By Shane McGinley
From Palm Jumeirah to flats in downtown Dubai, we list some of the cheapest real estate on offer
Dubai’s real estate market may be showing signs of price stability, according to some property analysts, but a review of the listings shows homes can still be snapped up for as little as $40,000.
We’ve broken down our list to show what is available in the various districts of Dubai, from high-end luxury to International City, and further afield in Ajman and Sharjah.
From a sales perspective, owners in luxury developments are still aiming high. Those looking to snap up an apartment in Palm Jumeirah’s Shoreline can still expect to pay more than AED825,000 ($220,000) – despite the highly-publicised row between homeowners and Nakheel over the developer’s plan to privatise the beach clubs.
For homeowners in midmarket developments, prices are looking less robust. In International City, studios are on offer for less than AED150,000.
*Data sourced from property portal www.propertyfinder.ae
This is the real state of the market AB, property is only worth what I buyer is prepared to pay for it. As time marches on and as the market does not really improve but flatlines, existing owners get more inclined to just get rid of their properties having saved what would have been a lot of rent or received a lot of rent.
The geopolitical scenario in the region whilst not bound by aggressive actions is hampered by ever more frequent aggressive threats, which for sure taints the perception of foreign investors and existing residents.
It certainly casts a shadow over the property markets, which need expatriate customers whether working or investing and that's the end of it. When senior figures take the trouble to say don't worry no need to be nervous, unfortunately the human instinct is to do exactly the opposite, as in "there is no smoke without fire!"
As more people reach the "I've had enough stage" ready to offload properties, prices will get lower still and set a new benchmarks.
WIth the battle between Nahkeel and its residents on the Palm Jumeirah shoreline apartments getting worse and worse by the day, I cannot imagine how anyone could possibly trust Nakheel enough to put their future at risk by buying a Nakheel property.
The lastest step in the Shoreline Apartments problems if that Nakheel is treatening tenants (who have paid all their rent in full in advance) with being prevented from accessing their apartments, and effectively stranding them and their families without personal possessions etc. This is so outrageous it is almost unbeliveable, but we are living in the middle of this and can tell you Nakheel will stop at nothing to get their way. I have already had Nakheel call the police on me, for failing to leave the facilities when told to do do.
I have two studios in Discovery gardens with Nakheel and they asked me to pay 14000Dhs service and community charges per property....lol.. how funny is that...
They can keep it .. i don't want it... The property is rented for 30K and I'm gonna pay 14k service charges... What r those ppl thinking really...
I agree with Nakheel that owners should pay for services used and any services not supplied then a rebate should be given.
Owners should pay regardless as they are using the facilities and it is not fair that some owners pay and others don't.
Any time I mentioned that the way Nakheel is treating it's investor any "future Sale" will even in best economy for Nakheel is impossible, and even worst, it being a Dubai owned developer any sale from any developer owned by the government will be out of question, then my comment would not be printed, as it most likely will happen to this comment. Nut ignorance is not a solution, this is just as someone putting his head in sand and assume all is gonna be fine!
@ali, yes that seems to be a red line. Funny, damage is already done but attitude here seems to be to hide the head in the sand.
I am one of many owners that has paid service charges in a Nakheel property for the past two years - but the buildings are in a terrible state of repair because this money was not used to maintain the buildings. The reason many owners are withholding their money is because Nakheel is failing to maintain the buildings - we are paying for nothing. Nakheel is not keeping up its side of the contract- but because of the nature of the real estate market here, we are powerless. If we withhold the money, we are barred from our buildings. If we complain to RERA or Nakheel - if you can even get through - nothing happens. And before you tell me to start an OA - we've tried for years; Nakheel won't process the paperwork.
Well Said Karim, LOL, they are forcing good honest people to leave this country and go back to our own home countries, where they cannot touch us. Talking about the world crisis, just imagine what will happen to the Financial sustem if 100,000 property investors left this country due to people pressurizing us to pay unjust service fees. Tamweel says you have to pay some installment which is in your contract becaasue "WE DELAYED HANDOVER TO YOU" !!!!
I sincerely wish someone from the Government should look into these issues and help investors like us who are stuck to solve issues and not force us to leave the country.
Soon you won't be able to GIVE away an apartment on the Palm. The negative publicity has done too much damage. What kind of madman would buy there now?
Well said both of you.
I had bought an off plan property from Nakheel in Jumeirah Park back in 2007 that was never finished. Nakheel won't return the money to me even though I believe they are in clear breach of contract. Can't go through the arbitration due to lack of funds and uncertainty of ever seeing any money anyway. I have left the country last year and stopped making any more payments to nakheel and the banks. Not worth throwing any more money away. They can keep the half fininished 'property'