The Curious Case of Oversupply Part 1 – Dubai Marina
On the 10thof June 2019, I thought to myself let me reach out to agents in the market and check their knowledge of the market. This is how a couple of the calls went.
Do you know how many total apartments they are in Dubai Marina / JBR, completed or constructed. I was amazed at the replies.
How many buildings do you think they are in Dubai Marina / JBR
Now these are not random calls, these were calls made to experienced brokers in the market; now the article is not about taking cheap shots at brokers in the market, of which I am a part of, a community of professional that is very hard working and dedicated spending countless hours to please their clients. This is really meant to bring information about Dubai Marina to our readers as well as raise awareness in the market.
Dubai Marina is an amazing Master Development. Conceptualized by Emaar Properties with support from Dubai Properties and inspired by the Vancouver waterfront, Dubai Marina, which includes JBR is a Master Development of currently a 187 Building, either completed or under construction with a total of ;
Dubai Marina / JBR has a number of Developers that have developed Buildings in there, and is one of the oldest of most established Master Communities in Dubai and amongst the most well linked communities in terms of transportation. Connected by
Dubai Marina / JBR having delivered its first Building in 2003, which was the known as the Original 6 Towers, which is a collection of 6 Towers by Emaar. These include. Al Fairooz, Al Mesk, Al Anbar, Al Mass, Murjan Al Yass, which is a collection of 1165 apartments.
Dubai Properties handed over their first Development in JBR in 2007.
Dubai Marina is broken down by number of buildings and apartments by the following Developers.
Emaar Properties – 6,671 Units Across 31 Buildings
Dubai Properties – 5,337 Units Across 36 Buildings
Select Group – 4,680 Units Across 14 Buildings
Cayan Group – 1,631 Units Across 7 Developments
Diamond Developers 1,228 Units Across 6 Developments
Damac 1,528 Units Across 6 Developments
Dubai Marina, has one of the fewest number of units that are under construction, either as a percentage of total available units, or even as a total number of units. This is primarily due to the fact it is and older and most established community with a lack of available land for Developers to launch projects on.
The only issue that we do see with the Marina with the large amount of new buildings that are coming online across Dubai, there is a preference for Tenants and new buyers to buy or rent in new buildings. For Tenant’s or Buyers who prefer the Marina lifestyle, they are willing to pay the premium either in terms of rent or purchase for new building. For example a Marina Facing Three Bedroom in Marina Gate can command a rent of as high as 230,000 – 240,000, whereas older buildings with similar views cap out at 175,000 – 185,00.
The above allows Dubai Marina to be the most protected community in terms of oversupply coming in the market and will allow new developments such as Marina Gate, Jumeirah Living, Address Jumeirah and Vida that are both well located and have a higher finishing statement to do well in terms of rental and sale.
Do you want more information, are you interested in understanding how this impacts your decision, whether you are a Developer, a Landlord, A Buyer, a Seller or a Tenant.
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