Reasonable prices for a small-sized apartments — that’s what Dubai property buyers need

30.05.2016
Dubai developer Myra bets on affordable apartments with favorable payment plans in JVC Crystal Residence project in Dubai.

Small-sized apartments sector is a rapidly developing real estate market segment in Dubai, the city of luxury, where affordable housing still needs impetus, despite all of the recent statements made by officials about the importance of this sector's development.

Therefore, Myra developer has recently presented its new off-plan project Crystal Residence in a quite popular living area of ​​Dubai Jumeirah Village Circle. And, of course, he added two favorable payment plans as a cherry on the cake: 50 per cent ahead of handover with a mortgage loan and another 50% payed after handover during 10-12 years; or — 10 per cent in advance on booking, 15% in six months during construction, and the remaining amount in 50 instalments, spread across January 2017 to February 2021. Yes, it is worth noted that Dubai developers really know how to attract customers with favorable payment plans, they have truly succeeded in this in recent months, as imexre.com has reported.

Prices for studios in Crystal Residence start at quite democratic AED 382,000 (USD 104,000) for 406 square feet studio apartment. In total, the complex will have 225 apartments, of which 142 apartments will be studios, and the rest will have one to two to three bedrooms.

Another advantage of buying a small-sized apartment in Jumeirah Village Circle is a rate of return on investments.

“A smaller apartment gives you better rental return. A studio in JVC could be rented out between Dh 45,000 and Dh 50,000 a year and at the price point we offer the rental return could be 13 per cent,” said Myra’s Deputy Chief Executive Officer Akash Kanjwani.

“The Millennials are the ones who are the first home owners and an increasing number are moving to Dubai. As Dubai Expo 2020 come near, it will create a lot of jobs, with these young people looking to move into their own homes as rents would be high,” he added.

Even if it will not be for the Millennials, as Myra expects, tenants wanting to soon become owners will certainly take a big bite of this pie, and investors just searching for profits will snap up the rest.

IMEX Real Estate also has something to offer you in order to maximize your income on real estate investment assets in Dubai. Our specialists are always happy to advise you on any issues. And you also can always explore our most relevant price index for all Dubai areas to make the right choice.

Subscribe to our news

Latest Availability
Latest property news
Send us an enquiry or request a call back
Your name *
Phone
E-mail *
Your message *
*- indicates required
Request a call back