In a deluge of Luxury Homes in Dubai, is there anything out there for the Average Middle Income Family?
Luxury villas, and high-rise apartments, golf estates and water-front homes – Dubai realty offers the best to whoever can afford it. But with many who are saving up for the perfect home, does the Dubai property market offer homes that are affordable and good value for money?
There are many developers in the real estate market now, who have started offering reasonably priced attached villas or townhouses and apartments in the city. These properties make for good homes as well as investments for the mid-income expat segment working and living in Dubai.
These are some of the relatively more affordable townhouse and apartment projects that have been recently launched in Dubai:
Town Square is a residential mega-project launched in early 2014 by the private developer Nshama. The project will be located in Al Qudra and is expected to include over 3,000 townhouses as well as 18,000 apartments. Two affordable townhouse communities – Zahra and Hayat have been recently launched at prices starting from approximately AED 1 Million for a 3-bedroom townhouse. The developer also launched over 300 affordable studio and 1-3 bedroom apartments in Zahra this April. With prices starting at AED 350,000 the project will appeal to the mid-income segment looking to buy a house in Dubai.
Dreamz by Danube is an AED 500 Million townhouse project launched by Danube in early 2014. The project offers over 170 three-bedroom townhouses with built-up areas of approximately 2,500 square feet. The townhouses were reasonably priced at AED 2.5 Million and will be coming up in Al Furjan in Dubai. The company also has plans to launch a second phase in the community soon.
Glitz by Danube is an AED 300 Million apartment project being developed by Danube. The project was launched in January this year and will be coming up in Dubai Studio City, next to Sports City. Glitz by Danube offers 300 studio and 1-3 bedroom apartments ranging from 470-1,645 square feet and the developer has made sure that these apartments are affordable at a price tag of AED 900 per square feet.
Royal Estates is a mixed-use real estate project launched in August 2014 in Dubai in a joint venture between Aristocrat Star Investments LLC, PAL Developments and Pacific Ventures. The project will be located in DIP (Dubai Investment Park) and is being endorsed by Bollywood superstar Shahrukh Khan. The first phase was launched in August 2014 and includes over 400 townhouses and apartments, expected to be completed by mid-2016. The first batch of apartments for sale were priced starting at AED 450,000 and townhouses at AED 1.6 Million.
If you are a mortgage buyer, make sure to check which bank is financing purchases in the off-plan project that you are interested in before you commit to buying the property. It is important to remember that banks in the UAE only finance up to 50% of the property value as per Central Bank regulations.
Also, not all banks provide home loans for off-plan or under-construction houses while others who do so, may limit their lending only for projects by reputed developers like Emaar. Many banks usually have tie-ups with specific developers to provide finance for their projects. So if you are a mortgage buyer, make sure to check which bank is financing purchases in the off-plan project that you are interested in before you commit to buying the property.
You can search for more apartments & townhouses in new projects as well as developed communities, for sale in the UAE.