Summer 2012
Dubai Marina A NEW LOOK FOR TWO CLASSIC MARINA HOTELS
new billboard suggests that work is imminent
glamorous new meydan beach club to open
gourmet destination on the waterfront
With the 163-room Ritz-Carlton extension now in the interior fit-out stage, the nearby Le Méridien Mina Seyahi is approaching the midpoint of a complete interior renovation.
A new Al Fattan billboard on the beach in front of the eponymous Marina Towers promises another pair of glittering glass towers. However, the developer remains close-lipped about its new project.
What a transformation: the building that began as the JBR sales office, then remained forlorn and empty for too long, is about to reopen with a bang – as Dubai’s smartest and newest beach club.
In an area already blessed with myriad good restaurants, news of the imminent completion of the 7-storey Gourmet Tower, at the end of Marina Mall, has local foodies in a frenzy.
Dubai Marina in numbers
5 6
knots, the speed limit for boats within the marina
the number of towers originally built by Emaar to kickstart the Marina’s development
7
The number of floors of the soon-to-open Gourmet Tower at Dubai Marina Mall. With views over the marina, it will feature an arrray of licensed restaurants
7
The length in kilometres of Dubai Marina Walk, which runs from one end of the Marina to the other
3.5
The length of the manmade canal, in kilometres, that forms the marina’s four zones. At its heart, Dubai Marina Yacht Club is a focal point
12
Midnight, the closing time of Dubai Marina Mall. It has more than 130 stores, restaurants and cafes as well as a supermarket
1999
The year that buildings were still a twinkle in the developer’s eye. It’s hard to believe that this area was once just a marshy inlet
Living the Waterfront Dream Fulfilling its ambitious promise of being one of the most dynamic neighbourhoods in the region, Dubai Marina offers a wealth of leisure activities in an exceptional setting by Polly Sweet
In 1999 it was little more than a marshy inlet and a Big Idea, yet Dubai Marina today is an enclave of exclusivity, home to some of the emirate’s most desirable addresses. At just over three kilometres long, this little aquatic pocket attracts residents and visitors alike, its proximity to the beach and direct access to Sheikh Zayed Road just two of the reasons why it’s one of the city’s most popular areas. Developed by Emaar Properties, the artificial canal was originally designed to emulate the fashionable Concord Pacific Place on Vancouver’s shoreline. Over time the original six residential towers have been joined by a plethora of new buildings, which continue to mushroom due to demand.
As the Marina has grown in desirability, so too has its social scene: whereas residents might once have crossed over to JBR for an evening’s entertainment or a weekend bite, the development of The Promenade has brought an influx of dining options. Leading coffee chains and gourmet delis now sit besides independent outlets and homegrown cafés while the Yacht Club, with its international cuisine and broad terraces, presides over activities. The completion of Marina Mall has added to the attraction, offering residents a one-stop destination for all of their usual needs, and organising activities over the winter months forboth children and adults. Weekends in the Marina are vibrant, with young families, professionals and fitness fanatics all choosing to unwind near the water. Forming an uninterrupted circuit of almost seven kilometers, the sinuous quayside path is perfect for a morning jog or a gentle stroll; on weekday mornings numerous organised fitness groups that take place here. Unlike its neighbour, JBR, Dubai Marina is a pet-friendly area, adding to the relaxed, almost European atmosphere. On Saturday mornings, new-
comer Baker & Spice hosts an outdoor market, similar to those found throughout Europe and the US, with artisan-baked breads, handmade cakes and organic granola vying for attention next to locally-grown cucumbers and fresh mozzarella. Across the water, Italian favorite Carluccio’s serves toasted panettone, eggs Florentine and home-brewed espresso on its expansive outdoor terrace which, come the summer, moves inside to continue catering to its loyal clientele. The Marina’s focal point is, naturally, the calm stretch of water that provides shelter to dozens of luxurious yachts. A gleaming army of speedboats and cruisers, they are the dominant feature in this tranquil, watery haven and a reminder of the elite credentials of the area. Juxtaposed with the throngs that come to enjoy the sunny promenade, they are a steely emblem of the calibre of residents and pleasure seekers who frequent the waterways, offering further evidence of Dubai Marina’s status as a leading neighbourhood. A number of openings in and around the immediate area are further enhancing the
www.luxhabitat. ae
continued on page 16
Current Prices Average values of apartments in Dubai Marina compared with those in JLT, Palm Jumeirah, Downtown Burj Khalifa and DIFC Average Prices (AED/ sq ft)
Dubai Marina JLT
1,200 800
Palm Jumeirah Downtown Burj Khalifa
1,400 1,600 1,500
DIFC
Source: Luxhabitat analysis, June 2012
To READ MARKET UPDATES FROM OTHER NEIGHBouRHOODs
www.thejournal.ae/neighbourhood
15
16
the journal
Summer 2012
www.luxhabitat.ae
Dubai Marina did you know... When the master plan for Dubai Marina was drawn up by HOK, the Vancouver-based architectural firm chosen by Emaar, it was based on a key decision: to reserve more than 12 per cent of the total 578-hectare site for public open space. Comprising the water surface of the marina itself and a minimum 15-metre strip of land around its perimeter, it has ensured that this high-density area remains open to light and views. Given that the UAE’s hot and arid climate makes planted landscaping problematic, it was an ingenious solution.
Expert View Alexander von Sayn-Wittgenstein Luxury Sales Specialist
E: aw@luxhabitat.ae | +971 50 154 4695
Demand for High-rise Living is on the Up
continued from page 15
Marina’s status, including the recent opening of Grosvenor House’s Tower Two with serviced apartments and additional hotel rooms, and the extension of the nearby Ritz Carlton. A new beach club at JBR and the ongoing refurbishment at Le Méridien Mina Seyahi are also drawing attention back towards the southern end of Dubai, away from the mesmerising Downtown Burj Khalifa area, which has dominated the headlines in recent years. The Marina still faces the likelihood of traffic jams during rush hours – exacerbated by the continued presence of roadworks running the length of the its western (sea) side. But these works, for the construction of the Jumeirah Tram line will persist only early 2013, and the reward for the disruption will be mush less congestion, again reinforcing Dubai Marina’s reputation as a premier destination. In comparison to other desirable spots such as Downtown Dubai, the Marina still offers a wide selection of prime real estate – Downtown currently has only four registered penthouses, whereas buildings such as Le Rêve in the Marina offer half-floor and full floor penthouse-style apartments from top to bottom. While the correct definition of ‘penthouse’ is an apartment at the top level of a building, usually with private terraces, here in the UAE the term is used to denote any very sizeable apartment that enjoys uninterrupted views, high-quality maintenance and which costs in excess of AED 5million.
consectetur adipisicing elit, sed do eiusmod tempor incididu consectetur adipisicing elit, sed do eiusmod tempor incididunt
With its beachside location, lively bars and restaurants, ‘skyscraper culture’ and breathtaking views over The Palm, Dubai Marina has become one of the city’s most sought-after neighbourhoods – clients continually request viewings here and, once a purchase has been made, it is rare that owners let go of their property. Penthouse owners in particular tend to buy as a long-term investment, renting out their acquisition or even leaving it unoccupied rather than reselling it. As a result of such high demand, prices for the best-quality homes in the Marina have remained fairly stable, certainly compared with some other areas. Because of the restricted size of the marina itself, there’s a limit to what can be built, so supply will never exceed demand. One of our clients bought his
A great attraction of prime apartments in the Marina is the value they offer; compared with other major cities, prices per square foot are much lower
and handovers slowed due to the crash, the past year has seen some notable new buildings, such as The Torch, completed and cranes are again appearing where there were just holes in the ground. The handover of these buildings hasn’t had a huge affect on the prices nearby but, as elsewhere in Dubai, properties built to high standards attract premium investors. With such variable standards in Dubai Marina as a whole, it is crucial to have expert knowledge on which are the best buildings. A great attraction of owning an apartment in Dubai, and especially in the Marina, is the value for money it offers; compared with cities such as New York or Hong Kong, prices per square foot are much lower. The prime apartments that we deal with are enormous, yet relatively affordable, making Dubai Marina ideal as a second home or pied-à-terre. Our typical client is a young entrepreneur or older businessman looking for a lowmaintenance, high-return investment that will double up as a holiday home for friends and family. The Marina’s pedestrianised waterfront areas encourage community living and people are always willing to spend more for addresses with established amenities. A client in Emirates Crown has increased the value of his property from AED 9million to AED 14million by improving the interior in a style that really heightens the sense of space. Another, in Time Place reconfigured his fourbedroom apartment to a two-bedroom party pad – and, while reducing the number of bedrooms is rarely advisable, in this case the result is stunning and the consequent value exceptionally high for a two-bedroom property.”
penthouse in Le Rêve in 2006 for AED 7million – today it is estimated at over 18million and, bar a brief blip in 2010, its worth has steadily increased. As Le Rêve is one of the highest-quality buidings, this reflects the truth that investing in quality always pays. After a hiatus in 2008-9, when construction
Alexander von Sayn-Witgenstein was talking to Polly Sweet
Marina our number one choice when we first moved to Dubai – and we haven’t regretted our decision.” After two years of living in a building located directly behind Dubai Marina Yacht Club, the couple moveded to Aurora Tower on the west bank and now enjoy direct access on to Marina Promenade. For the highly active couple, who regularly take part in triathlons and fun-runs, this has been a boon. Every morning Peter cycles from the Promenade to Jebel Ali and back, while Lucy takes part in circuit training and fitness classes at Exhale in JBR. “There’s a sense of space here that you don’t get in many parts of Dubai,” she says. “Every day from around 6am you will find joggers, cyclists, rowers and personal trainers working out side by side and we’ve found a well of likeminded people who like to stay active and keep fit. It’s a great way to start the day”. For Australian Peter, the Marina’s proximity to the beach was also a strong selling point and the wealth of cafés and restaurants within walking distance was a reminder of his native Sydney: “It’s lovely to be able to simply walk out of the front door and grab a bite to eat without having to drive anywhere. The quality and vari-
ety of the outlets have definitely improved in the last couple of years, which has certainly cemented our desire to stay in the area”. A flurry of new openings, particularly in the last 12 months, has changed the Marina’s landscape dramatically and the Galbraiths have noticed a spurt in the number of new shops and apartment buildings along The Promenade. “Week on week there is a new coffee shop that opens or a new pharmacy ready for business. Even the walkway is being developed at a rate of knots, with bridges and footpaths being added daily. It all adds to the great atmosphere here. The Marina is one of the most exciting places in Dubai”. The amenities and services that are now within reach have convinced the couple that, unless they decided to expand their family, they wouldn’t want to live anywhere else. “Since the completion of Marina Mall I no longer need to go further afield for any of the basics – I have NStyle for a mani-pedi, Waitrose for all my groceries and even a cinema, which we visit once a month or so. The taxi stand at the mall is an added convenience, although there’s never a shortage of cabs right outside our building”. The downside of living in such a popular area
interview
‘The Marina is one of the most exciting places in Dubai’ Shared outdoor spaces, a vibrant café culture, beaches on the doorstep and those views over the sea – it’s no wonder Dubai Marina continues to appeal to buyers and renters alike by Polly Sweet
For British expat Lucy Galbraith and her husband Peter, choosing the Marina as their new base made perfect sense – with both of them working in Dubai’s Media City, a commute of less that 10-minutes held endless appeal. “Having lived and worked in London for 10 years, Peter and I were used to the slog of an hour-long journey to and from work. The prospect of a five-minute taxi ride instead made the
Summer 2012
www.luxhabitat.ae
the journal
star property
A Penthouse James Bond would be Proud to Live in
Upgraded to exceptionally high standards, with spectacular finishes and a state-of-the-art entertainment system, this magnificent, two-bedroom penthouse apartment is built for fun
Dubai Marina is home to many dynamic and ambitious residents, whose desire to excel professionally is matched only by their ability to enjoy themselves. Encapsulating that spirit is this magnificent penthouse property. The stunning 4,100-square-foot home in the heart of the Marina has been transformed and designed to an impressive degree: the original property featured four bedrooms but these have been reconfigured to create two huge
FASCINATING FACT... Membership of Dubai Marina Yacht Club includes benefits on and off the water, including 20 per cent off dining bills at an restaurants such as Ewaan at The Palace, Hukama at The Address Downtown Dubai and Nineteen at the Montgomerie. There are also expeditions and rallies to neighbouring emirates and membersonly areas of the yacht club itself.
bedrooms and a space for entertaining. And what a space it is. The living area is dressed to impress. Glossy surfaces in dark, masculine colours, mirrored panelling and accents of bold red evoke the glamour of an exclusive nightclub. An openplan kitchen with bright red worktops and red leather bar stools overlooks a seating area with floor-to-ceiling views of the cityscape and sea beyond. Those with a penchant for high-octane
entertaining will be in their element here. Decadently glittering chandeliers hang from the ceilings, complemented by an array of clever mood lighting, some of it concealed in cabinets to highlight the built-in features. There is ample seating in a variety of different styles, from low armchairs to sofas that wrap around the corners of the room. The owner of this stunning apartment can additionally take advantage of four parking
spaces, which means visitors are well cateredfor when coming to stay. Smart-home technology is installed throughout, cleverly concealed to retain the unmistakable sleekness of this upmarket apartment. In addition to the main living room and bedrooms, the apartment has a maid’s room, study and games room, along with a terrace and balcony. The pantry features a dry kitchen and there are built-in wardrobes throughout to maximise efficient use of space. Dubai Marina stretches out for around 3.5km along prime seafront on the sea-facing side of Sheikh Zayed Road. It has become one of the city’s most popular residential areas, with apartments overlooking the marina itself and the open sea beyond. High-rise living is complemented by access to an array of restaurants, cafes and shops. The popular Walk at JBR features international boutiques, as well as a host of places to dine. It comes into its own at weekends and on evenings, when a relaxed throng of people while away the warm evenings in the casual alfresco restaurants and cafes or strolling along the beachfront promenade. Several luxurious hotels are located here, offering residents even more choices for entertainment. In addition to the amenities beyond the apartment building, residents have access to communal areas that include a huge private swimming pool and high-end gym, as well as high security. AED 8,000,000; Property ref 888. Contact Alexander von Sayn-Wittgenstein: +971 50 154 4695; aw@luxhabitat.ae
Prices Kept Afloat by High-end Homes 3,500
3,500
With a range of values wider than in most of Dubai, the Marina has seen prices at the high end recovering strongly for the past two years
Maximum Price (AED/ sq ft) Minimum Price (AED/ sq ft)
3,000
3,000
2,500
2,500 by Samantha Armstrong
2,200 2,000
2,000
is the volume of traffic, Lucy admits, particularly during rush hour. But she is a huge fan of the Metro, a short walk away, which she regularly uses to take her to other parts of the city. And when friends come to stay, the newly opened Marina Ferry offers an alternative view of the waterways and the dramatic Dubai Marina skyline. At home Lucy enjoys entertaining in her open-plan dining and living room, which is filled with light and has stunning views over the water. At weekends, their building’s state-of-the-art gym and impressive lap pool offer welcome respite from the fastpaced social and working life that the couple has established since moving to Dubai. For Lucy, though, there is no better way to relax than by gazing out over the water: “Nothing beats sitting on our balcony, unwinding after a long day, watching the lights reflecting off the Marina. For me, it’s the best view in Dubai”.
to read more see www.thejournal.ae/neighbourhood
The heavily populated Marina and JBR area has been through a turbulent time over the years since the first properties were sold and construction began, with steep growth and a subsequent sharp decline in its property prices. Original sales prices in the area were low, (around AED 500-600 per square foot in JBR), climbing rapidly during the growth phase to AED 1,300–3,000 per sq.ft in December 2007 and AED 1,500–3,500 per sq.ft in September 2008. By March 2009 values had dropped significantly, to between AED 800–2,000 per sq.ft, as early investors, even though they had to sell cheaply, could still make a profit. Dominated by the likes of Emaar’s luxurious ‘six towers’ and the super-prime Le Rêve complex, the top end of the market saw very few distress sales. Apartments and penthouses of four to six bedrooms and sized from 6,100 to 13,200 sq.ft (2,467–5,342 square metres) retained their value well, keeping overall maximum prices healthy. The price differential between the top and bottom ends in the Marina-JBR market is wider than in other areas of Dubai; the lower end was hit much harder as early investors bought multiple smaller properties and continued to sell throughout the period. Since March 2009 the recovery in the neighbourhood as a whole has been steady.
3,000
1,500
1,500 1,300 1,000
800
900
1,000
1,000
500
Dec 07
Sep 08
Mar 09
Dec 10
Dec 11
Mar 12
Dubai Marina was hit hard by the downtourn but prices of high-quality properties have recovered well, reflecting demand Source: Luxhabitat analysis, June 2012
Prices climbed to AED 800–2,000 per sq.ft in December 2010 and to AED 900–2,500 in December 2011, before reaching a current value of around AED 1,000–3,000 per sq.ft, achieved in March 2012. Compared to Emaar’s Downtown community, prices have remained slightly cheaper in the Marina – mainly because the Marina development was launched earlier and the original sales prices in Downtown were therefore considerably higher. Looking at the current average price per square foot of AED 1,000 for the Marina-JBR area in the context of Dubai’s other major apartment areas, it is slightly lower than Palm Jumeirah; thanks to the latter’s added value
of the beaches, apartments there currently sell for an average of AED 1,100 per sq.ft. The lowest average price per square foot is in JLT, at AED 650, while prices in Downtown Burj Khalifa are the highest, at AED 1,600, closely followed by DIFC at AED 1,500. Dubai Marina still represents a good opportunity for longer-term investors, offering a wide range of choice in apartment sizes and styles, as well as rapidly growing entertainment offerings that are cementing its appeal as a community in which to make a real home (whether as a buyer or a long-term tenant). Following the initial steady increase, prices are sure to continue their ascent in this popular residential hub.
17
18
the journal
Summer 2012
www.luxhabitat.ae
featured propertIES
Property Gallery
Scan the QR code with your smartphone to www.luxhabitat.ae
A rare find in Dubai Marina, this townhouse combines the best elements of both apartment and villa living. With wonderfully light rooms, multiple balconies and huge roof terrace, it is set right in the heart of the buzzing neighbourhood, yet feels absolutely private and secluded. The main accommodation, of open-plan living-dining rooms, a study, family room and four bedroom suites is arranged over three floors, with a total of 9,585 square feet. The basement has a two-car garage and space for a gym or cinema. AED 8,800,000. Property Ref. 929
A superb 5-bedroom family home with large, well-planned spaces, this apartment has fabulous views of the sea and city. Offered for sale furnished, it set in a building well known for the quality of its leisure facilities. AED 12,500,000. Property Ref. 823
le reve
Spanning a full floor, with 13,400 square feet of living space, this rare penthouse is perfect for both entertaining and family life. AED 65,000,000. Property Ref. 525
Spanning an entire floor of a building in the heart of the Marina, this huge apartment has great spaces for large-scale entertaining, vast terraces and very spacious and private family accommodation AED 22,000,000. Property Ref. 805
LE REVE
Dubai’s grandest penthouse, this full-floor 4-bedroom apartment has been designed and furnished to the highest quality. AED 72,000,000. Property Ref. 166
THE TORCH
With 4,000 square feet of living space and amazing views of the Marina and sea, this newly built duplex offers fantastic value. AED 5,500,000. Property Ref. 853