Highlights
- The service fees are comparatively lower and some buildings are chiller free.
- The service charges are in the range of Dh15-Dh18 per square foot
- The average gross yield of 7-8 per cent annually appeals to investors
One of the first freehold housing communities in Dubai, The Greens has always been a favourite of homebuyers and tenants alike. Its accessibility, plentiful amenities and lush landscaped gardens are just among the key facets that have made The Greens one of Dubai’s most prestigious neighbourhoods.
Families love it here because it is a very safe and secure community, with essential amenities virtually at their doorstep. Pet lovers have also found a home in The Greens, which has been hailed among the top pet-friendly communities in Dubai. There is also a 36-hole golf course and many other facilities for sports buffs, not to mention the wide array of restaurants, shops, healthcare options and schools that have helped establish The Greens as one of Dubai’s best self-contained communities. “The Greens is one of the few established communities that still offer peaceful surroundings especially for those that admire the tranquillity and nature,” says Rakesh Mirchandani, CEO of RNR Real Estate.
The outstanding community features combine for a great-value investment, says Mirchandani, and a truly high standard of living for residents. In an interview with Property Weekly, Mirchandani shares more insights about the lifestyle offerings of The Greens.
Tells us about The Greens
The Greens, a large mixed-use community developed by Emaar Properties, was first launched in 2001. It is part of the Emirates Living community, which also includes the Springs town houses and the Meadows villas. The initial phase consisted of 40 low-rise residential buildings divided within 10 clusters and the first phase was completed in 2003. It was one of the first freehold residential developments in the city. These apartment blocks consisted of five floors only. After their completion and due to an increasing demand, the Views followed by the residential towers were built. The towers are known as The Golf Towers, The Links Towers, The Fairways Towers, Panorama and Mosela & Tanaro. These residential towers overlook and offer spectacular views of the 36-hole Emirates Golf Course and the lake, which is surrounded by walking tracks or pathways and many outdoor sitting benches or spaces.
What makes it an attractive community?
A buyer not only looks for a nice home but also a self-contained community that will offer a comfortable lifestyle. Choosing a good community is extremely important when deciding to buy a home. Essential factors that the buyers would consider are multiple entry and exit points to ease the traffic flow; the proximity to key locations, including schools and offices; recreation facilities and entertainment; medical facilities and shopping, dining options and coffee shops.
The Greens is one of the first family-orientated and pet-friendly communities with a lush greenery. The community has its own retail centre with supermarket, restaurants and coffee shops. The Greens Souk has a laundry, bookstore, photo studio and pharmacy among other outlets. All these features determine the value of the investment. The Emaar-built development speaks for itself. Most of the restaurants are located in the Greens Souq, Emaar Business Park and the Zabeel House hotel. Foodies will be spoilt for choice. For the more health conscious ones there is Organic Foods & Café located in Emaar Business Park.
This year, Dubai was ranked as the seventh safest city in the world and recently the UAE was recognised as the 11th safest country globally for Covid-19. The safe and secure environment lures investors. Also, there are diverse nationalities living in the community.
What’s new here?
The Onyx, a prestigious mixed-use development built by Ishraqah, is one of the recent developments to complete. It features a commercial, residential tower and the chic and quirky hotel Zabeel House by Jumeirah.
Why is it so popular with families?
The Greens is not a gated community, but it is well maintained and safe. It is home to the Regent International School, a British curriculum that teaches students from the age of one to 13. Also, there are a number of financial institutions such as RakBank, Amlak Finance and Barclays Bank.
The community is connected by communal courtyards and has a full-size tennis court, shared pools, gyms, kids’ play areas and the Backyard. The Backyard is an organic garden that was developed for the senior citizens, who meet and gather there.
The Greens is one of the few established communities that still offer peaceful surroundings especially for those that admire the tranquillity and nature.
What can I look forward to in the community?
The community has organised beautiful events this year. Prior to the pandemic, it hosted the Chinese New Year’s celebrations when more than 1,000 residents congregated at the Central Lawn to celebrate. Also, a movie night was organised for families to come together and they brought along their lawn chairs and blankets at the Central Lawn to watch a movie under the stars. The community has also organised an art contest and a photography contest.
How would you rate the maintenance service at The Greens?
There is a community page and an app that is developed by Emaar. For owners who would like to know, the eservice.emaar.com portal or app is used to seek permission for alterations and to complete the payment of service fees. As a homeowner and a real estate agent, my humble view is that they offer one of the best after-sale services. The app is user friendly and can be used at a time of your own convenience.
The sale and rental prices?
The average house prices in the area differ between the low-rise buildings and the high-rise towers. The studio-type apartments are priced around Dh500,000-Dh550,000 and rental prices are in the range of Dh35,000-Dh40,000 per year. This equates to an annual gross rate of return of 7-8 per cent.
In the “older” Greens buildings or the low-rise ones, a one-bedroom apartment is listed for sale between Dh625,000 and Dh650,000 and the same type of property is listed for rent within the range of Dh45,000- Dh50,000 per annum.
Usually, the return on investment is higher for studio and one-bedroom apartments when compared to the two-bedroom and three-bedroom apartments, considering the costs or quantum of service fees is higher for the latter.
Apartments of similar size or type are priced higher in the high-rise towers mainly due to the uplift in quality and finishes of the apartments and the views.
As an owner what do I need to know about service fees?
The Greens is considered a popular neighbourhood for investors and homeowners. The service fees are comparatively lower and some buildings are chiller free. The average gross yield of 7-8 per cent annually appeals to investors.
The service charges are in the range of Dh15-Dh18 per square foot. There is an owners’ association that collectively decides the appointment of the facility management company and the budget, which has to be approved by the Real Estate Regulatory Agency (Rera). The owners can pay the service fees directly through the Mollak system.
Does prices vary in the Fairways and the Links towers?
Completed in 2008, the Fairways Towers are the three contemporary high-rises. They consist of Fairways East, West and the North Towers, which offer one-, two-, and three-bedroom apartments. The prices in the Fairways development start from Dh900,000 for the one-bedroom apartment, Dh1.5 million for two-bedroom apartments and Dh2.6 million for three-bedroom apartments. The prices vary according to the upgrades, the view and the floor rise.
The Links Towers were completed in 2007. The two residential towers of 34 storeys each combine for close to 600 apartments. The facilities include a gym and pool. The prices in the Links Towers range from Dh800,000 for one-bedroom apartments, Dh1.2 million for two-bedroom apartments and Dh2.1 million for three-bedroom apartments.
Both these residential developments overlook the Emirates Golf Course. Built in 1988, it is the first grass golf course in the Middle East. The golf admirers can avail a membership at the Emirates Golf Course.
How strong is the housing demand here?
Although it is one of the oldest freehold communities in Dubai, I personally feel the community is still one of the most preferred. It’s been well designed and has an excellent connectivity to Sheikh Zayed Road. It’s been over 15 years but the demand and interest from buyers still persists.
In fact, if we were to take an overview of the prices in this area and in particular a building named Al Alka during the last four to five years, we have noticed that the drop has not been drastic and instead the prices are holding on. We noticed that sales transactions of a one-bedroom unit made in 2016 were in the range of Dh900,000-Dh950,000. Comparing this to last years’ transactions, which were in the range of Dh750,000-Dh800,000, shows that the drop has not been as drastic as in other areas. To validate the investment, the rental returns over the years have been phenomenal.
One of the memories we have of this place is when formerly property transfers would take place here at Emaar Business Park. These property transfers were during the time when developers were able to complete the property transfers in their offices. I remember there would be queues of people waiting. While being slightly biased, we would like to admit that we personally have an affection for this neighbourhood, thus a year ago, we decided to move our office here and we’re now located in the Onyx Tower.
