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What a million dollars can buy in Dubai

Property Weekly asks real estate agents in Dubai what $1 million can get them

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A million US dollars can fetch a nice three-bedroom apartment in Downtown Dubai
Property Weekly

Sanjay Chimnani, managing director of Raine&Horne Dubai


Island lifestyle

I would invest my $1 million (Dh3.67 million) in the soon-to-be-delivered units in Bluewaters Island, taking into account the quality of the product, island lifestyle, limited supply, low-rise planning with good price and payment plan. The island will house Ain Dubai, which would make it one of the most sought-after attractions, similar to the London Eye.

 The units will be great for end use and investment, wherein the option to operate it as a holiday home will help to partly pay the instalments.

 - Sanjay Chimnani 

 

A two-bedroom unit here currently sells for about Dh3.3 million; with a three-year, post-handover payment plan and 4 per cent Dubai Land Department (DLD) waiver, this indeed looks like a desirable investment. The units will be great for end use and investment, wherein the option to operate it as a holiday home will help to partly pay the instalments. The size of a two-bedder in Bluewaters is perfect for self-use and short lets.

Ranjeet Chavan, managing partner of Gulf Sotheby’s International Realty


Location with convenience

Real estate is all about location. Here I mean convenience, which typically includes proximity to the central business district of any city, and amenities like schools, hospitals, banks, convenient stores, restaurants, airport and public transport. From Dubai’s perspective, Shaikh Zayed Road is its prime artery, so selecting a good location would mean being near it. Considering this the options would include investing my $1 million in Downtown Dubai, Business Bay or maybe even Mohammad Bin Rashid (MBR) City.

 A million US dollars would fetch me a nice three-bedroom apartment in Downtown today or a four-bedroom apartment in Business Bay or a good four-bedroom town house in MBR City.

 - Ranjeet Chavan 

 

From an apartment perspective I would choose Downtown or Business Bay, but if it’s a villa or a town house then it would be MBR City as this is the closest villa or town house freehold community to all the amenities listed above. A million US dollars would fetch me a nice three-bedroom apartment in Downtown today or a four-bedroom apartment in Business Bay or a good four-bedroom town house in MBR City. The selection between an apartment and a villa ultimately remains a very personal choice at the end of the day.

Laura Victoria Adams, managing director of Carlton Real Estate


Off-plan plus ready units

I would go for a selection of off-plan and ready income-generating properties, as a portfolio of properties in different areas gives a better success rate for benefiting from both appreciation and yields. I would buy a few studios or a one-bedroom apartment in a high demand rental area such as IMPZ or Jumeirah Village Circle (JVC). Both JVC and IMPZ are affordable areas for tenants. The units here are always in demand. In a high market, people move from Dubai Marina and Business Bay to these areas, and in a low market, people relocate from International City and as far as Sharjah to capture the cost-efficient rental prices.

 I would go for a selection of off-plan and ready income-generating properties, as a portfolio of properties in different areas gives a better success rate for benefiting from both appreciation and yields.

 - Laura Victoria Adams 

 

So I would go in for five properties, three ready and two off-plan. For ready it would be a studio and one-bedroom apartment in Dubai Sports City, around Dh370,000 and Dh590,000 respectively, and a furnished one-bedroom in Dubai Marina for Dh820,000. For off-plan, it would be a one-bedroom unit from one of the developments at Emaar’s beachfront project priced at around Dh1.3 million, suitable for short-term holiday lease, and a studio at JVC for Dh361,000.

Mario Volpi, sales and leasing manager of Engel & Völkers Dubai


Town house in Al Furjan

For $1 million I would look at buying one of the freehold townhouses in Al Furjan, which is the only current villa community that is walking distance to the Metro (under construction). These two-storey, three-bedroom properties offer 3,242 sq ft of built-up area for approximate Dh3 million, bought on a five-year post move-in payment plan.

 These two-storey, three-bedroom properties offer 3,242 sq ft of built-up area for approximate Dh3 million, bought on a five-year post move-in payment plan.

 - Mario Volpi 

 

If, however, the property is bought with cash or mortgage, a 15 per cent discount is offered leaving a residue of approximate Dh1.1 million. With this balance amount, I would invest in a one-bedroom apartment in a brand new tower in Dubai Marina and then put it on rent.

Rajiv Ghanekar, senior real estate broker of Keller Williams Real Estate Dubai


Something unique

I look for value and uniqueness in the property. I look for good-quality buildings, go for the most-preferred layouts or views and most in-demand units from a rental perspective. We are in a buyer’s market today, where we are spoilt with choices. My first choice would be two to three units of Springs town houses (two bedrooms plus study at Dh1.5 million approximately), preferably single row or backing onto a park. These are great for rentals, are always in demand, inexpensive to maintain and quick to offload.

 My first choice would be two to three units of Springs town houses (two bedrooms plus study at Dh1.5 million approximately), preferably single row or backing onto a park.

 - Rajiv Ghanekar 

 

The second option would be two to three units of one-bedroom apartments spread over Dubai Marina, The Views (new Greens) and Downtown Dubai, with prices ranging from Dh1.2 million to Dh1.4 million. One-bedders are easy to rent and economical to maintain. Given that, these communities are fully developed, have good connectivity and are close to commercial zones. They attract quality tenants, who pay rents in one to two cheques.

Deniz Zeybek, sales and marketing director of Fidu Properties


Cherry pick ready units

I will definitely go for a ready property and cherry pick the best options available in the market. As an investor, I would invest in an area which offers the highest returns on investment and long-term appreciation like Downtown or Dubai Marina. This certainly makes sense in the current real estate scenario in Dubai and can be leveraged adequately in view of the wide project mix on offer.

 From a end-user’s point of view, the preference would be to put my money in a project in a location that offers a complete community feel and is equipped with all the facilities and amenities like Emirates Living.

 - Deniz Zeybek 

 

From a end-user’s point of view, the preference would be to put my money in a project in a location that offers a complete community feel and is equipped with all the facilities and amenities like Emirates Living. Factors like parks, greenery and a quieter place away from the hustle and bustle of the city would be high on priority.

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