Dubai: Eighteen months ago, long-standing Abu Dhabi resident Stephen Smith was faced with a choice: Rent an apartment or buy his own flat.
Since neither sounded appealing enough, Smith came up with a third alternative that involved neither renting nor purchasing freehold property.
The team leader of an offshore oil company decided to buy himself a boat instead. And not just any old fishing boat, but a fully-equipped nine-metre Droal Monticello which he could convert into his own little bachelor pad.
The Briton, who has lived in Abu Dhabi for the past 30 years, was transferred two years ago to an onshore position which demanded he find a place to settle down and call his own.
Unfortunately, the quota of apartments available for rent through the company he works in, was over. After an eight-month stint in a hotel, he was asked to take a monthly allowance and find his own place to live.
Which he did.
In exchange for Dh300,000, Smith was the proud owner of a two-cabin, air-conditioned boat with its own berth in Al Bateen Marina in Abu Dhabi. For a further Dh20,000 a year mooring fees, Smith is provided with water and electricity facilities on board his ‘home'.
Smith's home also boasts a state-of-the-art generator to keep things running smoothly when he takes the boat out to sea.
An additional Dh5,000 a year gets him Marina membership which provides access to the pool, gym and, more importantly, the showers. Although the boat does come with its own fully-equipped wet-room (ie, a toilet and shower in one), Smith admits things can get a little messy and with no maid or cleaning service, it's up to the trained engineer to clear up his own mess.
The obvious question that begs an answer is why spend Dh300,000 to live on a boat instead of renting an apartment for about a quarter of that amount annually, especially with rents plummeting further every month? "Because that would make it dead money," explains Smith. "As the owner of the boat, as and when I choose to move on, I'll be able to sell it and get a large amount of money back. I wouldn't be paying someone to live in a place that would never be mine."
The maths is simple. A Dh300,000 budget could never buy a one-bedroom apartment in Abu Dhabi. But a one-bed boat isn't a bad alternative. "It wasn't an impulsive buy," says Smith of his boat. "Buying her is a well-planned investment."
Under the cockpit area of the boat is Smith's "bedroom." Further along, under the bow of the boat is his living room-turned-storage area. Upstairs, the cockpit has camper windows which provide cover for up to two people at a time.
"People are often intrigued when I tell them where I live. It ends up becoming a talking point and a good ice-breaker," says the almost-shy Smith, whose ‘home' can welcome up to 12 people when docked, but only eight when out at sea.
Not that it's an event that occurs too often. "Most people are curious and want to come over and check out the boat," says Smith, "which is fine. But the majority of people also extend that curiosity to wanting to take a fishing trip on the boat."
Although Smith enjoys taking his boat out every weekend, he's wary about taking friends on fishing trips. "I've done it in the past, but try to steer away from it now," he says. "People forget that this isn't just a boat bought for joy-rides. This is where I live. The last thing I want is for my home to smell of fish."
Would Smith ever consider moving to safer shores? "No way. For as long as I'm here, this is home. I'm not about to jump ship," he says.
