It’s a scarce commodity in Dubai’s Jumeirah Lakes Towers (JLT) master development.
No, we aren’t referring to any rare earth elements here, it’s about parking space in the master development where currently 80,000 odd people live and work.
The lack of availability is, in fact, driving prices higher and higher with the situation worsening particularly in clusters that house two commercial towers.
Last year, Emirates 24|7 reported parking bays were selling for Dh53,000. On Tuesday, we revealed Damac Properties, a private developer, was offering parking bays in Lake View tower for Dh60,000 to Dh75,000 per bay.
Read: Parking bay in a Dubai master community selling for Dh75,000
But in the two towers owned by Indigo Properties, the developer is selling and leasing parking spaces for Dh100,000 and Dh6,500 per annum, respectively.
Notices posted in Indigo Tower and Indigo Icon state that parking bays are on sale in the towers with prices starting from Dh100,000 per bay.
The notice states: “Get your own private and personal spot today!”
Ajit Lamba, General Manager, Indigo Properties, told this website that they flexible on the prices and had actually reduced the annual rent to Dh6,500 pa from Dh10,000 pa (stated in the notice).
“We paid in full for these parking spaces nearly seven to eight years ago… its only fair for a developer to charge a reasonable amount to recover his cost and little profit,” he said.
He added: “The sale prices were nothing draconian and were within the market norm.”
There are no rules or regulations to limit the prices of parking bays and so developers are free to set their own prices. However, they are not allowed to sell it to anyone else apart from an owner, or lease it to an owner/tenant.
Dubai Multi Commodities Centre (DMCC), the master developer of JLT, told this website last year that it was planning to build more free car parks.
The Centre has already introduced a parking permit scheme that gives permit holders access to DMCC retained parking spaces in the garages. Owners, tenants and businesses can buy a 12-month, six- month and three-month permit for Dh4,500, Dh2,500 and Dh1,500, respectively.
Visitors in JLT can park free for three hours in the designated areas of each cluster, but face fines of Dh200 if they exceed time.