A Modern Home on the Coast in Dubai
$three.5 MILLION (12.9 MILLION U.A.E. DIRHAM)
This three-bedroom townhouse is in Montgomerie Maisonettes, considered one of 4 luxurious housing communities in Emirates Hills, a gated neighborhood close to the coast on the Persian Gulf in Dubai, United Arab Emirates.
Reached by means of a palm-tree-lined drive, Emirates Hills is a “Beverly Hills-style” neighborhood of palatial villas surrounding the 22-room Address Montgomerie resort and golf resort, mentioned Sally Ann Ghai, the affiliate director of Luxhabitat, which has the itemizing.
Built in 2005, this three,150-square-foot house has a roof deck, a pool and a driveway with room for 2 automobiles. It is on a zero.12-acre lot simply contained in the neighborhood gate.
High-gloss mahogany flooring run from the first-floor entryway by the mix living-and-dining room, which has 10-foot ceilings. Wall-to-wall bookshelves line one aspect of the house; two floor-to-ceiling image home windows and two units of sliding-glass doorways overlook the swimming pool and terrace.
The kitchen, reached by a pocket door off the lobby, has an built-in fridge and dishwasher which might be indistinguishable from the shiny white cupboards. The ground is white ceramic tile. Appliances embrace a wine cooler, an electrical oven and a cooktop, in addition to a mix washer-dryer.
An open staircase, illuminated by a big window, rises to a spacious touchdown with a mirrored show case. Upstairs are three bedrooms with white carpeting. Sliding doorways from the main bedroom and one of many different two bedrooms open to a shared balcony overlooking the yard and golf course.
The marble grasp rest room has twin ceramic farmhouse sinks, a bathtub, a separate bathe and a bidet. The different two bedrooms share a ceramic-tiled rest room with a bathtub and single vainness.
The glass-and-chrome ground of a small research on the roof stage is seen from the stairwell, mentioned Boglarka Kertesz, a good friend of the proprietor who lives in the home. Views from the out of doors eating and lounging areas on the rooftop terrace are amplified by a wall mirror reflecting the Dubai skyline.
The pool follows the contour of the home and gardens, with a cooling and heating system to maintain the water comfy in sizzling or chilly climate. The terrace has pockets of sunny and shady enjoyable areas, and a barbecue nook.
The townhouse is a few 20-minute drive from downtown Dubai, the most important and most populous metropolis in United Arab Emirates. Residents get a 15 % low cost on meals and drinks on the Montgomerie resort’s eating places and might use its driving vary, golf course and spa amenities. A handful of close by colleges provide worldwide baccalaureate or British curriculum. Dubai International Airport is 25 minutes away.
Dubai is named the costliest metropolis in the Middle East, though its fast growth slowed significantly in the course of the world recession of 2008.
During the previous few years, its resale and off-plan, or under-construction, markets have skilled “a little bit of stagnation in terms of rate of transactions,” Ms. Ghai mentioned.
There was “a lot of pent-up demand” as patrons waited for costs to drop, she added, however the final six months have seen “more movement” and “a lot more serious inquiries.”
“The market is stabilizing and maturing,” Ms. Ghai mentioned. “You can cash out nicely in six years, but you can’t double your money in six months.”
Because Dubai is taken into account a “gateway city” to the Middle East, “there is a lot of interest in the second-home market,” mentioned Timothy M. Kelly, the manager vp and managing director of the Atlantis, the Palm and the Royal Atlantis Resort & Residences. Dubai, he mentioned, has “the largest proportion of cranes in the world today, as it continues to grow and be developed.”
Both new improvement and provide are plentiful, mentioned Anjana Mahna, a senior world property advisor for Gulf Sotheby’s International Realty. “The prices are really low,” she mentioned. “This correction was required to make the market affordable.”
According to the Dubai House Price Index compiled by Property Monitor, using data from Cavendish Maxwell, a residential property consultancy, housing prices declined 14.5 percent in May 2019, compared with a year earlier. The average villa or townhouse sale price decreased to 4.4 million AED (or $1.2 million), while the average apartment sale price remained stable at 1.7 million AED ($463,000). Both were about 20 percent below the market peak in 2015.
“Consumer needs are also influencing demand and fueling growth in particular communities,” said Matthew Bate, the chief executive of Engel & Völkers Dubai. His office has seen higher demand this year in communities like Palm Jumeirah, Dubai Marina and Jumeirah Islands, he said, “that clearly provide a high level of lifestyle value and, of course, value for money.”
In May, Mr. Bate said, Engel & Völkers saw 15 percent year-over-year growth in off-plan market transactions and is forecasting “steady growth” for the next two quarters, while “the resale market continued to average around 1,100 transactions per month,” with a 23 percent year-over-year growth in February.
On Palm Jumeirah, a man-made archipelago in the shape of a palm tree, with 17 fronds jutting into the Persian Gulf, the first homes — large waterfront villas with private beach access — were completed in 2007. Construction continues on the crescent, with 231 residences at the 43-story Royal Atlantis expected to be completed next year. Prices range from $1.9 million for a 1,721-square-foot, two-bedroom apartment to $12 million for a 4,500-square-foot duplex with a large private garden.
Nearby, eight buildings with 104 units — ranging from 5,000 to 15,000 square feet each, and priced from 14 million to 85 million AED ($3.8 million to $23.1 million) — are expected to be ready late this year at the new W Residences Dubai, said Hala Ramzy, the development’s marketing director.
Emaar Properties, one of Dubai’s largest developers of master-planned communities, is building Dubai Creek Harbour, a 2.3-square-mile waterfront residential and retail metropolis, with housing for 200,000. Emaar is also developing Dubai Hills Estate, a golf-course community in the heart of the city, and recently began work on a maritime community, Mina Rashid, with a superyacht marina and mid-rise waterfront residences.
Who Buys in Dubai
“The majority of people that live here” — or about 92 percent of the population — “are expats,” said Maria Morris, a partner and head of the residential team at Knight Frank Middle East. “It’s a very welcoming community, a melting pot of different communities,” she added, that includes buyers from Australia and a growing number of Americans.
Agents said that most foreign buyers are from India, Britain, Saudi Arabia, Jordan, Pakistan, China, Egypt, Canada and Russia.
The Emirates Hills website notes that its residents predominantly hail “from the Indian subcontinent as well as Iran and Western Europe.”
Foreigners have been permitted to buy freehold property in Dubai since 2002, but only in designated free zones, Mr. Bate said. The 23 free zones include sought-after communities like Palm Jumeirah, Emirates Hills, downtown Dubai, Dubai Marina, Emirates Living and Mohammed bin Rashid City.
“There are still enclaves that are restricted,” Ms. Ghai said, but “most of the luxury areas are freehold.”
Mortgages are available to nonresident buyers, Mr. Bate said. A property lawyer or conveyancer is recommended but not required to handle real estate transactions, Ms. Mahna said. Titles are checked and sales registered with the Dubai Land Department.
Languages and Currency
Arabic; United Arab Emirates dirham (1 dirham = $0.27)
Taxes and Fees
The annual maintenance fee paid on this house to the developer is 11,000 AED ($2,995). The monthly government housing fee, which includes electricity and water, is 1,200 AED ($327).
The transfer fee is 4 percent of the sale price. The buyer pays a 2 percent commission to the buyer’s agent, and the seller pays a 2 percent commission to the buyer’s agent. On new construction, the developer pays the commission.
Sally Ann Ghai, Luxhabitat, 011-971-56-343-11-75; luxhabitat.ae
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