Mohammed Bin Rashid Al Maktoum City, or MBR City Dubai, has already come to the fore of Dubai developments in many aspects. Firstly, the area offers spectacular modern apartments in MBR City Dubai for sale, as well as luxury villas in Dubai. Secondly, it’s being tipped as the ‘New Downtown’ of Dubai’ – a monumental development that will further cement the emirate as a global leader in lifestyle innovation.
To bring you an update on the current state of the project, and tips for home buying/investing, we went to the office of one of the most reliable and trusted agency in Dubai, Gulf Sotheby’s International Realty. Their Sales Director, Imrann Nawab calls MBR City ‘an end-users’ and investor’s product’. He also praises the combination of properties from a range of leading developers, including Meydan. Hear what else he has to say on MBR City Dubai, its master plan, the completion date and villas for sale.
Mbr city Dubai master plan, completion date and villas:
Map and Location Details
Let’s start with the most common phrase in real estate, ‘location, location, location’. Mohammed bin Rashid City is smack-dab in the centre of Dubai, bordering Downtown Dubai, Business Bay, Dubai Design District, Ras Al Khor, and other prime areas.
Furthermore, due to the enviable position, one can easily commute from MBR to Dubai International Airport, Old Town, the Creek, DIFC, Dubai World Trade Centre, and much more.
Some of the leisure and entertainment centres in proximity include Dubai Mall, Dubai Opera, Ras Al Khor Wildlife Sanctuary, Global Village, Dubai International Stadium, Palm Jumeirah, and much more.
There are several parks in the vicinity too, including Zabeel Park, Safa Park and Dubai Miracle Garden. Golf courses nearby include Dubai Creek Golf & Yacht Club, Al Badia Golf Club, Emirates Golf Club, and others.
Hospitality wise, MBR City is close to Riz Carlton DIFC, Armani Hotel, Palazzo Versace, Four Seasons Jumeirah Beach. The Farm Al Barari and numerous other hotspots.
Educational facilities nearby include The Kent College Dubai, Repton Academy, Academic City and GEMS Modern Academy. Last but not the least, health care centres in the wider vicinity include Dubai Healthcare City, American Hospital Dubai and Saudi-German Hospital.
Types of Properties
A colossal project in both ambition and territory, MBR City is comprised of individual areas built by a number of Dubai’s leading developers (Emaar, Meydan, Azizi, and so forth) offering a broad range of units – from studio apartments 8-bedroom villas.
Different parts of Mohammed Bin Rashid City fit different budgets. For example, as the name of the subcommunity suggests, District 1 will be pricier due to the presence of the Crystal Lagoon – the largest of its kind in the world (90 acres).
Within Meydan in particular, there are Modern Arabic villas, Mediterranean villas and Contemporary Villas. Modern Arabic villas feature a central Majlis or a courtyard, while the Mediterranean villas are all inspired by the Spanish, Greek and Italian style of architecture.
The average asking prices per Gulf Sotheby’s International Realty’s and Bayut’s Data Team are AED 1,050 per square foot and higher for villas or townhouses. The average asking price for apartments is AED 1,405 per square foot,.
Bayut’s Data Team has drilled down the average price information even further. In District 11, 4-bedroom villas and townhouses demand roughly AED 1,070 per sq ft. In District 1, 4-bed and 5-bed villas command demand AED 1,900 and 1,800, respectively. In Sobha Heartland, 4 and 5-bed villa command between AED 1,800 and 1,850 per sq ft.
When it comes to apartments, studios in District 1 command near AED 1,500 per sq ft, while studios in Sobha Heartland command roughly the same price (ED 1,540). Expectedly, 1-beds are less expensive in both areas (1,300 for units in District 1, and 1,400 in Sobha Heartland).
The most expensive type of property in MBR City according to Bayut’s findings, is 6-bed villas in Sobha Heartland with AED 2,030 per sq. ft. on average.
Most of the developers have scheduled the handing over of units by the first quarter of 2019 continuing until the second half of 2020. That is the planned completion date irrespective of whether the unit is an apartment, a townhouse or a villa.
Naturally, there are similar time frames in place for shopping malls, retail outlets, mosques, clubhouses, cinemas, yoga centres, and much more.
Regarding Meydan in particular, their projects are expected to be handed over the start of 2020, including the Meydan Grandstand, the Meydan Racecourse, the Meydan One Mall, the Lagoons and parklands.
Some of the projects in MBR City have already been handed over, including the Millennium Estates villas for sale, Polo townhouses and the Polo Residences.
The next in line for completion is the Grand Views subcommunity with 4-bedroom townhouses, followed by 6-bedroom villas in the same area.
Furthermore, home buyers and investors can expect the completion of Phase 1 of Meydan Sobha luxury villas.
Progress on Meydan Sobha:
EXPECTED returns on investment
According to data by Gulf Sotheby’s International Realty and Bayut, the investment returns on properties in MBR City Dubai could be as high as 7-8 pc, particularly if the deal is closed at the initial stage (Phase I).
Once the development has been fully handed over, we will be able to bring you a more conclusive overview of the market trends and rental appreciation.
Meanwhile, you can keep checking the Trends section of our blog for more news.
To find out more about the properties in MBR City, get in touch with Gulf Sotheby’s International Realty Dubai. This global agency operates across the MENA region (UAE, Saudi Arabia, Qatar, Kuwait, Bahrain and Oman).
*The main image is of Cassia at the Fields in MBR City.