What a million dirhams will buy you in Dubai

If you had a million dirhams a couple of years ago, and were in the market for a decent family pad in Dubai, chances are you settled for a 1-bed shack in a somewhat remote location, with a fair commute to your workplace.

Fast forward to 2010, when cash is king, and you have plenty of choice within the same budget. The global property price-correction contagion has spread to Dubai, once the world’s fastest rising property market, and has managed to impact the valuations of properties in even the most established parts of the emirate.

A million dirhams in spare cash today can make you the proud owner of a villa in the Springs, or a two-bed luxury apartment in the Marina or the Greens, or a one-bedroom space in Downtown Dubai, or, if you’re so inclined, six studios in International City with cash to spare.

While it’ll probably take a very brave or a rather irrational realtor to call it the bottom of the market even today, any investor with a long-term horizon can find rich pickings in the market today. Emirates 24|7 scanned the listings for delivered properties and produced below is an indicative list of what a million dirhams will buy you in various locations across Dubai.

Also, remember that these are the miniumum asking prices in various locations. Rates may vary according to the vicinity of a particular property to different landmarks, including parks, hospitals, Metro stations et al. Moreover, since these are asking prices, investors with ready cash, an eye for spotting seller distress or superior negotiating prowess may be able to strike an ever better rate. Happy hunting!

Let’s first have a look at what’s available on or around the Sheikh Zayed Road.

If you want a prestigious address, spend about half a million dirhams and a studio in Downtown Dubai can be yours. A good-sized studio apartment (543 sqft) is available for Dh549,000 at the rate of Dh1011 per sqft.

In the Business Bay area, you can get a one-bedroom unit of about 800 sqft for just under Dh650,000. The rates vary with the size of the unit and the view of the Burj.

There is also choice for families looking to upgrade from apartments to villas. In The Springs, you can get a two-bedroom villa (middle unit) for Dh1m (size: 1690 sqft), making it a good deal at Dh591 per sqft. This is almost half of what a same-sized villa was available for in 2008. The going rate then was Dh1065 per sqft.

Next to Springs is Jumeriah Lake Towers, the brand new development with creatively-shaped buildings. Here, your shopping list could include three studio apartments, or a combo deal of a one-bedroom plus a studio apartment; or a two-bedroom apartment in a million Ds and you’d still have cash left to furnish your house quite well. The available rates in the area are:

Studio: Dh305,000; Size: 393 sqft; Price per sqft: Dh776

One-bedroom: Dh535,000; Size: 737 sqft; Price per sqft: Dh725

Two-bedroom: Dh800,000; Size: 1273 sqft; Price per sqft: Dh628

Additionally, distress sellers are also willing to offload their units at Dh630,000 (size: 1259 sqft) at Dh500 per sqft.

Across the road is Dubai Marina, once touted as an area exclusively for the elite with their private yachts docked at the marina, it has now become affordable to the average Ali. The going rates in the area are:

Studio: Dh380,000; Size: 374 sqft; Price per sqft: Dh1016

One-bedroom: Dh508,000; Size: 977 sqft; Price per sqft: Dh519

Two-bedroom: Dh799,000; Size: 1000 sqft; Price per sqft: Dh799

Opposite the Marina lies Jumeriah Beach Residence, another area that has witnessed steep declines in its value but still faring better than Marina in the same area for its sea-front attribute. The going rates in JBR are:

Studio: Dh700,000; Size: 565 sqft; Price per sqft: Dh1238

One-bedroom: Dh720,000; Size: 900 sqft; Price per sqft: Dh800

Coming back to the other side of Sheikh Zayed Road, The Greens, a decent place by Emaar with plenty of green spaces and play areas, preferred by families, has become affordable again. The going rates in the area are:

Studio: Dh379,000; Size: 424 sqft; Price per sqft: Dh893

One-bedroom: Dh600,000; Size: 741 sqft; Price per sqft: Dh809

Two-bedroom: Dh800,000; Size: 1060 sqft; Price sqft: Dh755

Getting a little farther away from Sheikh Zayed Road, the main artery of Dubai, things get even more interesting.

Units in the Green Community, sometimes considered too pricey despite being away from the city centre, have also come under the million-dirham range. The rates in the community are:

Studio: Dh399,000; Size: 540 sqft; Price per sqft: Dh739

Two-bedroom: Dh999,999; Size: 1561 sqft; Price per sqft: Dh641

Moving a little away from Sheikh Zayed Road and towards Emirates Road/Al Khail Road, Jumeriah Village offers a one-bedroom villa for Dh850,000 of size: 1636 sqft with a price of per sqft: Dh520.

While on Emirates Road, have a look at Motor City, also a little off the way, but has plenty to offer under the million-dirham threshold. The rates are:

Studio: Dh380,000; Size: 710 sqft; Price per sqft: Dh535

One-bedroom: Dh550,000; Size: 1052 sqft; Price per sqft: Dh522

Two-bedroom: Dh900,000; Size: 1413 sqft; Price per sqft: Dh636

Finally, International City, touted the cheapest place available in the city, still holds the title and you can buy a lot there if you plan going shopping in the area. Six studios in a million dirhams might sound too far-fetched but it isn’t. Here are the going rates:

Studio: Dh165,000 Size: 479 sqft; Price per sqft: Dh344

One-bedroom: Dh265,000, Size: 732 Sqft; Price per sqft: Dh362

Two-bedroom: Dh600,000, Size: 1350 sqft; Price per sqft: Dh444

And if you’re still wondering if these are good valuations, below are average prices of these properties a couple of years ago.

Tentative rates in 2008

- Palm Jumeirah, Garden Home Villa - Dh1700 per sqft

- International City, Studio - Dh1086 per sqft

- Jumeirah Lake Towers - Dh1150 per sqft

- Al Furjan Townhouses - Dh1029 per sqft

- Burj Dubai Lake Hotel/The Address - Dh2550 per sqft

- Business Bay, Executive Towers - Dh1250 per sqft

- Dubai Marina - Dh1325 per sqft

- Jumeirah Beach Residence - Dh1750 per sqft

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