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How many luxurious metres can you purchase in Dubai for USD1 million?

11.03.2018
How many luxurious metres can you purchase in Dubai for USD1 million?

Global HNWIs increase demand for USD 10 mln plus ultra-luxurious Dubai property units. Read more to find what you can afford buying in Dubai’s upper prime property market having $1mln to spend.

“The luxury real estate investor base in Dubai is twice as diverse as in London or New York - that breadth of demand will provide some stability,” said Liam Bailey, Global head of Residential Research at Knight Frank consultancy which has revealed its latest report on te global prime property market.

“Alternative investments, including real estate, continue to take in demand from wealthy individuals. The best safe haven in an extremely uncertain times is real estate,” Bailey said.

According to the report, Dubai is placed on the 85th rank among the top 100 global cities for premium real estate sales. Dubai’s high-end residential market saw prices decrease by 3.3 per cent over a 12-month period up to December 2017, but now it seems to gain it back again.

Investors’ interest in Dubai real estate now is not limited by residential market only, spreading also to commercial assets such as industrial property, warehouses etc. And besides, a great number of luxuriuos developments being handed over in Dubai also should fuel investors’ interest, experts claim.

Bulgari-branded mixed-use development off Jumeirah was the focal point for such interest last year. And this year ultra-prime projects like that on the Bluewaters Island, as well as the Palm Jumeirah’s Atlantis Residences, One Palm (with its AED 102 million penthouse) are likely to sustain the demand. In the high-end villas clusters, Dubai Hills Estate and Hartland villas projects in MBR City are among the most sought after.

The report also tags Palm Jumeirah man-made island as one of the “peak performers” in terms of Dubai’s most wanted prime areas. With the development of The Pointe and Nakheel Mall, offering 5.9 mln sqft of entertainment, dining and retail the Palm Island now has it all to lure even more high net worth investors. A two-bedroom apartment on Palm Jumeirah is available for sale now at USD 750,000, while garden homes and villas start at USD 3 million, says the report.

According to Maria Morris, Partner at Knight Frank, “Dubai’s prime real estate is going through a transition and there are now various opportunities that were not there even five years ago.”

So, how much luxurious square feet of property one can purchase in Dubai having USD1 million in their pocket?

Someone with USD 1 million to spend will find that it can fetch up to 138 square metres of premium real estate in Dubai. The same in Monaco would only get 16 square metres, 22 square metres in Hong Kong, and 25 square metres in New York, according to Knight Frank’s Wealth Report.

IMEX Real Estate can offer you various types of luxury real estate units in different areas of Dubai, including the exclusive man-made island of Palm Jumeirah — from villas and townhouses to penthouses and ultra-luxurious duplexes in the most famous Dubai skyscrapers. 

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Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration
Additional services:

Property management

Sales Process
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

Rendering of management services
Reporting

1 day

Reporting
Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Selection of optimal investment options

From 3 days

Selection of optimal investment options
Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration
Additional services:

Property management