Dubai: Want to cash in some more from Dubai’s continuing property boom? Then, have a look at the increasing number of offers on ready or near-ready apartments for sale at some of Dubai’s happening residential locations.
And here’s another incentive – these apartments are being offered fully furnished. The idea being that the developer or seller is reducing the time for the buyer to take delivery of the unit and then kitting it out. In effect, by buying an apartment fully furnished, the buyer can start renting it out with immediate effect. (Or move in for their own use, if that’s the purpose.)
Sure, these ready or ready to move in units with all the trappings come at a premium, but right now, investors want to limit any time taken to get returns on their spending. “We have seen units that are to be handed over in 3 months being bought – the best part is that the buyer already has a tenant for it,” said an estate agent. “The market is seeing a clear rise in offers for ready/soon to be ready apartments – not just from developers but from existing owners who want to cash in.”
- One, increased demand for Grade A and super-premium offices, some of which could be completed in the next 12-18 months.
- Two, for furnished homes in and around some of the newer premium office towers.
- Essentially, one set of demand is laying the ground for another.
“In areas such as Downtown Dubai & Business Bay, high quality furnished one-bedroom units can typically rent for Dh100,000 to Dh150,000, while two-bedroom units can command Dh170,000 to Dh240,000 annually,” said Aakarshan Kahthuria, Managing Director at RiseUp consultancy.
“In these areas, the rental premium is driven by expats – typically white-collar professionals – putting immediate occupancy as their first criteria and focusing more towards hassle-free living.”
At Palm Jumeirah, furnished one-bed units can command Dh140,000 to Dh180,000, while two-beds are Dh250,000 to Dh320,000 per annum, particularly ‘when matched to a super-prime address’.
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