In pricey Mirdif, a new project for budget-conscious homebuyers
“In recent years, reasonable rents and a growing volume of lifestyle amenities such as supermarkets, schools, malls, health care facilities, parks and entertainment options have increased Mirdif’s popularity with Dubai’s diverse population,” says Obaid Mohammed Al Salami, general manager of Dubai Investments Real Estate (DIRC), a subsidiary of Dubai Investments.
DIRC is developing Mirdif Hills, a freehold mixed-use development near Mushrif Park. “The project is replete with all lifestyle attractions in a secure, gated environment,” says Al Salami. “One of the unique facets of Mirdif Hills is its vertical villas concept. Inspired by French architect Le Corbusier, the Vertical Villas series at Janayen Avenue comprises multiple villas built on top of each other. These resemble a building, giving a sustainable and environmentally friendly appearance.”
In an interview with Property Weekly, Al Salami gives details about the recent handover and how Mirdif as a community has raised its attractiveness.
Tell us about Mirdif Hills.
Mirdif Hills is spread across 1 million sq ft, comprising residential, commercial and retail developments. The project is divided into three phases. The first phase consists of three main residential clusters, Janayen Avenue, Nasayem Avenue and Al Multaqa Avenue. The handover of Janayen was announced recently. Janayen Avenue is located around a gated garden with wide walkways and other lifestyle attractions. It comprises a mix of one-, two-, three-bedroom apartments and three- and four-bedroom duplexes. Other units within phase one are near completion.
What does the full project consist of?
With a total built-up area of 4 million sq ft, the development offers a total of 1,500 apartments. The three plots have a combined built-up area of approximately 3.3 million sq ft or 300,000 sq m. The project also features a four-star hotel by Millennium Hotels & Resorts with 116 rooms, 136 serviced apartments, retail units, a 150-bed hospital, restaurants and cafés.
There are gardens, promenades, walkways, raised landscapes along with numerous leisure and entertainment facilities. Janayen cluster [was completed] in July, with Nasayem nearing completion and Al Multaqa Avenue over 50 per cent complete.
What are the payment plans?
We have sold a good number of units since launch. Also, impressive financing options are provided for property investments. The exclusive mortgage plan currently on offer with Emirates NBD includes financing up to 80 per cent of the market value, with a fixed interest rate at 2.85 per cent for five years and free partial payment up to 20 per cent of the outstanding balance every year. The loan tenure can be availed for up to 25 years with an option to finance Dubai Land Department (DLD) fees of up to 4 per cent as well.
How can investors benefit from this project?
We strive to offer world-class homes that are affordable and yield high-rental returns. We also tailor to a mix of target groups covering families and a mix of both end users and investors. Land values in Mirdif are relatively high and comparable to established Jumeirah neighbourhoods at Dh400-Dh600 per sq ft. Developments like Mirdif Hills make a strong case for budget-conscious investors. We are expecting a growing rental yield in the area, which makes it lucrative for both buyers and investors.
With off-plan property, those with long-term vision will reap the biggest rewards. However, it is advisable for off-plan buyers to factor in at least a 12-month delay and ask yourself what this will mean to your individual circumstances.
Do you see any concern for oversupply?
In Q1 2019 Dubai’s property market witnessed a fourth consecutive successful quarter of improved sales, both for off-plan and ready units. With enough prospective buyers out there, developers in Dubai — government-owned and private — are feeling emboldened to enrich the market with more launches. The value of real estate transactions in Dubai increased 33 per cent — Dh34 billion — in the first five months of the year, according to the Dubai Land Department.
We therefore do not fully subscribe to the notion of there being a major slump. While the market has its challenges and goes through normal cycles, our research finds that the supply will meet the rising demand. Moreover, a strong driver in our industry is the shift from renting property to owning.