Bullet-Point Property: Dubai No. 76

The Dubai government is focusing on encouraging developers to build more affordable properties and there is much talk in the press about the UAE Central Bank changing the rules on Mortgages to enable more of the growing middle class of Dubai to purchase a property and to break away from the rental trap. Read it here

An ex-pat resident can borrow a maximum of 75% Loan to Value (LTV), and after all the purchase fees are added, then the buyer roughly needs a minimum of 31% of the purchase price in cash to buy a property with a mortgage. That’s a large amount of cash to save up for a young family even with a reasonably good income so any improvements to LTVs will be a positive for first-time buyers and to the market in general

Please read the following for an overview of the current availability for mortgages

This week’s property conversations have included: -

• The government-owned developer, Dubai Properties, has now released the third and final cluster of Amaranta townhouses which is part of the Villanova community located about 20 minutes from Downtown and the Financial District. Three beds from AED 1,368,000 to AED 1,514,000 and four beds from AED 1,678,000 to AED 2,021,000 with a payment plan of 10 x 5% during construction and 50% on handover in Q4 2020 

• As far we have been told, Emaar have sold all the one beds in their Collective project within Dubai Hills Estate, however, I have been recommending the two beds over the one beds since launch as they are a perfect size, layout and starting prices of under AED 1m for the many owners and tenants who only need an occasional 2nd bedroom. If you like the concept but are only interested in one beds, then look no further than the UNA apartments in Town Square which start at AED 534k and are some of the best available apartments in all of Dubai at this price level. You need to be spending at least another AED 200k to get anything better elsewhere in the City. Read the article here

• Jumeirah Lake Towers was originally launched as an affordable alternative to the Marina. However, prices and rents in a few buildings are on a par with some of the best buildings in the Marina. The developments share the same metro stations and exits on the Shk Zayed Road plus the JLT buildings are more spread apart with views of lakes, parks and in some cases the Emirates Hills Estates and golf clubs. One of the more recent releases has been the MBL Residence on Cluster K, which has views of the lake on three sides, handover happening in Q4 2019, one beds start at AED 899k, and two beds start at AED 1.66m with a payment plan of 35% during construction and 65% on completion

Have a great day and we hope to see you very soon