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Parking bay in a Dubai master community selling for Dh75,000

By Parag Deulgaonkar

Damac Properties, a Dubai-based private developer, is selling parking bays to residents of Lake View in Jumeirah Lakes Towers (JLT) for Dh60,000 to Dh75,000 per bay.

The notice offering a parking bay for Dh75,000 (Pic: Parag Deulgaonkar)

A notice put up at the reception desk of the tower and in the elevators states: “Damac is offering parking bays in DMCC parking lot for Dh60,000 per bay, while a limited number of parking bays are also available in the basement of the tower for Dh75,000 per bay.”

The notice, which refers to “improper use of drop off zones”, says: “With the recommencement of the construction of Wind Towers in our cluster and the subsequent rearrangement of the parking by Concordia, we have noticed many of our residents are not following parking discipline and parking illegally in the drop off zone which are not meant for this purpose.

“This causes inconvenience to your fellow residents who have a genuine need to use the drop-off zone.

“We understand that some residents may be parking here because of lack of availability of free parking bays.

“We would like to remind you that all parking bays in JLT will eventually become paid parking bay for short-term parking use only so it is essential that all owners have a parking bay in the DMCC parking lot or the tower’s basement to park their cars for long term.”

When contacted by this website, a Damac spokesman said: “We have parking spaces available in all of our projects and they are available to customers who would like to take up the option.”

In October 2013, we reported that a property owner had paid Dh53,000 to buy a parking space in a tower in JLT.

RB, who requested anonymity, said he had paid Dh53,000 to buy a parking space in August to get a no-objection certificate for the title deed from the developer.

Developers fix their own prices as they own these bays. A comparison to August prices shows a 13 per cent increase in price of an open parking space in JLT.

Residents of Lake View, however, feel parking bays are steeply priced.

“The price is too high. We don’t mind the developer making some profit, but the price should be decent for owners to afford. Paying Dh75,000 for basement parking is way too expensive,” says Zameel, a resident of the tower.

Last year, Dubai Multi Commodities Centre Executive Chairman Ahmed bin Sulayem told this website they were planning to build more free car parks and the one planned near Lake A was likely to accommodate a minimum 400 vehicles.

“We are planning to build new car parks. The one that we will are building near Lake A will have space for a minimum of 400 vehicles going as high as 800,” he said.

DMCC already has 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.