Investing in Real Estate Can Lead to Big Profits
Real estate, the conclusive option for millennial home buyers, is boosting, playing an important role in real estate markets. There are opportunities to profit on both the front end and back end of a deal, tax strategies to help maximize gains, and a steady revenue stream in the form of rents, dividends, or distributions while you own a property. Unlike other investments, real estate is a tangible asset that, ideally, appreciates over time.
Characterized by their tech savvy and environmentally conscious values, millennial preferences are poised to dramatically shape the market, a dynamic that has been on display during the COVID-19 pandemic. Beginning almost immediately after the coronavirus hit, for instance, buyers began to flock to areas that offered walkability, nature, and a well-rounded quality of life. As a result, millennials are quickly becoming a dominant force in high-end real estate.
Real estate has now become the largest chunk as a form of investment, but always make sure what is best for you. You decision depends upon how much you are ready to invest, the type of liquidity you want, your risk appetite, and the regularity of cash flow. Millennials have their own privacy to coin the word “housing” with different meanings depending on what they need. The current real estate sector has multiple options to give to the millennial generation—ranging from co-living spaces, rental accommodations to house ownership.
Living in… Dubai Marina
Marked as a worldwide phenomenon of construction technology, the Dubai Marina is a district in Dubai and one characterized by its artificial canal construction. The marina stretches for two miles, complements the gorgeous Persian Gulf shoreline. Though the marina is still being constructed, it will eventually hold upwards of 120,000 people in its startlingly tall towers and lush villas.
The architectural design, influenced by Canada’s False Creek, features a waterfront, a central waterway, and about eight kilometers of landscaped public walkways. There is a foreshoreway around the marina that is accessible to the public.
Today, Dubai Marina is a bustling metropolis and home to some of the emirate’s most impressive architecture, a lively neighborhood and a vibrant nightlife. With new restaurants, bars, and shops popping up every month, there’s plenty to keep everyone entertained and happy. Its waterfront views, pace of life, and location work together attract tenants and visitors, and it has been a popular place to live, work, and play, making it one of the best locations to invest in Dubai property.
When anyone talks about taking an Instagram-worthy picture, we can suggest Dubai Marina without any doubt. From its impressive sprawling skylines, winding boardwalk and quirky cafes, this is one place where you can capture photos that you will want to share with everyone.
Although Dubai Marina plays as a crush to some of the city’s most magnificent architecture, there is more to the area than pretty exteriors. It has become a UAE institution as well. Home to more than 45,000 residents, the waterfront promenade is unofficially considered the “end” of Dubai.
“Dubai Marina is a lively hive of activity and with its famous skyline that is recognizable worldwide,” said Lewis Allsopp, chief executive of Allsopp & Allsopp. “The community is an ideal location for people who enjoy being in the heart of an electric city and it is no surprise it is a favorite among residents. It is one of only a few beachside living developments in the city with shops, cafes and restaurants by the canal and the beach, all only a short walk away,” he continued.
Flats in Dubai Marina vary from studios, one, two, three and four-bedrooms. “The majority of residential towers in Dubai Marina offer incredible views, have swimming pools, gyms, parks and sometimes BBQ areas for residents to enjoy,” said Mr Allsopp.
Dubai Marina is spoiled by high-rise, some of the tallest buildings can be found here. It is home to the so called Tallest Block, as the name suggests it is a block of super tall skyscrapers that contains some of the world’s tallest residential towers.
There are four marinas administered by the Dubai Marina Yacht Club (DMYC). They are located at different points along the 3.5km Dubai Marina Canal. In the premier stands the DMYC’s club house. It is host to two restaurants, handful of yacht chartering companies and a cigar lounge.
Dubai Marina 1
This is where it all started. The Dubai Marina 1 is the first construction phase of the Dubai Marina. This cluster of six high-rise buildings contain one to five bedroom apartments, and all the 1100 units were sold in an instant in 2002. Shortly after, they became the symbol of Dubai Marina. Dubai Marina 1 is a worthy sight for its historical importance and as an architectural rarity. The towers are located close to the Sheikh Zayed Road, at the beginning of the Dubai Marina Walk.
Public Transport Options From Dubai Marina
Dubai Marina is one of the best connected neighborhoods in the city. If you are putting together a checklist of areas that provide good public transport options, this place has it all. Starting from Dubai Metro, Dubai Tram, Dubai bus, and the list goes on. Several metro stations sit along the front of the marina, just a stone’s throw from Sheikh Zayed Road. They include Dubai Marina Metro and Jumeirah Lakes Towers Metro. Another exciting factor is the Dubai Marina water bus. Visitors and residents in the hub of Dubai can hop on and hop off between four scenic stops, including Marina Terrace, Marina Walk, Dubai Marina Mall, and Marina Promenade.
Rent Price Trends of Properties in Dubai Marina
Rents in the area of Dubai Marina depend on the type of property. For example, a 1-BHK apartment ranges from AED 50,000 to AED 62,000 per annum. A 3-BHK apartment rages from AED 89,000 to AED 200,000 per annum. The rental value of villas in Dubai Marina depends highly on the covered area and the number of bedrooms. A 3-bedroom villa ranges from AED 200,000 to AED 400,000 yearly, whereas a 4-BHK costs between AED 299,000 and AED 430,000 per annum.
Dubai Marina: The One-Stop Destination for Breathtaking Panorama and Unparalleled Luxury!
From the beach to the residential complexes like Al Sahab, Al Majara, Marina Quays, Marina Promenade, and Park Island, there are many attractions at Dubai Marina. However, only Dubai Marina Mall and Dubai Marina Walk are publicly accessible.
The four-level Dubai Marina Mall is having 130 outlets within 390,000 square feet area, and has everything from boutique fashion brand stores, waterfront dining facility, beverage outlets, supermarket, six-screen Reel Cinemas, and kids’ playground.
Lined by 69 eateries and 305 shopping outlets, the Dubai Marina Walk is the best option to enjoy shopping, dining, and exploring the marina. Enjoy the panoramic view of the gulf from the Jumeirah Beach and then satiate your hunger pangs at eateries like Coco’s, Ruby Tuesdays, and Zaatar w Zeit. During weekends, you can enjoy Dubai Marina events or street shows at the Cobblestone Boulevard. Apart from this, you can also opt for a Dubai Marina cruise ride to enjoy dinner with your loved ones.
Marina is centrally located in the city, along Sheikh Zayed Road, the highway that connects the seven emirates. It is located opposite Jumeirah Lakes Towers between Dubai Media City and Jebel Ali Free Zone. JBR and Palm Jumeirah are also in proximity to the neighborhood. Apart from the elegant appeal of life by the water, many residents prefer the place due to its proximity to business districts like DIFC and Dubai Internet City.
Amenities, Schools, and Health Care
The area’s Marina Mall houses a Waitrose supermarket, where residents can easily get their grocery shopping done. Apart from this, the other supermarkets in Dubai Marina include Spinneys, West Zome Supermarket and Al Maya which cater to the day-to-day needs of tenants and owners living in the neighborhood. Other convenience stores such as multiple branches of Zoom mini-mart are also dotted around the various buildings.
Like most residential areas in Dubai, there is a mosque in Dubai Marina. Known as Masjid Al Rahim, the mosque can hold up to 2,000 worshippers. It opened in 2014 and is now regarded as one of the most beautiful mosques in the UAE. There are a group of churches clustered together in Jebel Ali, 15 minutes away from the community. Here you can find some of the best churches in Dubai including St. Francis of Assisi Church, Dubai Mar Thoma Church and United Christian Church of Dubai. Also located in the same, Sikh residents can visit the Guru Nanak Darbar. The nearest temple is Shiva Temple, 25 minutes away in the Bur Dubai district.
There are many nurseries in Dubai Marina which offer different options for families with younger children. Raffles Nursery is one of them. It follows an Early Years Curriculum for children from 45 days old to 4 years old. The nursery is located on the Marina Walk, which is easily accessible from most towers. For older children, schools are located in nearby areas such as Jumeirah, Umm Suqeim and The Springs. These include Horizon International School, Dubai British School and King’s School Dubai.
The neighborhood also houses medical clinics and centers for family health needs. These include Medcare Medical Centre Marina and Emirates Hospitals Clinic. Other options include Al Zahra Hospital and Saudi German Hospital which are also located near the community in Al Barsha for any emergencies. Pharmacies are also conveniently located at regular intervals around Dubai Marina
What Makes Dubai Marina a Good Community?
Dubai Marina offers the exhilaration and vibrancy of a chic urban lifestyle.
Ms Brogan, who is from the UK, said the area fits perfectly with her lifestyle. As a DJ at one of the local beach clubs, she said convenience is one of its biggest attractions. “I love living in the marina for many reasons,” she said. “The quick access to the beach, the fact I can walk to work, or in fact, walk anywhere,” she continued. “There are plenty of choices of restaurants, bars, cinemas and shopping so it’s perfect when friends and family come to visit, too,” she said. Home is a two-bedroom flat with a sea view, and Ms Brogan said rents have come down since she arrived in 2014.
Scottish resident Kevin McFerren said he would not live anywhere else. “I’ve been in Dubai for two years now and I did a lot of research about where to live,” he said. “I’m 28 and was looking for somewhere lively with the potential to upgrade to a bigger place if I start a family,” he continued. “For my first year I didn’t drive because I could either walk everywhere, jump on the metro or grab a taxi. I call the marina its own mini city as I really never have to leave it—everything is on my doorstep.”