Ramadan Kareem

Dubai's transformation from a fishing village to a global real estate hub has been nothing short of remarkable. From having the world's tallest building to man-madeislands in the shape of a world map, the U.A.E.'s most populous city has never shied away from ambitious construction projects. 

Today's motion graphic video, thanks to Knight Frank, is a unique overview of Dubai's half-century-long growth spurt. See the video here

This week’s property discussions have included the following

• Possibly the best payment plan in Dubai is available from Town Square - Pay 10% plus the 4% DLD fee now and then 90% on completion for selected apartments in Jenna and Hyatt Blvd. They have one beds in Jenna 1 located directly on the Main Square and scheduled for completion in April 2019 with prices starting at AED 740k (GB£ 150k), a few two beds also at AED 1.07m (GB£ 216k). The first apartments in the community are due to start handing over in the next few weeks so expect an upsurge in interest from buyers and tenants.

• Just when we thought that they had sold everything in Belgravia 3(handover in Q3 2019), the developer has released a handful of one beds starting at AED 822k (GB£ 165k) and we still have a few low priced apartments to sell in Belgravia Heights (handover in Q2 2020) with one beds at AED 760k (GB£ 153k) and two beds at AED 1.03m GB£ 208K). We confidently expect rental yields of over 8% per year for these properties based on the location, quality and current rents achieved in equivalent properties.

• The latest building to be launched in the Sobha Hartland district of MBR is the Sobha Creek Vista, the prices for the one beds start at AED 800k and two beds start at AED 1.2m which appear at first glance to be amazing value. However, the units are small and therefore the price per sq.ft. of over AED 1,550 is relatively high for the area proving that the Wilton Terraces are excellent value at AED 1,250 especially when combined with a 4% DLD Waiver and a 30/70 payment plan

• We have been recommending Serenia on the Palm Jumeirah Crescentsince it was launched over two years ago and now that they have completed and handed over, we are pleased but not surprised that it is achieving some of the highest rents on the Palm with two beds selling from AED 4.1m (GB£ 829k) to AED 5.4m (GB£ 1.1m) and rents in the range of AED 215k (GB£ 43k) to 260k (GB£ 53k) per year. A very respectable yield for a high-value beachfront residential property 

• One of the most talked about launches in 2018 was the Se7en City in Jumeirah Lake Towers, pre-launch prices for studios were as low as AED 405k (GB£ 81k), one beds at AED 795k (GB£ 160k) and two beds at AED 1m (GB£200k). They now have all their documents in order and plan to officially launch tomorrow, watch this space for prices and payment plans.

• I will be in the UK from June 13th to the 25th, touring the country and discussing Dubai property, please let me know if you are interested and I will be in touch so we can arrange a meeting and a time and place that works for you

With best regards from Steven and the Elite Sales and Rental Team