There was a time when the idea of living in a cozy home by the beach was reserved for the ultra-rich. Whether a summer home on the Hamptons or a beach mansion in Malibu, it was considered to be a flight of fancy for most people. The same could be said of Dubai, where beachfront luxury was represented by a custom-built villa on the man-made Palm Jumeirah island with a price tag running into the high eight figures. Eventually, this idea of luxury also covered hotel apartments, many of which were operated by five-star hospitality brands and meant for the jetsetting CEO.
However, as Dubai has expanded and its population grown more diverse, its parameters of luxury living have evolved as well. The buzzword of the present day is ‘affordable luxury’, providing all of the comforts and the bells and whistles you would expect of a high-end home, but at a price tag that even mere mortals can afford. Affordable in this case is a relative term of course, as we are still talking about properties in the luxury sector of the market.
This evolution is best exemplified by communities such as Dubai Marina and Jumeirah Beach Residence. Both are considered to be among the most popular residential destinations in Dubai, offering access to a yacht marina, long stretches of pristine beachfront and a plethora of lifestyle options from shopping to dining to nightlife. The popularity of these communities has in its turn led to a rise in new developments that promise residences of the very highest standards and specifications with exceptional on-site amenities and very attractive payment plans.
This year started off on a very strong note with the launch of Emaar Beachfront, a mixed-use community by eminent developer Emaar that is split between residential and hospitality projects. So far, three residential towers have been launched in the community, including the very recent Marina Vista. Last month Meraas, another of Dubai’s top developers, announced a project called Port de La Mer, a private peninsula offering a Riviera lifestyle off the coast of Dubai. The project also includes a beach and waterpark that are already open and a big hit with tourists and residents alike. Just as it seemed that the year’s waterfront launches had hit their peak, Dubai saw the launch of Madinat Jumeirah Living, a vibrant residential community in the much sought-after Umm Suqeim district located just across from the world-famous Burj Al Arab hotel. The latter two launches are especially notable as they are the first freehold projects in their respective districts and boast truly fantastic locations.
As we talk about private islands and Riviera-style living, it might seem that the trend is heading toward catering to the super wealthy, but that is certainly not the case. This new wave of homes isn’t designed to attract celebrity clientele, it is meant for anyone who want to live in comfort and security and make a long-term investment into the city.
For buyers, this is of course fantastic news. It provides an unparalleled opportunity to purchase a luxury home with the benefit of a great location and all the perks that come with it. But this also creates a lucrative market for investors who will be buying into an exciting new community. With the pedigree of well-known developers and the associated high standards of both quality and design, there are already very attractive projects for the savvy investor. When you add in the price and payment plans that offer plenty of breathing room between installments, it is a chance too good to pass up.