Bullet-Point Property: Dubai No. 101
For 15 years now, I have been asked the same question every time that I show someone around the city. They see all the cranes filling the skyline, the new roads and junctions, the new malls and the new communities that keep spreading out from the centre of Dubai.
The most common question in Dubai is and probably will be for a while longer
Who is going to live in all these properties?
According to the United Nations, 55 per cent of the global population currently lives in cities. By 2050, that number is expected to reach 68 per cent, which means an additional 2.5 billion people will reside in urban areas.
In 2003, there were 1.2 million permanent residents, and according to the Dubai Statistics Centre, Dubai's population now stands at 3.14 million and is expected to reach 5 million in 2030.
Dubai is currently the world's most cosmopolitan city, with foreign-born residents making up 83 per cent of its population. Its residents come from more than 200 countries and speak more than 140 different languages according to the global consultancy McKinsey & Co Read more here
Here are a few of the properties that we have been talking about this week: -
When Arabian Ranches first launched in 2005, we wondered who would want to live so far away, and yet today the community is at the centre of Dubai and one of the most popular ex-pat Villa communities. The latest and possibly the last gated enclave within this master community launched this week, and the combination of location, prices and payment plan make this a very interesting investment. Three-bed townhouses with 1,969 sq. ft of livingarea look fantastic value at under AED 1.5m combined with a 6-yearpayment plan, 2% DLD fee and five years free service fees with handover in 2021. We don’t often see high rental yields with houses, but these will be the exception See the brochure here
Emaar’s new beachfront project in Dubai Creek Harbour continues to make the news, read more here. The first building sold out in hours, so we saw the next launch shortly afterwards, and this one is directly on the beach, however, that one also seems to have sold out fast. The two beds starting at around AED 1.4m and the three beds at AED 2.6m are good value, the payment plan is buyer-friendly, and the early offers from the developer are helping buyers to commit now. More buildings to come and please See the brochure here
Below market prices in locations close to the City centre anywhere in the world may set off alarm bells with investors. Here in Dubai, we find developers manage to achieve these low prices by building lots of the same types of units, delivering low-quality finishes and the smallest sized properties available. The future rental yields claimed at the time of sale won't happen due to the sheer number of similar properties available and the competitive nature of the rental market. When supply exceeds demand which will happen from time to time in any fast growing city, then tenants and buyers can afford to be discerning and seek out value combined with quality.
Town Square has just announced a four-year post-handover payment plan on their apartments with handover in the next 12 to 24 month. Their two bedroom apartments in Rawda 2 starting from AED 858k are a great buy in my opinion. See the brochure here
Everyone knows "The Beach" restaurant and shopping centre in front of JBR, but the same government-owned developer also has "La Mer" at the north end of Jumeirah close to Downtown. This is a popular area for residents and tourists as it is home to many cool new restaurants and cafes alongside a pristine beach. The same developer has now announced Port de la Mer which is a low rise gated development close to La Mer and with its ownprivate beach and yacht Marina see the video here One beds from AED 1.2m and two beds from approx. AED 2m and three beds at approx. AED 4m all due for completion in 2020 and offered on a 40/60 payment plan. See the brochure here
I am always talking about the Belgravia buildings in JVC, but I make no apology for repeating myself yet again because I consider them as some of the very best that Dubai has to offer both investors and end-users, they rent fast, resell quickly, and they are extremely well designed and finished. Their next project is about to launch, and I expect it to sell out super-fast so if you want to be kept in the loop, please email me here and I will update you as and when we have more information
Have you seen the new Madinat Jumeirah Living community located across the Beach Road from the Burj al Arab Hotel and Wild Wadi water-park? See the Madinat Jumeirah Living Brochure and message me here for more information