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A developer has unveiled the first phase of its real estate project that allows budget investors to own a piece of property in Dubai for less than half a million dirhams.
To be constructed near the site of the World Expo 2020, the residential units at Zahra Apartments are now on sale for just Dh349,988.
The initial price tag is much cheaper compared to the finished apartments at some of Dubai’s low-cost locations, including international City, where a one-bedroom flat can be purchased for more than Dh400,000.
The Zahra Apartments will be located “centrally” in a 750-acre development called Town Square, Dubai’s first of-of-its kind neighbourhood by Nshama.
Town Square is being developed near Al Barsha, in close proximity to Arabian Ranches Golf Course, Dubai Polo & Equestrian Club and Al Maktoum International Airport.
It will be home to more than 3,000 townhouses and over 18,000 apartments, including retail, hospitality and commercial spaces.
That price point may sound affordable - but the units are being sold off plan - which means you won't be able to move in anytime soon.
That's not to say there are no ready-for-occupancy one-bedroom units in Dubai for under Dh500,000.
A cursory search on gnproperty.com (Gulf News' property listing site) does throw up one-bedroom units for between Dh450,000 to Dh495,000 (743 sqft) on certain clusters of the Dubai International City, an affordable community developed by Nakheel.
Sellers of similar units on another cluster currently ask between the Dh525,000-Dh550,000 price range.
Developers say the new Barsha project offers first-time buyers a chance to invest in Dubai’s real estate without burning a hole in their pocket.
According to property analyst Asteco, the Dh349,000 price tag is a "very cheap option" for investors today, although the size of the property, as well as its location, is another defining factor.
“Zahra Apartments offer an unmatched value proposition for aspiring home-owners, particularly first-time buyers, in one of the trendiest developments. Residents are assured of a convenient lifestyle, where all amenities are within walking distance, while the city’s main landmarks are in easy access,” said Fred Durie, chief executive officer of Nshama.
Analysts have said that real estate prices in Dubai have dropped recently, along with home loan rates, making 2015 one of the best times to invest in real estate.
One-bedroom finished apartments now cost nearly Dh400,000 less compared to six or seven years ago.
“Prices are good and buyers have negotiating room as the market is slow,” Ryan Mahoney, CEO of Better Homes Real Estate told Gulf News earlier.
The developer of the Town Square project promises to build a “greener community” where residents will see more open spaces than buildings.
“Residents step out to an active, exhilarating lifestyle with green walking trails, outdoor sports courts and cycling tracks,” the developer said in a press release.
The apartments will also have easy access to a 2.5 million-square-foot retail area that will be home to more than 600 stores and food and beverage outlets, among others.
Source: Cleofe Maceda, Senior Web Reporter, gulfnews.com