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29 March 2024

What Dh1m can buy on Dubai's Sheikh Zayed Road

Published
By Parag Deulgaonkar

Your options are quite limited now if you are looking to buy an apartment in master communities on Dubai’s arterial thoroughfare - Sheikh Zayed Road (SZR).

Eighteen months ago, Emirates 24|7 compiled a list based on asking prices where you could buy an apartment for less than a Dh1million on SZR, but compared to the listed prices today, even a studio unit in Downtown Dubai, or two-bed units in Dubai Marina and Jumeirah Lakes Towers are hard to come by.

Market conditions and prices have changed - significantly.

Prices soared by 20 per cent in 2013, driven by an influx of global investors due to Dubai’s safe investment haven status offering higher return on investments.

The UAE’s sound economic fundamentals saw the International Monetary Fund (IMF) project a gross domestic growth of 4.5 per cent in 2014.

Emirates 24|7 scanned print advertisements and online listings to find current advertised prices of apartments along SZR.

Downtown Dubai

 


In March 2013, you could have bought a 400 to 600 sq-ft studio unit in Downtown Dubai, which had an asking price of Dh750,000 to Dh975,000. But, today there is nothing to be found at that price.

Prices have shot up.

A studio unit in South Ridge has now a listed price of Dh1.3 million compared with Dh975,000 in March 2013, registering a 33.33 per cent increase.

Similarly, a studio in 8 Boulevard Walk is listed for Dh1.2 million to Dh1.4 million as against Dh750,000, while studio unit in Standpoint is listed at Dh1.25 to Dh1.4 million as against Dh796,000 in March 2013.

In fact, you cannot own a completed apartment (even a studio) for less than Dh1 million in the upmarket community, which houses Burj Khalifa, the world’s tallest tower, and Dubai Mall, one of the largest malls in the world.

Business Bay


Business Bay did offer options aplenty in the studio and one-bed category for less than a Dh1 million in March 2013. Nowadays, there are hardly a few one-bed units listed below Dh1 million.

A one-bed unit in Mayfair Residency, listed for Dh700,000 in March 2013, is currently listed for Dh1.05 to Dh1.2 million.

A studio in Hamilton is today listed for Dh950,000 to Dh1 million (earlier Dh580,000). A one-bed in Clayton is listed at Dh1.25 to Dh1.35 million compared with a listed price of Dh900,000 in March 2013.

There are, however, some options available in the studio category for below Dh1 million.

You can currently find a studio in Park Lane Tower, Park Central, Capital Bay and Executive Bay for between Dh790,000 and Dh850,000.

Tecom


In Tecom, Madison Residency, a tower next to Dubai Internet City Metro Station, continues to have listings of studio units for below Dh1 million.

In March, 2013, you could have bought 770-square feet one-bed for just Dh750,000. Now, the listed price is over Dh1 million.

Studios are still available, with listed prices now at over Dh850,000 compared with Dh550,000 in March 2013.

The Greens – one of the most popular areas for the families – no longer has any one-bed units listed below Dh1 million.

One-beds were selling at below Dh1 million-mark in March 2013, but today listed prices for Al Dhafra 3 stand at Dh1.05 to Dh1.3 million (Dh850,000 in March 2013); Al Ghozlan 3 is at Dh1.15 million to Dh1.40 million (Dh900,000) and Al Thayal 4 listed for Dh1.18 to Dh1.40 million (Dh920,000).

Dubai Marina

 


Dubai Marina has continued to remain a favourite area for property investors. The master community is home to the world’s four tallest residential towers.

There are a few listings for one-bed units for below Dh1 million with some brokers seeking Dh990,000 for a one- bed in Marina Diamond 2 and Manchester Tower.

In March 2013, Dh1 million could have bought you a 1,200 square feet two-bedroom unit in Manchester Tower.

The listed price was Dh950,000.

Now, these units are priced at over Dh1.25 million. One-beds in DEC Tower 2 had a listed price of Dh650,000 in March 2013, but currently are listed at over Dh1.4 million.

There are some studio apartments listed below Dh1 million.

Zumurud Tower currently has a listed price of Dh900,000, DEC Tower 1 has Dh750,000, while asking price for Marina View studio is Dh650,000, according to one listing.

Jumeirah Lakes Towers

Jumeirah Lakes Towers is the only freehold and free zone community on Sheikh Zayed Road with two Metro stations.

The master community still offers you multiple options, but quality of construction and building maintenance plays a prime role in getting premium.

Owning a two-bed unit for less than Dh1 million is a thing of the past, but you can still buy one beds and studios.

The listed price for a studio in Icon Tower is Dh920,000 and Lake City Tower is Dh980,000.

We found listings for one-bed units in Al Waleed Tower and Icon Tower for Dh970,000 and Dh990,000, respectively.

Two bedroom units in O2 Residence, which were listed at Dh750,000 in March 2013, are now listed for Dh1.4 million, two-beds in Dubai Gate 1 are listed for Dh1.07 to Dh1.2 million (Dh795,000) while two-beds at Gold Crest Views 2 have an asking price of Dh1.4 to Dh1.7 million compared with Dh995,000 in March 2013.

Remember: You have to pay 4 per cent of the price as property registration fee to the Dubai Land Department, service fees of 0.25% of the new mortgage value (plus Dh10 as knowledge surcharge) and 2 per cent as agent’s commission.