Dubai: If you have your heart set on owning a property, you can expect to shell out a huge amount of capital, especially if you’re house hunting in Dubai or any part in the UAE.
Real estate in the country is one of the most expensive in the world. In the latest report by Core Savills, Dubai is ranked among the top ten cities that have the priciest real estate, with an ultra-prime property costing about Dh44,435 per square metre – about as much as what one would pay to rent a studio every year.
But the good news is that, as developers recognise the importance of promoting affordable housing, investors can now find properties that are less of a financial burden. One of such budget-friendly options is already being developed – and it’s fast selling.
Located in Al Marjan Island, Ras Al Khaimah’s own version of Dubai’s Palm Jumeirah, the Pacific residential development has 1,440 waterfront apartments spread over six buildings, some of which are studio units that are being sold for as low as Dh350,000 (about $94,500).
Many of these properties offer “uninterrupted views” of the Gulf and residents will have access to a private beach, rooftop swimming pools and tennis courts.
A spokesperson for British-owned Select Property, the project’s developer, told Gulf News that the units in Al Marjan are already 85 per cent sold out.
Home buyers who invested in the Dh1.1 billion development can expect to have the units in the first phase delivered during the second quarter of this year.
“Select has just released the final phase of sales in the project, which includes a selection of top-floor units,” the company said in an email.
Investors who have yet to get their hands on the project may still catch some affordable units left. Buyers who are interested are required to pay a 10 per cent deposit, 40 per cent on completion and 50 per cent spread over 12 months, to be paid every quarter.
Pacific is situated on the tip of the man-made Al Marjan Island in Ras Al Khaimah, which is just less than an hour’s drive from Dubai International Airport.
