He has held senior roles driving revenue growth at several global media brands
Landlords and investors in Dubai are making millions by renovating and upgrading their properties with uber-luxury amenities amid a shortage of such properties in popular communities such as Palm Jumeirah, Emirates Hills, Dubai Hills and Al Barari.
Industry executives said villa owners are earning up to 275 per cent premium or over Dh20 million in a short span of time after spending around Dh8-12 million on upgradation and adding around Dh30 million as a premium for the property.
These, however, are not regular upgrades but hugely expensive renovations incorporating lavish features such as cinemas, indoor and outdoor pools, gyms, steam rooms, spas and elevators among others.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
As it is, renovating a home offers numerous benefits, including increased property value, enhanced liveability, and market competitiveness. And such luxurious additions only allow owners to charge a high premium amid a shortage of such properties in posh areas.
“The surge in property renovations that we are seeing in places like Al Barari stems from its advantageous price per square foot as compared to other popular hotspots such as Jumeirah Islands and The Palm. Property buyers are drawn to Al Bararu owing to larger plot sizes and impressive community offerings in terms of wellness and lifestyle amenities,” said Ellie Street, area sales manager at Maria Morris Real Estate.
Prathyusha Gurrapu, head of research and consulting at Cushman & Wakefield Core, said the majority of villa districts that they track have experienced a year-on-year increase in sale prices of above 20 per cent.
“One contributing factor to this surge in villa sales prices, especially in older areas like The Lakes and Jumeirah Park, is the trend of renovating and reselling units at notably higher prices, which elevates the average price in these areas. These villa districts boast of central locations with well-established schools and amenities as well as spacious layouts, therefore, after upgrades, they can command and achieve substantial premiums,” she added.
ALSO READ:
He has held senior roles driving revenue growth at several global media brands
The fox was first recorded in the country's mountains as recently as 1995 and has only been documented sporadically since
We have been blessed with newfound wealth, but others are grappling with unimaginable loss, they said
This is one of the four services launched by Mohre aimed at rectifying the status of violating workers and exempting establishments from paying fines
They were awarded certificates of appreciation after their efforts contributed to enhancing safety and security in the community
While her first few Friday morning runs were attended by only three to five women, it now attracts up to 50 per session
Heavy school bags can have emotional and mental effects on children, warn doctors
The new vehicles will be utilised to organise traffic flow and enhance security presence in tourist areas and other locations across the emirate