Unquestionably, Dubai Marina stands out as one of the most iconic and sought-after districts in the extravagant city of Dubai. It's also famously known for the skyline of luxurious high-rise structures with outstanding views. This area has emerged as a key attraction for investors, expatriates, and owners looking for long-term value. If your mind is seriously considering investing in property, your search probably ends with exploring options in Dubai Marina. This article explores the various types of property available for purchase in this stunning waterfront community.
Built along a two-kilometer strip of the Gulf coast, Dubai Marina is an artificial waterway city. The unique location, the beautiful views, and a luxury lifestyle are the key factors that define interest in this area of the world. Here are a few compelling reasons to consider:
1. Stunning views and atmosphere:
Living in Dubai Marina primarily offers a panoramic view of the waterfront or stunning skyline. The area focuses on a marina full of exquisite boats and many recreational facilities and amenities.
2. Vibrant Lifestyle:
This neighborhood has achieved what many have strived for: an ambiance that comes with new generation restaurants, cafés, shops, and nightclubs.The view of enjoying food from a restaurant and taking a walk on the promenade is always captivating..
3. Accessibility:
The transportation networks to most parts of the city are easily accessible in the Dubai Marina area. The Dubai Metro and tram have simplified commuting. However, he added that residents can go directly to places like the Dubai Mall, Expo 2020 site, and Al Ain.
4. Excellent Facilities:
Entities within Dubai Marina offer luxury amenities such as a swimming pool, a fitness center, and a concierge service. There is also enough entertainment infrastructure near the residential area, such as cinemas and amusement or adventure parks.
5. High Investment Yield:
Well, the real estate market, as usual, has bounced back in Dubai. Therefore, investing in a property in Dubai Marina can be a wise decision due to the stable demand and the potential for property appreciation in the near future.
Living in Dubai Marina offers a variety of options tailored to individual lifestyles and budgets. Below is a description and a list of the most popular property types for sale:
1. Luxury Apartments:
The structures are tall—what can well be described as high-rise towers for luxurious one, two, three or four-bedroom apartments. Many of these apartments are newly constructed, boasting spacious balconies and comfortable sizes, with the majority offering views of the marina or the sea.
Example: SLS Dubai Hotel & Residences has some of the apartments that have been spatially integrated with interiour for comfort and luxury.
2. Villas and Townhouses:
Families requiring more space and privacy will also find villas and townhouses in Dubai Marina. The special property may require additional facilities such as a private garden and a swimming pool.
Example: The Elysian Mansions are the luxury villas in this area and provide the perfect marriage of design and detailing.
3. Penthouse Properties:
For the choosiest buyers who parade themselves as luxury seekers, Dubai Marina penthouses offer a large floor area, a bird’s-eye view, and every possible luxury. Typically, these penthouses feature custom interiors, catering to the luxury segment of the population.
Example: The Marina Gate premium residences, including the penthouse, have beautiful lush spaces with excellent views plus pools and private open sitting areas.
4. Service Apartments:
People have the opportunity to choose service apartments as a convenient and flexible option. Similar to hotel services, where apartments are furnished fully for stays inclusive of house rents, service apartments are available for short and long-term stays in different buildings within the city.
Example: The Address Dubai Marina offers serviced apartments to its residents with the aim of delivering luxury and comfort.
Many new projects are currently under development in Dubai Marina, making the area a desirable place to live. These relate to real estate development projects that mix magnificent accommodation features with outstanding amenities.
1. Marina Vista:
Marina Vista is a relatively new residential development that forms part of the Dubai Marina community and boasts exquisite views. This development offers access to ultra-luxury features and aims to reflect the latest style of luxurious properties.
2. Bluewaters Island:
This multiple-purpose complex is located near the Dubai Marina coast; the complex incorporates apartments, shops, and hotels. It also serves the prestigious Ain Dubai, the world’s largest observation wheel, which further enhances the dignity of the area.
3. Dubai Marina Mall Extension:
Expansion in the existing Dubai Marina Mall will add more retail and dining options while adding to entertainment choices, all intended to add value to the lifestyles of the residents.
Price trends and market insights
The Dubai Marina property market has been highly resistant in the face of global economic challenges, and this continues to grow. In the last quarter of 2023, property prices changed at the end of the year according to location, type, and size.
Apartments: The average price for one-bedroom apartments ranges between AED 1.4 million and AED 2.5 million; two-bedroom apartments range between AED 2.5 million and AED 4 million.
VILLAS: The minimum price here starts at AED 3 million and can go up to AED 10 million and above, depending on the dimensions and possessions of the optional luxuries.
If the location proves to be difficult to reach, this unit has the potential to fetch a price of AED 10 million, potentially even higher in the exclusive segment.
On the other hand, Dubai Marina boasts of very encouraging rental returns, averaging about 7-8% p.a. depending on the type of property and the current pricing levels in the city. This almost assured demand from key market features confirms that Dubai Marina is a market on the rise.
Foreign investors can buy real estate in Dubai Marina because they receive freehold grants for the property. Below are a few concerns:
1. Dubai Land Department (DLD)
The DLD must verify and document any property purchase, which in turn requires the payment of a 4% charge based on the purchase value.
2. Finances: It's crucial for foreign nationals exploring the property market to inquire about potential mortgage rates across the city. It is also a good practice to research different offers for the purpose of arriving at the one that is most acceptable to the buyer.
3. Estate agency activities are often overlooked, yet they hold significant importance. Buying or selling a property in Dubai without the guidance of a professional expert can be a risky endeavor. It is believed that these individuals possess a deep understanding of the duties of a real estate agent in Dubai.
What sets Dubai Marina apart is the lifestyle it offers. To that effect, here are some highlights of life at the marina:
Beach: The Marina Beach, a gentle sandy retreat with a variety of water sports to enjoy, is a favorite among all its residents.
Dining and Entertainment: There are several restaurants offering different cuisines, providing a wide variety for food lovers to enjoy. At the same time, Marina Walk is an ideal walking spot with breathtaking waterfront views.
Parks and Recreation: The community boasts numerous parks, providing green, open spaces for relaxation. Many residents in the area also take advantage of the nearby Jumeirah Beach for some outdoor activities.
Culture and Art: The location consistently hosts a variety of cultural events, enhancing the local community's life through various art exhibitions.
Buying property in Dubai Marina is a once-in-a-lifetime lifestyle and investment opportunity. Dubai Marina offers a unique living experience with its lively atmosphere, stunning views, and ongoing development. From first-time buyers to experienced investors, this diversity caters to various needs and preferences within Dubai Marina properties.
Before making a decision, we strongly advise you to conduct thorough research, seek professional legal advice, and understand your financing options. With the right approach, Dubai Marina can offer you a fantastic home and a lucrative investment.
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TRPE Real Estate is a company registered in Dubai, United Arab Emirates (License No. 999314) located at Office No 1001, Ascott Park Place, Sheikh Zayed Road, Dubai. We are regulated by the Real Estate Regulatory Agency (RERA) under office number 28357.
