We are looking to invest roughly 1.1 Mio AED in Dubai to buy a 2 BR apartment. Where would the best value for money be in? Is it in JLT, Marina or in Business Bay?
Which one of these 3 areas has the best promise for future growth and annual rental income?
Your friends are guiding you correctly, however I have a slight difference of opinion between JLT and Business Bay comparison and the reasons are as follows.
Firstly, before we compare the two areas, Marina as per they have recommended is also my number one choice.
If we look at Business Bay first, you are correct that mostly businesses are located there and somewhat in the evenings it gets a little quiet but not that quiet. It has two major attractions located in the vicinity which would are the tallest building in the world, i.e. Burj Khalifa and biggest mall in the world, Dubai Mall. These facts are never going to change and will always remain great tourist attractions. We cannot see a taller building than Burj Khalifa to be constructed in the near future, anywhere in the world.
Also, If you study the map carefully, you would notice that Business bay is located centrally, half way between Old Dubai and Marina, is much closer to Mall of emirates and Palm Jumeirah. All these points go in favour of Business Bay as a more attractive and better proposition as compared to JLT.
Now lets look at JLT, again nice location and well constructed. However its just next to Marina and Marina will always over-shadow JLT. From an investors point of view Marina will always be the first preference. Had it been that the price difference between the two localities was over 50% then JLT would have been a very lucrative investment opportunity but this is not the case. Also Marina is connected to the sea and JLT would never be able to cater to its resident in the same manner. Just visit the place and you will see the difference straight away. A lot of people live in Marina, simply because they can park their yachts there. Marina has a huge Marina Mall and JLT is deprived of that. So all in all, JLT is also a great locality, but I personally know many people living there, always eyeing to shift to Marina.
The real estate culture of Dubai is unique, even people residing in Marina on the Sheikh Zayed road side are trying to move towards the sea side and people living on the sea side with non-sea views and trying to shift to sea view side. Its more like flaunting and bragging about where you live than anything else but this is what people love. Its unfortunate but its true.
I hope this helps and please keep in mind these are my views based on my experience and knowledge of Dubai. When it comes to investment, there is always some risk involved, but a general rule of thumb is that go for the best and most prestigious location and your property will be independent of the volatility of the market, you will be able to survive all the down turns and end up as a winner.
As per my information, all three areas which you have mentioned are one of the best areas in Dubai. I would advise you to meet any real estate agent to get hand on various properties and then selecting the one out of all according to your desires.
Otherwise, wait for the other experts of Bayut panel, what they want to say!
As Arub has said that all the three areas are one of the best real estate in Dubai. Still I would prefer JLT as a better option but still nothing can be said with full assurance as you know that the Dubai real estate has not fully stabilized and the market is still unstable.
A very difficult question with no specific answer.
All these areas as mentioned by Arub and Abdul and prime locations and present great long term investment opportunities with excellent returns.
Personally if I am after a residential property, then my first choice would be Marina, followed by Business Bay and JLT would be my last choice. I guess you have to chose between Marina or Business Bay. You should consult one of the many agents operating in these areas and also pay personal visits to a few buildings to see what suits you better.
It is very helpful and we will definitely look to speak with a few real estate agents on the ground and have a look at the properties in all three areas. I have been told however (I still live in Europe) that Biz Bay goes very quite and "dead" in the evenings when all the business people swarm out of their offices. Hence the advice we got from 1-2 friends was to look out for JLT and Marina first and foremost. We were also told that the floor maps in Biz Bay are very similar and that this makes the area somewhat comparable and boring whereas Marina has always had a glitz of glamour and that JLT has the potential to become another Marina in the foreseeable future.
I'd be grateful if you could all share your views with me on the above.
I would second with Mr.Zeeshan and think that he has solved all the confusions. The only way out to make the final decision would be to arrange a visit and personally check Business Bay, JLT and Marina. Visit each location and thoroughly check the environment and facilities. Also contact various agents and estimate the property value of these locations.
After all your research, I hope you will end up making a good and wise decision.
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