I want to buy a luxury apartment in Dubai with a budget of up to Dh6 million. However, I am concerned that apartments do not hold their value as well as villas in the emirate. So what, in your opinion, are the key elements I should consider when property hunting to ensure I pick a pad that will not only hold its value but also deliver a good return when I choose to sell. MA, Dubai
There are many points to consider when buying a property that is expected to hold its value and has the chance to give a decent return on investment when it is sold at a later stage. I will highlight my recommendations under separate headings to guide you through the process.
Choose the right agent
Spending any sum but especially Dh6m, which is a considerable amount, means picking the right agent to deal with is vitally important. Make sure the agency is reputable, Rera qualified and registered, and established long enough to have seen the good times and bad times, as longevity in this market is paramount. Ask your friends or work colleagues for recommendations. Look at their marketing, online or print media. What does their own website look like? Do they have the right consultants with the experience to guide you, how long have they been established, who is the management? Once you have decided on a company, employ them as your buyer agent. They will send you a Rera form B to sign. This gives the agent the right to help find you your next property.
Location, location, location
Choosing an area to live in can be confusing, as you have work and other factors thrown in. However, the three areas that are the most sought after in terms of apartments are Dubai Marina, Downtown and Palm Jumeirah. Once decided on an area, seek out the best developments within. For the Marina this could be Emaar’s six towers or Marina Promenade. For Downtown there are many developments to choose from such as The Residences, the Burj Khalifa or apartments at The Address (mall and hotel). Lastly, for the Palm, my advice would be to look at developments such as Tiara and Oceana, Marina residences or Fairmont Palm residences. All the above will have easy access to transport links – road, metro or the forthcoming tram.
View, view, view
Any chosen Marina apartment has to have a stunning view of the Marina and many will have a sea view too, depending on the height of the floor. Vistas of upmarket yachts and movements of boats up and down the Marina will add to the allure of this criteria. The Downtown apartment must have a view of the Burj Khalifa or the dancing fountains, as these are the most sought-after attractions from buyers and tenants. Lastly, apartments on the Palm must have beautiful views of either of the Atlantis and Burj Al Arab hotels or the JBR and Marina coastline. It goes without saying that any Palm apartment has to have sea views to hold on to its value.
Amenities
The three areas chosen have been selected for their proximity to existing amenities and future attractions. The Marina has Marina Walk, with its array of food and beverage outlets, quality hotels and the Marina itself. It is also close to JBR, the beach and the famous “The Walk” – very much the place to visit and socialise. The forthcoming Bluewaters island with the world’s biggest Ferris wheel and abundance of further F&B outlets and new hotels are sure to entertain us further.
Downtown is positioning itself as the centre of Dubai, and world-class attractions such as the Burj Khalifa, dancing fountains and the largest mall in the world all add to its allure. Not content with this, Emaar is developing the area further with the forthcoming opera house to host cultural events.
Not to be outdone, the Palm Jumeirah is a building marvel in itself and the attraction to live on the self-proclaimed eighth wonder of the world is hard to beat. Future developments include a large scale shopping mall, more hotels, dining outlets and an outdoor promenade to rival The Walk located at the top of the Palm, to be known as the Pointe, will keep the Palm at the forefront of future homeowners’, investors’ and tenants’ interest.
Building facilities
Lastly, the way a particular building is run, managed and maintained can make or break the investment. Upkeep of common areas, lifts and even car parks is vitally important. Seek out buildings that have 24 hour concierge and security, quality facilities – not just gym and swimming pool but extras such as steam and sauna rooms – tennis and squash courts, residents lounges, party rooms, storage facilities and visitor parking. All these extras will add to the already attractive proposition you have chosen but will ultimately ensure that when the time comes to sell on, it will still attract the right buyer.
Happy hunting.
Mario Volpi is the managing director of Prestige Real Estate in Dubai (prestigedubai.com). He has 30 years of property industry experience in the emirate and London. Send any questions to mario@prestigedubai.com
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The specs: 2019 BMW i8 Roadster
Price, base: Dh708,750
Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery
Transmission: Six-speed automatic
Power: 374hp (total)
Torque: 570Nm (total)
Fuel economy, combined: 2.0L / 100km
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The five types of long-term residential visas
Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:
Investors:
A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.
Entrepreneurs:
A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.
Specialists
Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.
Outstanding students:
A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university.
Retirees:
Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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The biog
Fatima Al Darmaki is an Emirati widow with three children
She has received 46 certificates of appreciation and excellence throughout her career
She won the 'ideal mother' category at the Minister of Interior Awards for Excellence
Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken
Killing of Qassem Suleimani
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if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
UAE currency: the story behind the money in your pockets
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
COMPANY%20PROFILE
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
