A Market Determined by Quality and Value

As Dubai Marina matures into a complete neighbourhood, it can offer good value, says Alexander von Sayn-Wittgenstein

01 Apr 2014, words by Alexander von Sayn-Wittgenstein in Neighbourhoods

Right now, there are two main reasons why people are buying property in the Marina: it comes down to either quality - where buyers are willing to pay extra for something that really stands out - or good value, where it's all about the best price.

For example, we are in the process of selling an apartment in Le Rêve for AED20 million (about AED3,000 per square foot). Le Rêve commands this high price because of the quality of the building and the lifestyle that comes with living there, it is a beautiful place to make a home. Conversely, we recently sold a penthouse in a brand new building with a sea view. Priced at around AED7 million (approximately AED1,200 per square foot), it attracted the buyer because of the great value it offered. While apartment prices in Dubai Marina are rising in line with other established areas in the city, the current price range for penthouses of between AED7 million and AED20m means that the price per square foot remains favourable compared with Downtown Dubai, even in spite of the Marina's ongoing issue of under-supply at the upper end of the market. Apartment prices in Downtown start at around AED2,000 per sq ft, whereas in the Marina, properties of a similar standard can be found for around AED1,500 per sq ft. Dubai Marina is also the only high-rise development in the city that is right next to the beach. So, if you're looking for the kind of lifestyle that comes with living near the water, this is the only option if you want an apartment, rather than a villa.

Luxhabitat currently has a penthouse in Bayside Residence, a unique apartment that combines a great location with the best that the Marina has to offer. With an asking price of AED9.8 million, the 7,800 sq ft property is on the Al Sufouh side of Dubai Marina, within easy walking distance of Grosvenor House and close to Dubai International Marine Club. The four bedroom duplex has a private lift, and has been refurbished to the highest standard. It also has Dubai's longest private pool for a high-rise apartment, and the entire upper floor has been dedicated to leisure, including a gym and bar. More families are now buying in the Marina due to the improved facilities. It is conveniently located near Media and Internet Cities, and is close to Sheikh Zayed Road for commuters travelling both in and out of Dubai. It has become a popular area for pedestrians: The Walk is well-established now, and new residents are drawn in by the great shopping opportunities and extensive array of restaurants, bars and cafes that are avail- able in the Marina's mall and hotels.

Convenience remains an important factor for Marina residents and, in recent years, this neighbourhood has become a complete destination.

Alexander von Sayn-Wittgenstein spoke to Safina Iqbal