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- My family is moving to Dubai. I am planning to buy a new villa but I am having trouble choosing. Could you give me some tips.
When choosing a villa to live, there are certain basic factors you must consider. Location is key. Note the proximity to public transport, schools, supermarkets, pharmacies and/or clinics. Most well-planned villa communities have their own retail centre. Survey the neighbourhood: income levels and age distribution. If it's an off-plan development, check the developer credentials and reputation. Consider the size of the villa and the view. A good view adds a spark to daily life and melts stresses away. Also consider the service charge, maintenance standards and resale value. Set some cash for minor expenses. Villa service charges are usually lower than apartments. Ensure that the villa complex uses a reputable maintenance agency. Most importantly, see to it that safety is the first priority.
- I am an investor who invested in off-plan properties. I am quite interested in investing in ready properties. Which communities should I view?
When investing in ready properties, consider the location, demand, property development, properties' condition, developer reputation, service fees, access and egress, construction levels in the area, amenities, transportation and how long you want to invest.
In prime locations, apartments have lower rental returns as service charges are higher than villas, but these can achieve higher capital growth. Villas, on the other hand, provide better rental returns, but do not usually increase in value as much as apartments.
If you plan to invest on a long-term basis, pick less established areas where the demand is high. The International Media Production Zone, Jumeirah Village Circle and Dubai Sports City have good potential for growth. Also, keep a lookout for distress sellers in Dubai Marina and Jumeirah Lakes Towers, but such deals are few.
- I have been renting a flat in Downtown but now decided to buy my own. My budget is Dh2 million. Please suggest areas which offer a good lifestyle.
If you enjoy living in Downtown Dubai, it would be advisable for you to stay in the same vicinity. Your investment of Dh2 million will enable you to purchase a studio or a one-bedroom apartment in the same area.
Assuming that you have a trendy lifestyle and prefer entertainment, shopping and dining outlets at your doorstep, you may consider Dubai Marina, Jumeirah Beach Residence (JBR), Jumeirah Lakes Towers (JLT) or The Greens. Any of these communities can be a good option and may be the right place for you.
The obvious fact, however, remains your need for accommodation. In Downtown Dubai and JBR, you can only get a studio or a one-bedroom unit at that budget. In JLT and Dubai Marina, you can look at owning a two-bedroom.
- I have a studio in Dubai Marina that I plan to sell. How do I find the right price? I have searched online but the different prices confuse me.
Online advertisements usually show the asking price not what the property actually sells for or the actual market price.
Pricing your property correctly is the most important factor. The best way to do is to work with a RERA-approved real estate agent who knows the target area well and is active. The broker should be able to show you detailed prices in your specific area, the pricing trends and others. It would be advisable to work with one agent only rather than with several agents. Working with several agents could cause confusion as they are often contacted by only one buyer. As a seller, you would believe you have many enquiries when in fact it is from the same buyer. A professional real estate agent will make certain that your property is properly marketed to potential buyers at the correct market price, and will make the entire process hassle-free.
- Question of the Week: I am planning to invest in three two-bedroom apartments in different locations in Dubai. I am looking at rental income and appreciation. Which areas would you recommend? Why?
Provided that you have a budget for three properties, we would recommend three different options which can secure a great return of investment (ROI) and capital gains.
The first choice would be Jumeirah Lakes Towers (JLT) because the rental income is good given the fact that it is close to Shaikh Zayed Road and also a walking distance and/or a short drive to Dubai Marina and Jumeirah Beach Residence's The Walk and The Beach. JLT will consistently maintain its value due to its accessibility. It will always be the choice for couples and families in Dubai.
The second option could be Dubai Marina. Like JLT, it will consistently maintain its value. With the Dubai Tram, the two communities will continue to grow. The Dubai Metro has also greatly affected the lifestyle of residents. The impact on pricing will be clearly visible the moment the market starts showing signs of stability and growth.
The third option would be investing in a two-bedroom townhouse in Jumeirah Village Triangle, The Springs or The Greens. Based on the current market trends, these areas might offer you a distress deal and decent rental returns. A townhouse is always a desirable option for many small families.
Ask the agent - Do you want to know what are benefits in buying off-plan?
Source: Sanket Khanna, Special to Freehold
The writer is CEO and Founder - SNS Properties
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