Magnificent | Best Price Three Bed in JVC

AED 2,200,000

  • 3 Bedrooms
  • 4 Bathrooms
  • 2060 SqFt
  • Semi furnished
  • Reference ID
  • Richtown-S280
  • No of parking spaces
  • 2

Amenities

  • BALCONY
  • BASEMENT PARKING
  • CENTRAL AIR CONDITIONING
  • FULLY FITTED KITCHEN
  • SAUNA
  • SHARED SWIMMING POOL
  • SEA/WATER VIEW
  • SECURITY
  • MAINTENANCE
  • WITHIN A COMPOUND
  • SPA
  • SHARED GYM
  • WALK-IN CLOSET
  • HEATING

Description

Three Bedroom apartment in BELGRAVIA project located at Jumeirah Village Circle (J.V.C) – SEE IT TO BELIEVE IT!!

The apartment is magnificent for exceptional living. This is a prime property located at the centre of the Urban District.

The Project BELGRAVIA 1 is currently being handed over, which is built by the famous R.P. Group / Real Estate Development, contracted by Sobha Developers

Property Details:

– Three Bedroom Apartment
– Pool View
– 4th Floor
– All En-suite Bathrooms
– Built-in Walk-in Closets
– Guest Toilet (Powder Room)
– Study Room with Shower
– Laundry Room
– Well-equipped Kitchen with Built-in Appliances and Cabinets
– Good Size Balcony Space
– Total Average Area: 2,060 Sq. Ft.
– Two Covered Car Parking Space

* Note this property is Vacant and Ready to Move
Selling Price – AED 2,200,000/-

The Project is located next to a Large Public Park, and minutes away from the entrance and Exit route of Jumeirah Village Circle.

For further assistance on the Property and to arrange viewings, please feel free to call on the below contact:

Alex:

055 596 3159

Location Map

Request a call back
  • RERA Permit Number: 17700
  • DED Licence Number: 636354
  • RERA Registration Number: 2457

+971 55 596 3159

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Property NewsMore News

Dubai realty gets Chinese boost

UAE real estate, particularly that of Dubai, is steadily gaining interest among savvy Chinese investors. This extends to the brick-and-mortar assets, contracting industry as well as construction finance.

The Chinese were the fourth most active real estate investors in Dubai in the first half of 2017, according to consultancy Knight Frank.

A recent Knight Frank report rated the UAE as having the third highest potential among 67 countries to make use of China’s ‘Belt and Road Initiative’. It identified the UAE as the ‘Hub of the Belt’.

Chinese contractors have a big presence among the top 5 contractors in the UAE. They also provide construction finance. The China State Construction and Engineering Corporation ranks as the second biggest contractor in the UAE with projects worth of almost $3 million. It has 16 ongoing projects.

Knight Frank estimates that of the total contract value of future projects in the UAE (both projects in the design and execution phase from 2018-20), Chinese firms account for 6 per cent of total value of contracts. In Dubai, this is slightly higher at 7 per cent and from 2019 to 2020, it is expected to increase from 7 to 9 per cent.

“There are an increasing number of Chinese buyers, however, it’s important to note that we’re not going from a low figure of Chinese investors to a high one. There has always been considerable Chinese investment in Dubai real estate, it’s just that at the moment, we’re seeing more coming in than in recent times. If you walk in to any of the major developers’ sales centres, you will see a large amount of Chinese buyers looking to make a purchase,” says Lewis Allsopp, CEO, Allsopp & Allsopp.

“In the past two decades, more than 8,200 real estate transactions have been completed by Chinese buyers and roughly one quarter of those transactions took place in the past two years alone, bringing in more than Dh3 billion,” explains Jason Hyes, founder and CEO, LuxuryProperty.com.

PH Real Estate estimates that it has seen a 10 to 15 per cent increase in the number of Chinese buyers approaching it.

“Chinese buyers accounted for about 3 per cent of all sales in Dubai in 2017. They are taking a lot of construction projects and bringing in a lot of financing. They are bringing in a lot of their own people as well for these projects. As those people tend to get familiar with Dubai, they will want to buy homes for themselves. That trend is bound to grow,” forecasts Craig Plumb, head of research, JLL Mena.

Identifying China as a sizeable target market, most Dubai developers have tie-ups with Chinese brokerages in mainland China and they spend a lot on marketing on roadshows and exhibitions in China.

“The larger developers in tune with the needs of their Chinese clients. Most developers now have either a Mandarin-speaking department or at least have a marketing strategy geared towards attracting new Chinese buyers,” reckons Myles Bush, CEO, PH Real Estate.

“Emaar, for example, has launched a Chinese website to market its properties and is offering special incentives to investors for Chinese New Year. The government has also launched its own initiatives to promote Dubai properties to the Chinese market. Last year, the Dubai Land Department entered into an agreement with the marketing company behind one of China’s leading property portals to promote Dubai property in China,” Hayes points out.

There are Chinese agents stationed in Dubai as well. “We work closely with a few Chinese agents, one of whom had 20 clients fly in from China last week and who between them bought 13 properties in one week,” says Allsopp.

With Dubai being one of the few global cities where investors can enjoy 8 to 10 per cent on their real estate returns, the Chinese are likely to continue to inwardly invest into the market.

“Chinese buyers are smart investors and they are very aware that it’s a buyers market. The majority of Chinese clients we deal with are looking for high-performing rental returns rather than trophy assets. An example of this over the past week was when my team brought in a commercial floor for sale in DIFC that is currently returning a 9.5 per cent yield; within one day of advertising, seven Chinese buyers called us for more information,” observes Bush.

“Chinese buyers are savvy and know what they want. In the majority of cases, they are investors and cash rich. They are looking in affordable projects, good deals, up-and-coming areas, top locations, etc. Generally, they are looking to tick the boxes of most investors, something that is popular, will provide a good return, should see good capital appreciation and offer a good exit strategy if needed,” concludes Allsopp.

12 Feb 2018

Secondary, off-plan property sales in Dubai continue at a good clip

Contrary to the notion that sales in Dubai have slowed down in January at a noteable rate, a breakdown and analysis of total number of transactions in the secondary and off-plan market shows otherwise.

Ready villas/townhouses
According to Property Monitor data, the number of transactions in the secondary market has remained consistent between October 2017 to January 2018. For villas/townhouses in the secondary market, the total number of transactions between October to December ranged from 167 to 182 transactions per month, whereas in January, 164 transactions were recorded.

For villas/townhouses in the secondary market, the top three areas generating sales volume in October 2017 were Emirates Living with 37 transactions, Arabian Ranches with 27 and Reem (Mira) with 17. Emirates Living witnessed an increase to 50 secondary market transfers while Arabian Ranches remained relatively constant with 25 transactions in January. Between November 2017 and January 2018, Emirates Living and Arabian Ranches remained the top two generating sales volume areas in the secondary market.

In January 2018, the average sales price according to the Property Monitor Index for a villa/townhouse in Emirates Living was Dh2,387,083 for a three-bedroom, Dh3,164,500 for a four-bedroom and Dh6,785,714 for a five-bedroom. While in Arabian Ranches, the average sales price for a villa/townhouse was Dh3,212,986 for a three-bedroom, Dh3,475,000 for a four-bedroom and Dh4,293,648 for a five-bedroom.

Between November 2017 and January 2018, Town Square overtook Reem (Mira) as the top area in sales volume due to its attractive middle-range price point. In January 2018, the average sales price for a villa/townhouse in Town Square was Dh1,612,083 for a three-bedroom and Dh1,913,750 for a four-bedroom.

Secondary market – apartments
Apartments in the secondary market were transacting at a much higher rate with the total number of transactions between October to December ranged from 782 to 851 transactions per month, whereas in January, 706 transactions were recorded.

For apartments, the top three areas generating sales volume in January 2018 were Dubai Marina with 134 transactions, Dubai Sports City with 103 and International City with 92. From October to January, Dubai Marina and International City remained among the top three areas with relatively consistent numbers of transactions.

In January 2018, the average sales price according to the Property Monitor Index for an apartment in Dubai Marina was Dh1,309,216 for a studio, Dh1,243,892 for a one-bedroom and Dh1,931,498 for a two-bedroom.

In Dubai Sports City, the average sales price for an apartment was Dh614,464 for a studio, Dh801,172 for a one-bedroom and Dh1,252,020 for a two-bedroom.

Interestingly, Dubai Sports City almost doubled its sales volume from 54 transfers in October to 103 transfers in January due to an influx of new supply. One of the handovers towards the end of 2017 was Elite Sports Residence 10, which generated 50 secondary transferred sales in January 2018.

Off-plan market
In the off-plan market, there was a slight decrease in the total sales volume for villas/townhouses between October 2017 and January 2018. However, the sales volume for apartments are in line with and consistent with that of 2017. Between October and January, the sales volume for apartments in the off-plan market have ranged from 1,650 to 1,850, except for December which had 2,169 transactions.

The top three areas generating off-plan sales volume for apartments in January 2018 were Meydan One with 227 off-plan transactions, Business Bay with 186 and Jumeirah Village Circle with 168. All 227 off-plan transactions for Meydan One are in Azizi Riviera, with the first phase scheduled for completion in Q1 of 2019.

In January 2018, the average sales price according to the Property Monitor Index for an apartment in Azizi Riviera is Dh519,267 for a studio, Dh855,329 for a one-bedroom and Dh1,396,306 for a two-bedroom.

Similar to Azizi Riviera, the average sales price for an apartment in Jumeirah Village Circle is Dh622,354 for a studio, Dh823,098 for a one-bedroom and Dh1,459,577 for a two-bedroom.

Priced slightly higher, the average sales price for an apartment in Business Bay is Dh1,176,036 for a studio, Dh1,339,818 for a one-bedroom and Dh1,595,294 for a two-bedroom.

13 Feb 2018

Wacky Jenga-style resort that cost £1 BILLION to build set to open its doors in Dubai

  • Work on the Royal Atlantis Resort & Residences started more than four years ago
  • The resort complex will feature a mix of living areas, with apartments starting at a whopping £1.4million
  • There will also be 795 guest rooms with on-site amenities including spas, gyms and fine dining restaurants

Catering to the super-rich, a £1 billion resort complex is set to open its doors on the shores of the Arabian Sea in Dubai.
Work on the Royal Atlantis Resort & Residences started more than four years ago and it is expected to welcome guests in late 2019.
Renderings of the finished design show it looking almost like a game of Jenga, with giant blocks of apartments precariously stacked 43-storeys high.

Work on the Royal Atlantis Resort & Residences started more than four years ago and it set to welcome guests in late 2019

The resort complex will feature a mix of living areas, with apartments starting at a whopping £1.4million

The resort complex will feature a mix of contemporary-styled living areas, with apartments starting at a whopping £1.4million.

But if your bank account doesn’t quite cater to this, perhaps you can just visit the exclusive Royal Atlantis as a guest.

As well as the 231 residences, many of which are decked out with private pools and terraces, there will be 795 luxury guest rooms and suites.

On-site amenities will include a 24-hour concierge, spas, gyms, fine dining restaurants and a private beach club.

There will also be around 90 swimming pools dotted around, so visitors can keep their cool in the desert heat.

The Royal Atlantis Residences’ director, Mr Issam Galadari, said: ‘Taking resort living to new luxury heights, The Royal Atlantis Resort & Residences responds to a calling from a highly discerning, affluent, international demographic seeking a new class of offering, currently not available elsewhere in Dubai’

On-site amenities will include a 24-hour concierge, so you can get cocktails delivered to your private pool

The Royal Atlantis, which is located next to the famed Atlantis resort on Dubai’s man-made palm-shaped island, was masterminded as part of the emirate’s drive to build up tourism revenue.

Commenting on the project, Royal Atlantis’ global sales agent, Maria Morris, said: ‘Our international clientele is outwardly seeking this next level of luxury in the prime market in Dubai, and The Royal Atlantis Residences delivers on all these requirements.

‘Now is the optimum time for property buyers to purchase in Dubai. Stabilizing property prices, infrastructure developments such as the expansion of the Dubai Metro, excellent investment opportunities and a buoyant economy are proving to be a dynamic combination.’

The Royal Atlantis, which is located next to the famed Atlantis resort on Dubai’s man-made palm-shaped island, was masterminded as part of the emirate’s drive to build up tourism revenue

The Royal Atlantis Residences will have views of the Arabian Sea or across the waters of The Palm towards the Dubai city skyline

The Royal Atlantis Residences’ director, Mr Issam Galadari, echoed Morris’ words, adding: ‘Taking resort living to new luxury heights, The Royal Atlantis Resort & Residences responds to a calling from a highly discerning, affluent, international demographic seeking a new class of offering, currently not available elsewhere in Dubai.

‘The high-net-worth global citizen is ready for the new dawn of residential experience. The development will become the new landmark of Dubai and will support the “Dubai Plan 2021” in positioning the city as one of the best places to live in the world.’

The Royal Atlantis Residences will have views of the Arabian Sea or across the waters of The Palm towards the Dubai city skyline.

Dubai, part of the United Arab Emirates, has positioned itself as a destination for over-the-top luxury and opulence.

Tourism is a major source of revenue for the emirate, which is preparing to host the World Expo in 2020.

Dubai, part of the United Arab Emirates, has positioned itself as a destination for over-the-top luxury and opulence. Tourism is a major source of revenue for the emirate, which is preparing to host the World Expo in 2020

 

 

20 Feb 2018

When property prices are no more in square feet

A new trend is becoming evident in the Dubai property market. Investors are placing more emphasis on the entry price of properties as opposed to the price per square foot. For instance, units that were previously advertised below Dh1,000 per sqft are being promoted as below Dh500,000 for studios or Dh1 million for one-beds to encourage takeup.

“Yes, the entry price is becoming important for investors as a key psychological factor in a market increasingly driven by price and competing marketing announcements from a few developers engaged in a race to bottom. Price per square foot is becoming relatively less important because it requires deeper market understanding. Sadly, this is encouraging more of the lower quality stock to be built and marketed at very low price points, where the size and quality are sometimes compromised to achieve that low entry point,” says David Godchaux, CEO of Core Savills, a consultancy.

Developers are also using this strategy to attract end-users to consider purchasing properties that are coming in at a certain price point.

“There is a huge demand from the end-user for affordable housing, whether it is already complete or still under construction. By advertising at under Dh500,000 or Dh1 million, it is appealing to the end-user to show what you can get for under a certain milestone in price,” remarks Lewis Allsopp, CEO of Allsopp & Allsopp.

Some developers use this strategy to hide the fact that their units are relatively smaller in size or that they have a very limited number of units available at that price point.

“Quoting a total price rather than price per square foot is a mere marketing strategy targeting first-time home buyers with one figure, giving a clearer picture on affordability without the need to have to calculate the size multiplied by price per square foot. Savvy investors, however, look beyond the total price or price per square foot. They look for great locations, reasonable unit size, practical layouts, decent quality, fair payment plans, affordable down payments, easy mortgage payments, well-connected infrastructure, good amenities/facilities, the developer’s track record, and, of course, the potential total returns on the investment,” informs Haider Tuaima, head of real estate research at ValuStrat.

This marketing strategy is mostly being used for smaller ticket sizes and targeted at first-time home buyers who were previously unable to afford a property in Dubai due to higher prices per unit. When it comes to mid to upscale properties, investors are still driven by the price per sqft, insist market observers.

“The main reason is that the investor is looking at the final price as his tenant is going to pay him as per 1-bedroom, 2-bedroom, etc., in a specific location. There is no incentive for the buyer to buy a big unit and pay more but get a similar rent. This trend has advanced since 2012, when the market started moving towards more compact units with smart floor plans from some key developers, which allow the unit to be efficient with minimum space lost in corridors and other wasted areas,” observes Sanjay Chimnani, managing director, Raine & Horne Dubai.

Short-term investors are also attracted to the entry price point rather than the cost per sqft. Such marketing strategies are also mostly offered in outer areas.

“Short-term investors are drawn to the outer areas, and yields combined with entry price points are the key factors considered. Indeed, there may be a few good deals to be made, but today’s high return is not always a good indicator of tomorrow’s yields – on the back of the very important supply expected to be handed over in the next 3 years at low price points. In outer areas, this short-term strategy may result in a few disappointed buyers, finding themselves locked between falling rents and decreasing capital values, making their investment illiquid in the mid term,” warns Godchaux.

Meanwhile, long-term investors are more careful, selecting developers with a strong reputation and track record, especially when buying off-plan. Location is also one of the most important factors for these investors, as long-term capital value is more likely to be retained in central areas.
“Investors are intelligent and savvy people. They are not going to purchase something at a low yield or something with little chance of capital appreciation or something with a questionable exit strategy just because it is advertised at being under a certain price point,” explains Allsopp.

Discerning investors in Dubai consider location, occupancy in the area, price, size, net yields and payment plans before making a purchase.

“Investors are becoming more conscious of the full life-cycle of their investment [rather than just counting on the short-term capital appreciation followed by the exit]. Hence, they are more interested in the quality of construction, amenities, connectivity, service charges, rental potential and exit options,” says Ivana Gazivoda Vucinic, head of consulting and valuations and advisory operations, Chestertons Mena.

Meanwhile, sellers are adapting to the new market reality. “This is evident through the constant downward correction in prices to meet the current demand and investors’ price sensitivity,” adds Vucinic.

20 Feb 2018

Dubai’s real estate slump to last until 2020 – S&P

DUBAI, Feb 20 (Reuters) – Dubai real estate prices could decline by 10 to 15 percent over the next two years, hit by new supply, geopolitical risks and the introduction of value added-tax in the United Arab Emirates, S&P Global Ratings’ analysts said on Tuesday.

The grim prediction came after Dubai residential prices fell by 5 to 10 percent in 2017, and the weak property market has also begun to hurt earnings of the emirate’s top property developers.

“We believe this correction will continue at least for this year and next, before prices stabilise in 2020 at the earliest,” said Sapna Jagtiani, S&P’s credit analyst for corporate and real estate ratings.

Rents in both residential and retail markets will also remain under pressure, and hotels will be forced to accept lower average daily room rates to maintain occupancy levels, S&P said.

Property prices are down 16-19 percent from their peaks of over three years ago, National Bank of Kuwait said in a report this month.

Jagtiani told reporters that Dubai’s Expo 2020 could benefit the property market due to the potential increase in economic activity on the back of the expected arrival of 25 million visitors and new residents.

However, she cautioned the property sector ran the risk of “overbuild,” the effects of which would be felt beyond 2020.

Property consultancy Jones Lang LaSalle’s 2017 report suggested the planned residential supply in Dubai would grow by 9 percent in 2018 and 7 percent in 2019.

Emaar Properties reported a 16 percent slide in fourth-quarter net profit on Feb. 14, as costs weighted on Dubai’s largest listed developer.

It followed results from fellow developer DAMAC Properties that showed a nearly 47 percent plunge in net profit for the quarter.

Jagtiani said geopolitical risks, such as the standoff between Qatar and some of its powerful Gulf neighbours, would weigh on sentiment, even though Qatari investors were not among the top 10 property investors in Dubai.

Qatar, a tiny but rich Gulf Arab state, has been isolated over the past seven months by trade and travel sanctions imposed by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt over accusations – denied by Doha – that it supports terrorism and regional rival Iran.

Jagtiani said the real estate downturn would not be as severe as that experienced in 2009 due to prudence among lenders and tighter regulation of the property market.

House prices in Dubai in 2009-2010 plunged more than 50 percent from their peaks, pushing Dubai close to a debt default.

20 Feb 2018

Dubai property market ‘continues to show growth’, says Damac’s Sajwani

Dubai’s property market continues to show signs of growth with increasing demand returning to the market, according to Damac Properties chairman.

The luxury developer reported a net profit of $762 million in its yearly profits announced earlier today (a drop of 25% on last year), which was based on sales worth $2 billion (AED7.5bn) during the year.

Hussain Sajwani, chairman of Damac Properties, said the company’s yearly figures showed there was a “returning demand” in the property market in the emirate, adding that the company’s outlook was positive in the medium to long term.

“Dubai’s property market continues to show growth as increasing demand returns to the market, and this is reflected in our booked sales,” said Sajwani.

“Our medium to long term outlook remains positive, with continued local demand as well and stronger interest by international investors. Our major projects in Dubai including Damac Hills, Akoya Oxygen and Aykon City continue to appeal to expats and international investors alike, while our diverse product portfolio continues to attract a wide variety of buyers for our off-plan and ready properties,” he added.

Damac delivered 20,236 units as of December 31 2017, which it described as “a milestone for the company and the industry as a whole.”

Construction continues on over 6,500 villas, apartments at Akoya Oxygen, along with its golf course, and community infrastructure. The community’s amenities, including wellbeing facilities, retail outlets, as well as hospitality, food and beverage elements, are in various stages of planning and progress.

14 Feb 2018

What oil price reverse means for Dubai property

As we close the books on Q4 of 2017 and reflect on the most recent quarter, it’s clear that major political events to the west, and OPEC oil controls limiting production, have put pressure on and spooked the UAE market.

Why is it the market continued to weaken in 2017? The macroeconomics largely come down to world affairs and basic supply and demand.

The UAE’s economic growth will accelerate to 4.4 per cent in 2018 as global growth is expected to pick up steam from 2017, driven by rebound in investment, manufacturing and trade, as reported by the International Monetary Fund (IMF).

Raising its outlook for the global economy, the IMF said in its latest World Economic Outlook that growth is expected to rise to 3.6 per cent in 2018, with: “buoyant financial markets and a long-awaited cyclical recovery in manufacturing and trade under way.

Stronger activity and expectations of more robust global demand, coupled with agreed restrictions on oil supply, have helped commodity prices recover from their troughs in early 2016.”

For the seven oil-exporting countries in the Middle East, the UAE’s real GDP growth forecast, which was cut to 1.5 per cent in 2017 is seen accelerating to 4.4 per cent in 2018, at the fastest pace in the region as expected by the IMF.

The UAE economy has been resilient to the impact of the slump in oil prices as it has benefited from a relatively diversified economy, excellent infrastructure, political stability and ample foreign assets, according to the Institute of International Finance.

The introduction of VAT five percent has further diversified revenues. The move is expected to bring higher inflation, at least temporarily. The short-term impact will be offset by the long-term benefit VAT will bring to the regional economies.

There is an urgent requirement to diversify government revenues. VAT is a measure that will allow more stability, given that the outlook for crude prices remains volatile.

Although oil plays a major role in the availability of credit from banks and many buyers in Dubai real estate are from countries solely dependent on oil, the impact is not that significant. From a buyers perspective, this is a good time to buy real estate in Dubai, because of lower prices and steady yield, and once the oil price starts to rebound this will only further a positive impact on the real estate price.

19 Feb 2018

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