Bullet-Point Property: Dubai No. 104
The population of Dubai has risen above 3 million, with a surge of 232,400 residents by the end of the third quarter of 2018. It’s a growth of 7.7 per cent from the third quarter of 2017.
These statistics from Dubai Statistics Centre (DSC) indicate that Dubai’s resident population now sits at 3,136,400, while the ‘total active daytime’ population of the emirate is 4,291,400. This figure takes into account non-resident workers and temporary Dubai residents, such as those here for leisure and on holiday. Read more here
What is interesting to note is that approximately 40 per cent of Dubai’s population (excluding blue-collar workers) are millennials. They are 20- to 38-years-old, employed at junior and mid-executive level positions and looking for affordable accommodation. The target age group is quite large, from those just starting their career to those who are married with young, small families.
While the younger target groups’ priorities are more concerning the ease of accessibility to and from work, those within the older group are concerned not just about the drive time to and from office, but also to schools and health care centres. However, collectively millennials are price sensitive and take into account the ease of access to leisure and entertainment nodes in and around the places they live.
Driving more than 15-20 minutes to the cinema, shopping mall, gym or to their favourite al fresco restaurant is considered a large compromise. So, while "location" still is the number one driver for conventional real estate, "amenities" are fiercely competing for the rank. Read more here
This weeks property discussions have included the following
Belgravia Square continues to be my top pick for a high quality affordable "Buy to Let" investment, expect net rental yields of over 8% on the apartments in one of the best buildings in all of Jumeirah Village Circle. One beds from AED 766k to AED 853k, two beds from AED 1.174m to AED 1.376m and top floor two beds with large outdoor terraces at AED 1.7m to 1.74m. One beds will rent from AED 80k and two beds from AED 105k. Handover in Q4 2020, pay 10% + 4% + 1500 now followed by 8 x 5% construction linked instalments and 50% due on completion. View the Belgravia Square Brochure here
The Burj Royale launched earlier in the week; this is said to be the very last building in Downtown that will offer uninterrupted views of the Burj Khalifa and Dubai Fountains. See the presentation here Starting prices are lower than expected with one bed starting at just AED 1.1m, two beds at AED 1.8m and the three beds at AED 2.8m. Pay 50% during construction and 50% on completion in October 2022. They still have some availability as floors are gradually being released each day. Email me here for more information
Pacific, the first purely residential property to complete on Ras Al Khaimah’s Al Marjan Island is almost sold out however we still have studios starting at AED 322k, one bed at AED 517k, two beds with ocean views at AED 711k and the two-bedroom Beach duplexes at AED 1.02m. Pay 50% now, receivethe keys and then pay the remaining 50% over two years. Plenty of demand from tourists and visitors for short term lets plus there are deals in place with local schools, hospitals and businesses to provide quality accommodation for their staff. See the brochure here
Check out the brochure for some of the most Luxurious Townhouses within walking distance of the new Bulgari Hotel and Resort on Jumeirah Bay Island
DP continue to offer a 5-year post-handover payment plan and a 4% DLD waiver on their homes in La Quinta and Serena, pay 5% now, 25% over construction and 75% over five years (8% every six months). Serena has Portuguese themed 2, 3 and four bedroom townhouses and 3-bedroom semi-detached villas which will be ready in 2019 and La Quinta is Mediterranean themed spacious 3, 4, 5-bedroom stand-alone villas due for completion in Q2 2020
We can still find two beds in the Collective 2.0 in Dubai Hills Estate, prices starting at AED 1.02m – pay 40% during construction, 10% on completion in June 2021 and 50% over 30 months post-handover - see the brochure here