x Abu Dhabi, UAEThursday 27 July 2017

Dh44 million Elite Residence penthouse in Dubai comes cheap

This week’s property, set on the 83rd floor of a tower in the heart of Dubai Marina overlooking Palm Jumeirah, is on the market for Dh44 million.

Inside the Dh44 million Elite Residence penthouse in Dubai. Courtesy Better Homes
Inside the Dh44 million Elite Residence penthouse in Dubai. Courtesy Better Homes

Penthouses are special. We know that because they are often at the top of very, very tall buildings and have very powerful people living in them. There must be something about being on top that makes you want more of it.

Which could explain why this week’s property, set on the 83rd floor of a tower in the heart of Dubai Marina overlooking Palm Jumeirah, is on the market for Dh44 million.

The Elite Residence penthouse has 14,392 square feet of space made up of five bedrooms all en suite, 6.5 bathrooms (one just has a toilet in it) and parking for six. And let’s not forget the indoor pool.

It also comes fully furnished. The owner bought the floor off-plan and when the tower – the third-tallest residential building in the world at 381 metres – was finished in 2011 developed it in the manner he thought a top chief executive or member of a Middle East royal family may want to live.

It was his idea to add an indoor swimming pool. He ripped out everything that was in place, including floors, walls, doors and utilities, and started anew, creating the living area as a Bond villain may have wanted.

According to Stephan Hirzel, a property consultant for Better Homes, the agent marketing the apartment, Dh44m is at the very conservative end of penthouse prices in the emirate. A similar offering in the neighbouring building, La Reve, 30 stories lower, will cost double that asking price, he says. It seems where real estate is concerned, location, location location can apply even when buildings are next to each other.

q&a location, location, location

Stephan Hirzel, property Consultant for Better Homes reveals more about this Dh44m property offering.

How easy is it to sell this sort of residence?

The market has slowed down a little bit as investors don’t want finished properties at a high price they now want to buy off plan developments as that is where the margins are and there may be a rental yield.

Why off plan?

Off plan is where it’s at right now for a two-year investment. Location and quality is very important, people now look at the details such as the contractor and builder more than they did six years ago. If someone buys now with a mortgage they want to know that in 10 years the building doesn’t fall apart and there are plenty of 10-year-old buildings which are falling apart.

Who will buy this residence?

This kind of penthouse attracts big chief executives of oil companies, for example, fed up of living in Emirates Hills that want to live a metropolitan life. Also wealthy people that live outside of Dubai and want it as a holiday home. Then there are those that want to have a party place. It won’t be as quick a sale as a one-bedroom or a studio, it’s for an end user. This developer has a lot of properties in Dubai so will take an offer; he doesn’t need the money so he can sell it with a smaller profit.

How is Dubai’s property market faring?

The new supply in the market means that the demand has the power at the moment, it’s a healthier market than it was. Dubai is planning to increase the population so property is a good long-term investment but possibly not a short-term one.

ascott@thenational.ae

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