Dubai landlord puts 300 JBR apartments up for sale

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A Dubai landlord has put 300 apartments in Jumeirah Beach Residences (JBR) up for sale, the selling agent behind the deal has confirmed.

Dubai real estate agency Cluttons has been instructed by the unnamed landlord to sell all 300 units in the Shams 1 tower in JBR, where average prices start from AED1.2m ($326,726) and up to AED3.2m for a four-bed loft apartment.

During the first six months of this year alone, average residential values in Dubai rose 30.6 percent, Cluttons said. Average prices in Dubai Marina at the end of the second quarter of this year stood at 34.2 percent higher than the same period in 2012.

“The Jumeirah Beach Residence community within Dubai Marina remains the top target for most buyers in the area, due to its beachfront location and extensive Jumeirah Beach Walk retail colonnade. Despite its relative maturity, having launched in 2002, we have recorded a consistently high level of buyer demand for JBR properties,” said Lucy Bush, head of residential sales and leasing at Cluttons.

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Posted by: Mohammad AlJaber

300 apartments....Wonder who the guy is

Posted by: Jonny6Pac

I think landlords heard that the Land Department will be increasing the transfer fee from 2% to 4% soon which will cause a slowdown in property purchase.

So landlords are cashing in before the policy change and/or before a rental cap comes into place.

Posted by: anonomouse

You may disagree but IMO its perhaps better to get out with good profit instead of trying to predict the market. Things change in the blink of an eye.
Maximizing profit and being greedy may not be a game for everybody to play with.
But I would like to think the one with the 300 apartments knows something better than you & I.

Posted by: Peter

Somebody needs some big bucks to pay off debts or margin calls from the Bank!

Posted by: Telcoguy

@IQ it may shock you but there is more to banking than retail. There are some people out there highly leveraged on RE in Dubai, and they are in for quite more than 5M dirhams or even 5M USD
Further the property could be collateral on a different transaction, not unlikely given that most local business are conglomerates

Maybe you should look carefully in the mirror before mocking other people's intelligence? And maybe extrapolating IQ from a website nickname is a little bit "unscientific"?

Peter may or may not be right, but his theory is at the very least plausible, if not likely

Posted by: IQ

@Peter You have to got to be more intelligent then that ... seriously ?! there is no bank that will lend a guy to finanace 300 apartments and that words are from a banker. lets say each apartment bought At intial was AED 500,000X300=150Million and the maximum cap for home finance here 5 M/ Judging from Your name You should be wiser !GOD

Posted by: Paul


Dubai is a company that starves for money!

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