Bullet-Point Property: Dubai No. 62

January 21, 2018 Steven Leckie

Did you know that oil revenues make up less than 1% of Dubai's GDP today?

The city has been diversifying its economy since the 70’s to reduce its dependence on fossil fuels and it seems to be working very well indeed.

Dubai is now poised to be the growth leader among the six countries in the Gulf Cooperation Council, with GDP expanding three percent or more this year and in 2019.

Have you seen January’s Confessions of a Real Estate Agent?

Here is some of what I have been talking about with clients this week:

Beach Vista, Emaar’s first launch of 2018 and the first building to be offered for sale at the recently announced Dubai Harbour appears to have been a massive success. In my opinion, the prices were lower than expected with one beds approx. AED 1.3m to AED 1.6m, two beds at AED 1.9m to AED 2.3m and three beds at circa AED 4.3m. Pre-launch sales were brisk and I am happy to say that I secured a few apartments for my clients however and its now likely that there will be very few apartments remaining for the official launch this weekend. Expect to see launch prices for Beach Vistas’ neighbours to be higher as more people get to know about his unique project.

It looks like the developers are holding off on the launch of Belgravia Heights for a few more weeks, they are keen to sell the remaining apartments in their Wilton Terraces and DT1 in Downtown before opening sales for Belgravia Heights. Expressions of Interest are welcome, please message me for details

If you look at Town Square on the map, you may think it’s far away from the centre of Dubai, however I am a regular visitor and I can confirm it’s just 22 to 25 minutes’ drive from the Burj Khalifa and Dubai Mall. Its way closer to the centre than Dubai South, and besides, the residents probably won't leave the area very often because this ultra-modern community is completely self-contained with 600 shops and restaurants, a 10km nature trail, 12.8 km of cycle trails and 6km of jogging trails, a 9-acre Central Park, a few schools and hospitals and a massive skate park. The prices are good too, studios from AED 432k, one beds from AED 524k, two beds from under 1m and three beds for less than AED 1.3m. See the UNA brochure here, the Hayat Boulevard brochure here and the Rawda brochure can be viewed here. I believe that within two years, this will be one of the most popular areas in the City to live.

There is a launch happening shortly when it will be possible to buy a one-bedroom apartment (471 sq. ft.) in Business Bay for AED 699k, two beds (901 sq. ft.) for AED 1.2m. Pay 24% now, 35 monthly payments of 1% and 45% on completion in Q1 2021 – Let me know if you want more details

If you have been to JBR in the last 18 months, then you will certainly have noticed the enormous structure emerging off the coast and now the wait is almost over for you to step onto the giant. When it opens in 2018, Ain Dubai will be the world’s largest observation wheel, at 210 metres high with 48 spacious capsules. Forming the centrepiece of Bluewaters Island with its 600 apartments, as well as hotels, restaurants and shops and a beach. One beds from AED 2.2m, two beds from AED 2.7m, three beds from AED 3.5m and four beds from AED 5.4m ready in a few months and available on a 3 year payment plan