Who’d have thought there actually was so much to say about property, let alone just property in Dubai? Perhaps there is so much to say simply because the market is so new, 5 years to be exact if you have been hiding under a rock and didn’t know. You can look in the papers all you want to see what new project is coming soon or under construction, but I want to give a significant mention to the major differences in all of the properties that I talk about everyday – the prices.
Yes, the properties that get the most publicity and are being managed by the biggest property firms are the ones that everyone talks about. The Palms, The World, The Burj Dubai tower – large scale properties that you can even see advertised as you wander round the airport of any frequented destination (I know, I looked). These are expensive, very expensive. What about the towers that we only see briefly mentioned in the paper, ones that we see being advertised under a mass of ‘other’ listings, what are these like? Well the answer that every investor should be aware of before buying is this: they are cheaper.
If you head on down to Dubai Marina, you can see the Emaar development in all its glory, but just a few hundred meters away there are other buildings that share the same great location but for a lower cost. The same scenario applies to the mass of development happening next to Sheikh Zayed Road - Business Bay and Downtown Dubai – which is made up of prominent developers like Emaar and Damac, but also a fair few smaller developers that could be offering a better option for buyers. Therefore, my advice to anyone looking to buy is to keep in mind that there are loads of developments and loads of developers, so contact a realtor that can show you a good mixture of properties that go beyond the most commercialized.
Now moving onto another area: large developments that are at the lower end of the property market. If you live in Dubai, you are probably aware that developments such as International City and the Greens are much more affordable than their up market counterparts, especially the former. Before you say that these properties must be located somewhere in the middle of the desert to be so affordable, you should know that they aren’t actually. The Greens is located next to Emirates Golf Club, in close proximity to Emirates Hills (you really can’t find anything more expensive than this project) and just across the road from the Palm Jumeirah. Really a good spot to live in. As for International City, while it may seem a bit out of the way at present, the rate at which Dubai expands and the numerous other projects heading out of the center like Arabian Ranches and the huge Dubailand, its not really going to be the middle of nowhere for much longer. I remember when living in Barsha was considered as really far away but now its one of the most popular, not to mention expensive, places to live.
What about quality? Surely these properties must be poorly built as there’s no other explanation for the prices. This is a topic of debate on most properties being built here, even the ones that cost several million. I have seen the Greens, which was the first development to be completed and I can honestly say it’s quite well finished. I doubt there actually is a significant difference between this ‘low-budget’ property and prestigious projects, certainly not several million dirham’s difference. The important thing is that these types of property are just as important as properties on the Palm or in the world’s tallest building. These are properties for the average buyer, and there are certainly more of them.
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