Madinat Jumeirah Living community which is located across the road from the Burj al Arab, and the Al Naseem Hotel, a unique location with compelling prices for both end users and investors. The architecture of the buildings is based on traditional Arabic designs constructed around landscaped courtyards but with cool modern interiors. The first building sold out at the Cityscapeexhibition, the second sold within a few days of release however it is believed that there are another 58 to go, so no need to "panic buy" at this stage. Take your time, and let's watch the prices and the offers from the developer who will need to attract more buyers as they build – View the brochure for the first buildings here
I have a one-bed apartment with pool and garden view in Belgravia 1, JVC. Its tenanted until at least next June and the net yield is at 6.7% per year.see the listing here
MAG Eye in MBR City located within 10 minutes of Downtown has studios and one beds with prices starting from AED 410k (GB£ 85k) on a 40/60 payment plan with handover in Q4 2020 – see the brochure here. This development beats all others in the area for size, quality and price
Wilton Terraces 1 & 2 in Sobha Hartland, a beautifully designed modern residence still has a few apartments remaining with their one beds running at AED 1m (GB£ 207k) and two beds at AED 1.5m (GB£ 310k), This building is located close to Downtown, the Design District and the extraordinary Meydan One Mall which will be the biggest mall in Dubai when it opens in a couple of years. I visited the WT site on Friday morning, and construction is well underway having already reached the 5th floor, so almost half way and on target to complete in Q4 2019 - View the brochure here
My preferred developer of design-led high quality and value-driven properties will soon be launching their new project in JVC; I understand that it will be named Belgravia Square (there is a clue in the name) and if you are looking for growth and rental yields or simply a great place to live then, we are now taking notes of interest so please email me here and I will keep you updated and give you the facts as and when we learn more
The developers of Rawda in Town Square have just opened their show apartment on site so expect the remaining inventory to sell quickly for the first two buildings, and then the developer should launch the final two buildings soon. We still have some two beds at around AED 950k or GB£ 196k, pay via a limited time offer of 30% during construction, 10% on handover in mid-2020 and then 60% spread over three years whilst living there. - View the brochure online here
There are still a few 3-bed SAMA townhouses, with over 2,200 sq. ft.of living space located in Town Square starting at just AED 1.25m (GB£ 258k) see the floor plans here
Thank you for reading this far, please forward on to someone who may be interested