Own a home in Dubai for just Dh280,000

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Own a home in Dubai for just Dh280,000

Dubai - Affordable properties under Dh1m are there for the taking.


Deepthi Nair

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Published: Sat 12 Nov 2016, 9:51 PM

The Dubai property market is now more easy on the budget with a range of options for residents to choose from. If you prefer to buy and live in a flat or villa, or you are a young investor with money to spare, there are no dearth of apartments. Recent launches by Emaar and Dubai South come under Dh1 million. You can also buy units in The Pulse. 
Studios here are priced from Dh280,000. A one-bedroom goes for Dh480,000, while Dh720,000 is for a two-bed. The MAG 5 Boulevard in Dubai South launched studios starting from Dh449,000 and two-bedroom flats from Dh799,000.
"Over the last six months, there have been a plethora of launches that have been under the Dh1 million mark, predominantly in Dubai South and on Al Qudra road. Emaar South, Pulse, Nshama and Akoya Imagine are resetting prices.
"This change in strategy has given an entry point to investors to get prices that were similar to 2002-2004," says Hussain Alladin, head of research at GCP Properties.
Buyers are rushing in, clearly showing a pent-up demand in the affordable segment. Although a lot of action is moving to Dubai South, there is a note of caution.
"Dubai South is quite a long way away from completion. Also consider that it is under the flight path of the Al Maktoum International Airport and could be impacted by aircraft noise," warns Craig Plumb, head of research, JLL Mena.
Some of the big developers that have launched value-for-money projects are Dubai South (The Pulse), Nshama (Town Square), Danube Properties, Azizi and GGICO. "At these prices, they offer good value for money and tremendous scope for appreciation. Even the RoI on such properties turns out to be more attractive than expensive properties," informs Niraj Masand, co-founder and director at Banke International.
Many home buyers prefer under-construction or ready properties. In terms of ready-to-move units valued at or below Dh1 million, check out apartments in Dubai Sports City, International Media Production Zone, Dubai Silicon Oasis and in Dubailand communities, or townhouses in Jumeirah Village Circle and Jumeirah Village Triangle.
Meanwhile, Lukman Hajje, chief commercial officer of Propertyfinder Group, has a few suggestions for properties under Dh1 million.
There are studios and one-bedroom apartments available in Dubai Marina, Remraam by Dubai Properties in Dubailand, Emaar's The Lagoons in Dubai Creek Harbour, and the Polo Residences in Meydan by developer IGO.
"Studios and one-bedroom apartments in Dubai Marina are always in high demand for both short-term holiday, executive rental as well as long-term rental. Furnished units offer annual net rental yields of 10 per cent even when you factor in vacancy and professional short-term management costs which can range from 20 per cent to 25 per cent. Remraam apartments are generously proportioned and ideal for budget-conscious owner occupiers and investors. There are studios from Dh420,000, one-beds from Dh600,000, two-beds from Dh880,000 and 3-beds from Dh1.3 million," says Hajje.
Referring to The Lagoons which are priced from Dh900,000 for a 1-bedroom apartment, he adds: "It's Emaar, so you'll know it'll be good, but you'll need to be patient. It'll be more than three years to handover and seven to 10 years before the vision is completed and until the project realises its full potential. Regardless, the units will be worth considerably more at completion in late 2019. It is suitable for investors looking at longer-term growth, sustainable beyond the buzz of Expo 2020."
- deepthi@khaleejtimes.com

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