Although located within the Arabian desert, Dubai has a fabulous coastline bordering the Persian Gulf offering stunning waterfront properties on man-made islands and along the Dubai Canal.
Dubai’s coastline has changed enormously over the last two decades with the construction of palm-shaped islands fanning out impressively from the shore. This has opened up a whole new range of opportunities for those who wish to combine a desert destination with a waterside location.
Simon Barry, Head of New Developments at Harrods Estates, advises that Dubai’s key waterfront areas include, Dubai Creek Harbour, Marsa Al Arab (a new development next to Burj Al Arab), Palm Jumeirah, Canal District and Bluewater.
“Emirati plus GCC and Arab buyers are still the largest single buying group in Downtown, Marina and Dubai Creek Harbour,”
he says,
“closely followed by Indian, Pakistani and then British buyers. Indian buyers are the largest individual group with many buying family homes in outlying districts like Arabian Ranches where there is better value. Mansion-sized villas fronting the crystal lagoon in District One, close to Downtown are attracting mostly GCC buyers.”
A large percentage of buyers are investors, looking for rental yield in areas like Downtown and close to the Business District where there is demand from ex-pat workers.
“We have also seen a rise in the number of purchases made for second or holiday homes due to Dubai’s fantastic climate and easy flying time from both Europe and India,”
reports Mr Barry.
“Demand from end users and residents is subdued as the second-hand market is over-supplied, so most new purchases are being made off-plan due to attractive payment plans and potential capital growth.”
Waterfront homes in Dubai offer a mixture of lifestyles.
“The Palm has a relaxed, leisure-orientated environment with low rise villas with private beaches,”
explains Mr Barry.
“Dubai Creek Harbour and the Canal District have a more business-led, high-rise, fast-paced, big-city feel. Bluewater is expected to offer an experience somewhere in between the two.”
As for prices, villas on The Palm remain top the list with an average of AED 2,700 (£565) per square foot as it is still one of the only developments offering villas with beach access. For apartments, Downtown has an average price of AED 2,422 (£504) followed by The Palm at AED 2,000 (£425), then the Marina at AED 1,650 (£350) and the Canal/Business Bay AED 1,500 (£310).
“Prices in Dubai have been decreasing since 2014 but have stabilised in the last quarter of 2017,”
says Mr Barry.
“It is expected that prices will pick-up over the next two to three years with a surge in investment expected from the GCC ahead of the upcoming Expo in 2020, leading to renewed demand for the best properties in many exciting new developments.”
Developed by Xtreme Vision, a Dubai-based property development company, Volante is a new residential tower in Dubai Creek. Andrew Lemon, the firm’s development director, says that it also attracts an international group of clients.
“The majority are buying because they are moving to Dubai, not only for tax reasons but also the lifestyle it offers. The Dubai freehold market is still young and has gone through a couple of rapid cycles already. Now it is settling down into a more conventional rhythm. We expect values to rise but on a more steady basis.
“Basically, it’s the Dubai lifestyle – in a nutshell, ‘fun, sun and no tax’. Whilst our summers are very hot, we have seven full months of superb weather where you need neither heating or cooling. Every brand and restaurant you can think of is in Dubai, and if you want snow skiing and parachuting in the same day, not a problem.”
J Frond, Palm Jumeirah, Dubai
Seven-bedroom seafront villa on the Palm Jumeirah’s most exclusive street. This brand new, contemporary and spacious three-storey villa has a built-up area of 18,000 square feet on an impressively landscaped plot of 15,300 square feet.
Built with the finest materials from Europe and featuring high-end finishes, it has floor to ceiling windows, a glass bridge, Gagganau appliances, a large swimming pool, servant quarters, front and rear terraces with amazing views of the pool, sea, beach, Dubai Marina skyline and Ain Dubai, the largest observation wheel in the world.
£14.09m / €15.78m / $18.5m
Core Savills
+971 56 712 1822
james.hatton@core-me.com
www.core-me.com
Palm Jumeirah, Dubai
An architecturally magnificent, bespoke villa in a prime beachfront location. The property has full ocean vistas with skyline views back to the Burj Al Arab and the Dubai Marina and offers ideal spaces for entertaining, sunbathing and water sports activity. The property’s wide and private decks allow for complete privacy with lush garden surroundings. Its 46,000 square feet of internal space includes 11 bedrooms, a 16-seat cinema, four living spaces, an indoor pool, large private dining room, a full chef’s kitchen and staff accommodation for 16.
£44.97m / €50.38m / $59.9m
Gulf Sotheby’s International Realty
www.gulfsothebysrealty.com
Volante, Dubai Creek
A super-prime residential development, Volante is in Dubai’s thriving Canal district. The 35-floor residential tower consists of 45 exceptional residences all overlooking the Dubai Canal and the Burj Khalifa. Its half and whole floor apartments range from two to five bedrooms and span from 5,000 to 10,000 square feet. Each one is superbly finished with Italian travertine marble flooring, Zebrano wood panelling and Jordanian limestone, giving an overall contemporary look. Located on the fourth floor and occupying the top of the entire podium, residents of Volante will also have exclusive access to the Volante Club which is divided into three distinct areas – The Spa, The Lounge and The Garden Area.
From £4m / €4.46m / $5.28m – £8m / €8.92m / $10.6m
www.volantedubai.com
