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Thu, Dec 26, 2024 | Jumada al-Aakhirah 25, 1446 | DXB
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What are the most promising upcoming neighbourhoods in Dubai?
JLT, Palm Jebel Ali, Oasis are prominent areas to look out for
- By
- Catherine Earl/Realty Bytes
Palm Jebel Ali is slated to be twice the size of Palm Jumeirah. — KT file
What are the most promising upcoming neighbourhoods in Dubai?
There are many promising upcoming neighbourhoods in Dubai. JLT is making a bold move with the introduction of ‘Uptown Dubai,’ a new community on the horizon. The launch of Uptown Tower, the first supertall tower in the area, is set to capture attention. With a mix of commercial, residential, and retail spaces, DMCC aims to position it as a thriving community.
On another note, Palm Jebel Ali is ready to become the next global real estate sensation. Initially conceptualised in 2006 as a rival to Palm Jumeirah, it was put on hold. However, with the-ever growing real estate sector here in Dubai, Nakheel has decided now is the right time to launch this mega project, which will be twice the size of Palm Jumeirah. Additionally, new villa communities like The Oasis by Emaar, situated near Jumeirah Golf Estates, are experiencing high demand, with phase one already sold out. It goes to show that there is a strong appetite for new communities, even if they are further away from the coastline.
From an investor’s point of view, is it better to invest in established neighbourhoods or new ones? What are the advantage and disadvantages?
The main difference here is established communities are a known quantity, you know what you’re getting into, you have reference points for your investment, what it may take to upgrade and what yield you are likely to attain, which is likely to be fairly stable given the fact you’ll find data going back to help with these decisions. If you choose new, then of course there will be no upgrade costs, but you also need to take into consideration what else is still to be done.
Catherine Earl, Senior Sales agent at Betterhomes.
Think about what is still to be finished, how many more units are to be delivered, which could affect your yield if prices drop due to oversupply. What budget will people be prepared to pay should it be further out. All of these questions mean there are both pros and cons for both. Best advice here is to do your homework yourself. Don’t rely on others to inform you but make sure you understand everything about the community you are going to buy in.
When one buys property in a new neighbourhood, will he/she get access to all common amenities like parks, pools etc or do these take a while to come up?
All of the amenities on a master plan are likely to be finished as people move into the area. If we take Town Square as an example, their central park, which is an amazing facility to have in any community, was delivered after people moved into the community. You need to be mindful that if parks, pools, running tracks etc are planned, it may take some time for the final facilities to be delivered. Some developers can work on these alongside. Maple in Dubai Hills for example had their community pools delivered on hand over, a nice touch if you are moving somewhere new. It comes down to researching the developer and looking at their previous projects. Review the delivery of these amenities post handover, redflags will be if communities are still waiting for water in the pools months or years later.
The writer is senior sales agent at Betterhomes.
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