Dubai Boat Show: After waterfront homes, berths for boats ride price wave

Dubai: There seems to be no slowdown in demand for luxury homes in Dubai. And there are more properties set to get the attention of a new buyer, whether it’s at the Burj Azizi, the second tallest tower in the making (where sales have just started), or a $51 million penthouse in Burj Khalifa, the world’s tallest tower.

It’s not just luxury properties in Dubai’s skyscrapers that are garnering attention and seeing value increases. Waterfront- and homes on islands continue to be an enduring magnet for a certain type of investor wanting a Dubai home. It also helps that Dubai is offering the Golden Visa coverage for yacht owners.

On the Dubai Canal, new mansions are being readied for buyers, with prices between Dh125 million to Dh200 million. And each with a private berth for owners' yachts.

So much so, even the price of berths available at some of Dubai’s premier marinas are headed in the upward direction.

“Berthing rates in Dubai have risen sharply, driven by the 88% occupancy at Dubai Harbour Marinas and surging demand for superyacht slots,” said Firas Al Msaddi, CEO of fam Properties. “Seasonal events like the Dubai International Boat Show further strain availability of berths, pushing rates even higher.

“Like everything else (in Dubai property), prices (for slotting boats) have been rising across the board. This has had no impact on demand, which continues to grow at an accelerated pace.”

"In the race among Dubai's top luxury developers, there will be more homes featuring private yacht berths in the near future." says Al Msaddi

Sure, when more super-wealthy individuals and families make Dubai and the UAE their home base, chances are they are bringing their boats and yachts too. Chances are that a top-of-the-line apartment or penthouse sale in Dubai Harbour will be accompanied by the owner wanting to dock his boat at a berth in the marina there.

Estate agents in Dubai say they are still often taken aback by the number of investors who are angling for a home on Jumeira Bay island or Palm Jumeirah making a precondition that they should have a confirmed slot for their yacht.

As the latest edition of the Dubai International Boat Show gets underway, it’s not just yacht manufacturers and boat buyers who will be keeping track of trends – even developers are.

“Dubai isn’t just becoming a yachting powerhouse - it has already established itself as the ‘Monaco of the world’ during winter,” said Al Msaddi.

“For ultra-ultra-luxury communities, securing a yacht berth is becoming increasingly challenging, especially for newcomers looking to buy in the resale market. This is particularly evident in highly exclusive locations like Jumeira Bay, home to the Bulgari Hotel & Resort, and Marsa Al Arab.”

There are more options coming soon – by this year end, there will be the handover of a ultra-luxury mansions along the Dubai Canal. Each has its own private yacht berth, which is a ‘new level of exclusivity in Dubai’s waterfront market’, according to Al Msaddi. (One of these villas carry a price of Dh180 million.)

“Most of the new waterside projects in Dubai are being marketed around the marina lifestyle - yachting, waterfront walks, and premium facilities,” said Al Msaddi. “For any seafront or waterfront development, having a yachting facility has now become a fundamental pillar of luxury.

“The marinas in these new mega-projects will likely be completed much earlier than the overall master-communities themselves.”