Waterfront properties are becoming increasingly accessible thanks to Dubai’s installation of hundreds of kilometres of coastline, artificial lakes and canals.
Among the newly built water areas is the 81-berth oyster-shaped marina in Dubai Creek Harbour set to open next year. Emirates Crown, a 63-floor tower developed by Bin Shafar Holding, is located across the street from the Dubai International Marine Club and was previously the key choice for yachting enthusiasts. However, the prominence of the new developments mean that it is no longer the only option.
Dubai’s new waterfront developments are also aiming to reflect the look of waterside living through their architecture. Older developments lacked a beach-style or waterfront finish, while newer ones are in sharp contrast to the inland urban style.
Senior vice-president of corporate communications at Damac Properties, explained: ‘Being waterfront is predominantly about the views. Whenever we as a developer get a waterfront property, we design the building in a way that is conducive to what the plot has to offer.’
However, waterfront living is not just about the views and also encourages residents to become increasingly socially and physically active.
Anas Abbar, a resident of the Dubai Marina, is excited for his family of four to spend more time outdoors. He said: ‘We love the Marina simply because it’s walking distance to everything. I can go for a jog in the morning, do our shopping, walk to cafes, restaurants and supermarkets, and that made it very convenient for us.’
Waterfront properties are generally highly priced, however overseas property investors and buyers are increasingly prepared to spend more on waterfront views.
Director of operations and research at Reidin, Ozan Demir, explained to Property Weekly: ‘We have seen that prices are between Dh1,000 and Dh2,000 per square foot in Meydan, Mohammad Bin Rashid City or Dubai Water Canal projects and rise up to Dh5,000 in Dubai Marina. Investors have a great chance in selling the property at a prime rate, plus waterfront homes are likely to be rented more quickly.’
Despite the high price tags, waterfront homes bring high demand, with buyers originating from Europe, Russia and the GCC. In upscale areas like Dubai Marina, waterfront properties could garer rental yields of 6-7 per cent, dependent on which part of the development one purchased the unit.
However, in order to cater to buyers with a limited budget, developers are beginning to create artificial lakes to offer urban waterside views to their properties.
Today’s market provides a great offering of waterfront properties and in comparison to other beachfront hubs of a similar caliber, Dubai’s offering remains the most attractive.