What can you buy for million dirhams in Dubai?

Just one year back, there were many options that an investor could look at with a million dirhams in his bank account. From a two-bed villa in The Springs to a decent-sized two-bedroom apartment on the Marina, there were good picks available.

But one year on, choices have narrowed down and potential property buyers will have to shell out more for the same kind of property.

A survey of the prime locations in Dubai shows that with a million dirham you can get a small place. It will suffice if you are single, couple or couple with a child. If you are a bigger family, say with two kids and a maid, the options in good locales is strictly limited.

Let’s take a look at villas – a preferred option of families. Classifieds show that today there is really nothing much available in the market with this price tag. The well-established areas offer nothing in this range. A few listings show that a two-bed villa of 2101.00 sqft can be bought for Dh1million keeping the price per square feet at a reasonable Dh475 in places like Jumeirah Village Circle. But these areas are still struggling with infrastructure issues. 

Residents have complained that it does not offer the lifestyle that a place like Emirates Living has to give. But sorry, there is nothing available in The Springs at this price point. However, if you’d thought of buying a 4Munit in The Springs last year, there were many listings for Dh1m (size: 1690sqft), making it a good deal at Dh591 per sqft. This was almost half of what a same-sized villa was available for in 2008. The going rate then was Dh1065 per s ft. But one year on, the same kind of villa is going for 1.3 million and if it’s the end unit with better location like the lake of the park, the asking price goes up. Simple maths – a 30 per cent jump in one year.

Now, let’s see what options are available in the apartment segment. There are still very good options in prime locales but strictly limited to smaller units like a one-bedroom or a smaller two-bedroom. Staring with Sheikh Zayed Road, this budget can buy you a place in the Marina, JLT, DIFC, Business Bay and Downtown. With this kind of money available, you can get a one-bedroom apartment in Marina ranging from 1000 sqft to a smaller sized 1200 sqft two-bed room but the price per square feet has gone up if we compare it with last year. Last year the asking price per square feet in this area was about Dh500 plus sqft. Now, this has gone up by at least Dh150 sqft. The same is for a two-bedroom place. The asking price varies to a great extent - size, the upkeep of the building and the view determine at what price the apartment can be sold for.

Close to Marina, JLT has also seen price appreciation over the course of one year and the asking price differs with each tower. A decent sized one-bedroom (936.00 SqFt) in Bonnington Tower is being advertised for Dh1million, making it an expensive pick at Dh1068.38 sqft. There are also cheaper options available in the area. Two-bedroom units are available in towers like Saba Towers and Lake Towers but the asking price is limited between 700 plus to800 plus.

Last year, these were the rates in JLT - Studio: Dh776 sqft, one-bedroomDh725sqft and two-bedroom Dh628 sqft. Two bedroom apartment last year around the same time were available for Dh800,000 and distress sellers were also willing to offload their units at Dh500 per sqft. But in today’s market these rates are not on offer.

Jumeriah Beach Residence has also shown an increase. Just like last year, one-bedroom units are available but the asking price has gone up considerably. A one-bedroom unit (size: 900 sqft) was going for Dh720,000 last year at Dh800 sqft. Today, a similar unit is posted for Dh1 million, being valued at Dh1088 sqft.

Another popular area for families within the apartment section is The Greens. In the given price range there are still two-bedroom options to choose from but are limited to older buildings like Al Nakheel, Al Arta Al Dharfa. A two-bedroom unit, preferred by small families, is not available in newer buildings like Travo. A 2-bedroom sized 1100 plus is available for Dh1 million but the landlords can ask for less or more depending on the view and the upkeep of the place. Last year a similar unit was easily available for Dh800,000.

Choices have also narrowed down in Business Bay and Downtown area but you can still own a one-bedroom apartment here. For example, a 975.00 sqft unit in Southridge at Downtown is being sold for Dh 1 million, at Dh1025.64 sqft. In the Business Bay (Executive Tower B) a good size (1200 plus square feet) one-bedroom is up Dh1 million. One-bedroom in DIFC is also available for Dh1 million.

Away from Sheikh Zayed road, options are also available in Uptown Mirdiff and Motor City for two-bedroom apartments. Dubailand also has places to offer at this price point. One-bedroom units are also available for Dh1million in The Palm Jumeirah (in Golden Mile and Shoreline Al Sarood but listings are fewer).

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