As Dubai’s real estate market evolves, investors have diverse property options, from off-plan to townhouses, with Jumeirah Village Circle and Jumeirah Lakes Towers offering contrasting returns on a $1 million budget
As Dubai’s real estate market continues to evolve, there are several property offerings in the city for those looking to invest, ranging from off-plan properties to townhouses, apartments, villas and more. The diversity in offerings, combined with Dubai’s several other benefits has made it a safe haven for investors, especially among high-net-worth and ultra-high-net-worth individuals.
According to recent market data, investors with a budget of $1 million (AED 3.67 million) can expect significantly different returns depending on which area they choose.
Palm Jumeirah vs Downtown Dubai: How much real estate can you buy with $1m?
In Jumeirah Village Circle (JVC), known for its residential offerings at affordable rates and newer developments, $1 million could purchase approximately 3,200 square feet of residential space. This typically translates to a spacious 4-bedroom villa or several smaller apartments.
In contrast, the same budget in Jumeirah Lakes Towers (JLT), located close to Dubai Marina, would fetch around 2,100 square feet. This usually equates to a larger two-bedroom apartment or a modest three-bedroom unit, reflecting the area’s higher price per square foot.
The price disparity is attributed to several factors, including proximity to business hubs, community amenities, and overall market positioning.
With a budget of $1 million, here is what you can get in JVC and JLT:
Haven Villas
Price: AED3,599,000 ($979,856)
Location: Jumeirah Village Circle
Features:
- Three bedrooms, four bathrooms
- 2,480 sq. ft.
- Private pool
- Maid’s room
- Landscaped garden and balcony
- Pool and gym access
- Built-in wardrobes
The Residences TAJ
Price: AED3,695,000 ($1,005,993)
Location: Jumeirah Lakes Towers
Features:
- Two bedrooms, three bathrooms
- 1,548 sq. ft.
- Panoramic views
- Furnished
- Valet parking
- Balcony
- High floor
Haven Villas
Price: AED3,400,000 ($925,677)
Location: Jumeirah Village Circle
Features:
- Three bedrooms, four bathrooms
- 3,609 sq. ft.
- Two reception rooms
- Maid’s room
- Maids room
- Pool and gym access
- Recreational room
V3 Tower
Price: AED3,400,000 ($925,677)
Location: Jumeirah Village Circle
Features:
- Three bedrooms, four bathrooms
- 2,192 sq. ft.
- Maids room
- Fully furnished
- Lake view
- Parking space
JLT benefits from its proximity to Dubai Marina and metro connectivity, while JVC is seeing increased interest due to ongoing community development and relatively lower prices.
Rental yields also differ between the two areas. JVC currently offers higher rental returns, averaging. However, experts caution that these figures can fluctuate.
Booming Dubai property market
Last week, Arabian Business reported that the Dubai property market witnessed a record number of transactions $33.5 billion (AED 124 billion) in the April-July quarter this year, a whopping 35.7 percent jump from last year.
“The unprecedented increases in property values and transaction volumes in the second quarter of this year reflect heightened investor confidence and sustained demand,” Springfield Properties said.
Considering the array of options in the city’s real estate market, experts suggest to weigh the pros and cons of each neighbourhood to make an informed decision that suit individual buyer needs.
Source: https://www.arabianbusiness.com/
