Very High Prices for Dubai Marina

3004 Views 20 Replies 10 Participants Last post by Krazy, Mar 18, 2005

juiced

Discussion Starter · Mar 17, 2005

A 2 bedroom serviced apartment at Grosvenor House Dubai Marina will be letting for Dhs220,000 a year. An unfurnished 2 bed apartment in DM will be around Dhs180,000 a year.
:runaway: Aren't these prices a little too high for a place like Dubai? You could rent in Jumeirah Islands for that much.

1 - 20 of 21 Posts

juiced

Discussion Starter · #2 · Mar 17, 2005

http://www.7days.ae/20050317/Metro/Keeping.it.real.asp

Compare this to similar prices at the Shangri-La on Sheikh Zayed Road, and as much as Dhs180,000 for a two bed unfurnished serviced apartment in one of the Emaar marina towers. Not cheap by anyone’s standards, but quite possibly a measure of things to come.

And interesting article about the actual Marina occupancy rates:
Then there is the anomaly of the Marina itself. There are acres of unfurnished apartments under lock and key, with no sign they will ever be rented. How can this be so?

You can find the answer in Marbella or San Marino. In winter, places like these contain thousands of empty apartments - simply because the people that own them are too wealthy to care to rent them. Similarly, the Dubai market has been flooded by cash buyers uninterested by short-term rent. Some have bought them for seasonal use. Others have bought them as a long-term investment.

SkylineTurbo

· #3 · Mar 17, 2005

Yeah, overpriced, especially for Dubai standards, but still, Dubai Marina is still prime real estate.

Dubai_Steve

· #4 · Mar 17, 2005

This is about US $1000 per week which is actually quite cheap for the Grosvenor Hotel on international standards. For a 1 or 2 week holiday this is acceptable- for long term lets it is very high. So long term lets here will go to temp. international business travellers otherwise they will be holiday makers I think.

DUBAI

· #5 · Mar 17, 2005

I advise everyone to ask for a discount.

it works for me!

juiced

Discussion Starter · #6 · Mar 17, 2005

If you were a hot young blonde I'd bet they were a few things you could offer in return for a hefty discount!

juiced

Discussion Starter · #7 · Mar 17, 2005

Dubai Marina *is* prime real estate, and Dubai is making a name for itself, but I think 220,000 is way overambitious and overpriced for the city now.

AltinD

· #8 · Mar 17, 2005

juiced said:
If you were a hot young blonde I'd bet they were a few things you could offer in return for a hefty discount!

Aren't some of those blondes duying their hairs to black ... oh I'm sorry, that was in Sharjah.

juiced

Discussion Starter · #9 · Mar 17, 2005

Altind_Carnut said:
Aren't some of those blondes duying their hairs to black ... oh I'm sorry, that was in Sharjah.

:lol: :lol: :lol:

Dubai_Steve

· #10 · Mar 17, 2005

juiced, at 220000 it should rent out completely very quickly - compare a 1 week stay there to a 1 week stay at one of the luxury hotels on the beach front. You will find Grosvenor is actually cheaper! Also there is a serious lack of hotel rooms in Dubai right now which also pushes prices up. 8% increase in tourism expected this year.

juiced

Discussion Starter · #11 · Mar 17, 2005

Maybe companies will lease an apartment for a year and use it when their business associates visit, I guess it will be viable then?

Jan

· #12 · Mar 17, 2005

200.000 dhs per year is about € 3.300 per month for an apartment. That is indeed a lot. We only have a few of these here, and most them get leased by companies, like juiced suggests.

AltinD

· #13 · Mar 17, 2005

^ Jan those are serviced apartments. Room keeping will be taken care by the hotel staff, as it is a 5 star Hotel room, and you can use for free all hotel facilities.

However it makes sense if you don't stay for long, a couple of months maximum maybe.

Jan

· #14 · Mar 17, 2005

Going at €100 per night with full service, that's actually quite a cheap hotel then

AltinD

· #15 · Mar 17, 2005

There's a catch. You pay that price (100 EUR/day) if you book for the full year. If you stay just for a month it should go double that.

Nerby is a villa comunity managged by the same Hotel group. Those are 2 floors, 3 bedroom villas + maid room + parking for 2, build around a shared garden and a pool in the middle. The room-keeping is done from Le Royal Meridien Hotel staff and you could use all the hotel facilities, plus they offer free transport between villas and hotel.

My Boss stayed there on 2001 for one month (peak time) and he paid around $3,900 whitch was a special price. The prices now are much more expensive (asked for them almost every year after).

You remember in Dubai, those two buildings with that long sky bridge? Those are also Marriot (serviced) Apartments and those are even more expensive.

My point is that the concept is not new in Dubai and there are many people that want those kind of facilities. My boss is comming again this year and two months in advance it was close to imposible to find a large suit with separate bedroom, and the prices within hotels are expensive as well. However, more "less-exclusive" places are needed, especially now that all hotel prices have increased.

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xaraxa

· #16 · Mar 17, 2005

These prices are supporting the current demand (with full occupancies in hotels and 30-40% property rental increases)

These temporary hyped prices may change as planned hotels in the area are over 60...

4 in JBR, 2 by habtoor, 1 by fattan, 2 in dubai pearl, 2-3 in media city, 5 in JLT and 40 on palm surely these prices would revise have to compete efficiently.... (serviced apartments are not included)

den2dxb

· #17 · Mar 17, 2005

You hit it on the head. BUT...the idea is to "keep moving". So, all is relative. I see this place being expensive for some time...and I'm talking about the whole darn place!

Jan

· #18 · Mar 17, 2005

The 'Features & Floorplans' brochure of the Park Towers shows the tower has appartements with 'maid rooms. They use the 'maid room' in every discription, as in 'one bedroom, no maid' and 'two bedrooms, with maid'. These maidrooms are 2.148 x 3.890 meter in size with no windows, but including a maid's bathroom. That's very very tiny, but the idea of a maid room is something that I only recall from some classic Manhattan appartment buildings.

The appartments of the Rose Tower have the extremely cool feature of a bathtub next to the window, even though the net floor area is something of around 45 m2. That's something I have been dying to introduce here, but rules, regulations and economic floor planning prohibit us from doing so.

Dubai_Steve

· #19 · Mar 17, 2005

Tourism is increasing by at least 8% a year at the moment and is expected to hit 40 million people per year relatively soon. So prices should remain high even though there are many hotels and serviced apartments becomming available - There may be a temp drop in rental prices in 2006 when many Jumeirah Beach apartments become available.

Trances

· #20 · Mar 17, 2005

at $1000 renting a house i would be wanting some thing very special !

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