dubai
W
hen approaching Dubai, its glittering skyscrapers shimmer like a mirage in the surrounding desert. The city’s skyline is higher than even that of Manhattan, Chicago or Hong Kong with 18 buildings (10 of which are currently under construction) standing at over 300 metres. It now holds records for the world’s tallest building with the Burj Khalifa at 828 metres; the tallest hotel with the JW Marriott Marquis at 355 metres and the tallest residential building with the Princess Tower at 413 metres. Not content with this array of soaring architectural marvels, Dubai will also boast the world’s tallest commercial tower with the Burj 2020 by the end of this decade. So what are the options for those who would like to make one of these lofty buildings their home? Christina Poly of Gulf Sotheby’s International Realty comments, “Le Rêve in Dubai Marina is still considered as one of the most expensive and exclusive high-rise residential developments in Dubai. With its strategic location (being in the best spot in the marina area) and with all units featuring full, direct views of the sea and Palm Jumeirah, Le Rêve commands high prices (one can only purchase a half or full-floor unit). Perhaps, the reason why it is still overpriced is because, to date, not many buildings/developments in the area can offer similar size/dimension with such grand features and luxury. “Another high-rise development is The 118 in Downtown Dubai. The 118 offers only 28 full-floor apartments, each with a dimension of 6,600 square feet. We expect this to be a very popular development because of ‘high exclusivity’ – imagine only 28 privileged individuals can own the residence. The 118 should be ready for handover in the last quarter of 2016.” With regards to properties of this calibre, Ms Poly reports that there are few transactions per year. “The owners of these type of properties do not intend to move,” she explains. “Also, the prices do not shift that much as there are not many high-end apartments for sale now. We would need to wait for the first six months of 2016 to determine if the owners are looking to sell their properties at slightly lower prices.” Penthouses are literally at the very top end of this particular market. Gregory Lewis, senior negotiator at Knight Frank UAE, comments, “Dubai penthouses tend to be exceptionally well presented with an accompanying high price tag. This tends to attract the wealthy, further maintaining the penthouse market in strong demand. “Given the amount of skyscrapers in Dubai, penthouses vary on many different factors be it split level, with private pools and of course an array of diverse views. While some prefer villas, penthouse living offers its residents instant access to the city life, numerous amenities, lower up keep costs (no gardens etc), as well as a management company to take over any necessary general up keep.” 144
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International Property & Travel
18/02/2016 09:51