Lewis Allsopp, CEO of Allsopp & Allsopp explains the possible reasons for the rise and a couple of comments from buyers. It also states price differences between inner city communities and suburban communities: “A 1,557 square foot 2-bedroom apartment in Dubai Marina’s Silverene Tower with a Marina view is AED 2.7M whereas a 1,769 square foot 2-bedroom apartment in Damac Hills with a full golf course view is AED 1.3M. A difference of AED 1.4M and the apartment in Damac Hills is more modern and larger.”
Dubai has it all; vibrant city hotspots, professional business hubs and landscaped communities but what do you prefer?
Expats who are new to the city are mesmorised by the towering skyscrapers, the bright lights and the famous landmarks - spots where they have always dreamt of living! But are these the areas that come out on top when looking at the most popular areas of Dubai?
According to the Allsopp & Allsopp Quarter 1 report, Palm Jumeirah and Dubai Marina do, indeed sit on the top of the pile for communities most desired in Dubai.
The city is renowned for its high-end luxury lifestyle and there is no doubt that the Palm Jumeirah, Dubai Marina, Downtown and other fast paced communities offer residents an eclectic array of activities, restaurants and an inviting atmosphere which make these areas the most sought after.
As a result, residents tend to overlook the villa communities which are settled a little further afield but interest in these communities is growing.
In 2019 Allsopp & Allsopp have seen an increase in tenant and buyer registrations in areas such as Jumeirah Golf Estates, Damac Hills and Mira compared to January – June of 2018. Buyer registrations have been on the rise. In Jumeirah Golf Estates registration has risen by 83%, Damac Hills has increased by 81% and Mira has seen a rise of 88%.
Dubai is continuing to flourish and mature and as this is happening more and more developers are moving in-land with their projects. Communities such as Damac Hills, Townsquare and Mira are all very popular areas with expats across the city. Not only are they more modern, but they are more often than not, at a better price point than Emirates Living, Dubai Marina and communities closer to the city hotspots.
The developments on the outskirts of the city are still evolving and adding shopping malls, restaurants and other attractions to make them just as appealing as the inner-city areas without the hustle and bustle.
Transport will play a huge part in making the decision to live further afield. Although not entirely essential it is highly beneficial to have a car. Many suburban areas do not have public transport links and residents without their own car find themselves relying on taxis to get them to and from work and inner-city visits – even to pop to the supermarket.
If you have a car and are willing to drive that little bit further to get to work, then perhaps the outskirts could be a viable choice of residence.
It all comes down to your personality and what matters more to you. If living within walking distance of the mall, the beach or the Burj Khalifa and being in amongst the vibrancy Dubai has to offer then inner-city communities are calling your name.
A lot of expats enjoy the lifestyle that comes along with these communities in Dubai but can sometimes grow out of them. Once the dazzling sights and realization that you are in one of the best cities of the world wares off, then the peace and quiet of the outskirts can become highly appealing. It’s sometimes nice to come back from a hard day at work to a balcony or a garden where you swap the city sound of traffic with the chirping of birds.
An expat Personal Assistant moved to Damac Hills after 3 years of living in Dubai Marina. After renting an apartment with a lovely view over the marina, she decided it was time to buy.
“I realised that Dubai was becoming more of a long-term plan than I had originally thought. When I started to search for a property to buy, Dubai Marina was offering a lot less for money than an apartment in Damac Hills. Although Dubai Marina has the city’s hotspots and famous landmarks, this was no longer important to me.
I realised I was getting more space and an extra bedroom for my money in Damac Hills as well as a brand new, modern apartment. Location didn’t seem to be a deal breaker as I have a car and the commute is only a further 10 minutes to my work.
I have been in my own apartment now for over a year and I thoroughly enjoy the lifestyle of living out with the city center. The value for money was the initial deal breaker for me but now I have settled in, the relaxed environment is more suited to me. I can sit out on my balcony and read without the sounds of traffic below.”
A 1,557 square foot 2-bedroom apartment in Dubai Marina’s Silverene Tower with a Marina view is AED 2.7M whereas a 1,769 square foot 2-bedroom apartment in Damac Hills with a full golf course view is AED 1.3M. A difference of AED 1.4M and the apartment in Damac Hills is more modern and larger.
It is no wonder people are starting to look at areas out of the city. Of course, Dubai Marina is a great place to live but buyers need to ask themselves if it is worth an extra AED 1.4M.
Another reason to start looking a little further afield for a property is the pull of a villa with its own outdoor space, greenery and landscaped surroundings. At Allsopp & Allsopp we are seeing many more young families biting the bullet and choosing villa life. Although apartments in the city are amazing and often very practical with children, young families are relocating to areas with more of a community feel, for schools and nursery’s and for more of a relaxed lifestyle.
This is the case for an Expat Operations Director with offices based in Business Bay. A keen advocate for Downtown Dubai, he has recently decided to leave behind his beloved apartment with incredible views, walking distance to Dubai Mall and his office behind to provide his family with a bigger home and outside living space in Jumeirah Golf Estates.
“The decision did not come easy for my wife and I. We both work in either Downtown or Business Bay and we love the area. There is so much to do only a short walk away, and we are in the heart of Dubai. Downtown is vibrant, exciting and extremely convenient for our lifestyle.
We now have an 18month old son and feel like a garden area would suit us best as he loves being outside. A few of our friends with young children live in Jumeirah Golf Estates and when the opportunity arose to buy there, we took it!
We moved only a few weeks ago and it is a very big change. I miss the Downtown energy and the quick commute to work but the peacefulness of the villa and surrounding areas is lovely. Our son is loving the garden and playing with his friends at the community club.”
Redwood Park in Jumeirah Golf Estates is offering buyers to move in after paying only 10% then buyers are expected to pay a further 10% in 12 months’ time and 5% of transfer of the property in 18 months before the buyer will need a mortgage. This is inclusive of all Dubai Land Department fees. There are a number of developers offering attractive payment plans to encourage buyers to invest.
Furthermore, the pricing points of an apartment in Downtown vs a townhouse in a suburban community is quite significant. A 2,100 square foot 3-bedroom plus maids’ apartment in The Lofts, Downtown with a Burj Khalifa view is AED 3.75M compared to a 2,562 square foot 3 bedroom plus maids plus study in Mira Oasis 1 is AED 1.6M. An incredible 2.15M difference in price. Downtown offers a central location, bustling atmosphere and a view of the Burj Khalifa but, on the other hand you can certainly get more house for your money in Mira.
Although further afield, Mira is perfect for young families with its community atmosphere and peaceful surroundings. It is no wonder many expats are looking at their options when it comes time to buy a house in Dubai.