With its glittering ultramodern residential towers and electrifying nightlife, the United Arab Emirates’s Dubai Marina is where high-net-worth individuals choose to stay and play when they want to be away from the world while still being in the center of all things.
Dubai Marina, some 15 to 20 minutes from the key cultural attractions of the City of Dubai,is a master-planned waterfront community that was carved out of the desert in 2003.
“It’s one of the main tourist hotspots of the city,” said Riccardo Scala, head of luxury sales and leasing for LuxuryProperty.com. “It’s known for its vibrant beaches and entertainment destinations, plus a very active nightlife.”
It’s an extremely dynamic community—it’s being built in phases, which amps up the excitement—and when it’s complete, it will be home to some 120,000 uber elites.
Dubai Marina attracts buyers as well as investors who rent out properties either to year-round residents or short-term tourists.
Prices vary greatly, according to Mario Volpi, sales manager with Engel & Volkers Dubai, who noted that the “average return on investment is a very respectable 6%.”
The price range for condos in Dubai Marina’s towers starts at AED430,000 (US$117,070) for studios and rises to an average of AED7.6 million for five-bedroom penthouses of 3,617 to 15,320 square feet, said Yasi Valimulla, an associate partner at Knight Frank Middle East, who noted that for AED 56 million, buyers have access to the neighborhood’s most luxurious penthouses.
Some of those penthouses are in Le Reve tower, said Mr. Volpi, who added that typically its full-floor luxury apartments sell in the range of AED$47 million.
Three-bedroom villas cost AED 2.1 million to AED 8.5 million, Mr. Valimulla said, while four-bedroom models generally sell for AED4 million to AED17 million.
Article Source: Mansion Global