Family Villas in Green Community Offer the Best Value Right Now!
Massive double storey independent homes, the Green Community Family villas offer the best value both in terms of return on investment (ROI) and as a home. Selling at just AED 559 / ft2, they offer 5 spacious bedrooms with en-suite baths. Excellent for families, this home is for keeps and something you can grow into!
At its peak, these homes were selling at AED 8M! Will it ever touch 8 mill again? Who’s to know...for now all I will say is that it’s not making any sense to continue renting anymore. You disagree? Ok, consider this then, how much do you think you are paying on rent each year? Since we are discussing Family Villas here, were you to rent this particular property right now, you are looking to pay a minimum AED 225,000/- to a Landlord...ouch!..(and it’s even worse if you don’t like him / her)
To continue further I would like to give you a few other facts about this property:
Independent double storey Villas
Bedrooms – 5 | Baths: 5
Maid’s & Laundry - located externally to the main house
Built up area: 5900 ft2 | Plot size: Over 8000 ft2
Selling price: AED 3,200,000 to AED 3,300,000 (this is the amount the Bank can finance you on)
All inclusive price: AED 3,264,000 to AED 3,366,000 (this is the total price or cost of buying the property)
BANKS: Prominent Banks financing Green Community are HSBC / Standard Chartered / ADCB. On villas they will lend you around 80% (sometimes they have been known to go up to 85%) of the Selling Price i.e., in this case they will give you AED 2,560,000 to AED 2,640,000 and you have to come up with the balance (i.e., All incl price minus the mortgage amount = AED 704,000 to AED 7,260,000)
So why do people still continue renting? The logical assumptions:
a) They do not plan to stay in Dubai for more than a year or two at the most
b) They don’t have the down payment (AED 704,000 to AED 7,260,000 as explained above)
c) They just haven’t done the math – and this is the worst reason! A lot of people still think that they have to continue renting because buying a home must be quite expensive, right? Think again – it’s notJ, at least not in today’s market – incidentally that’s why it’s called a Buyer’s market – it’s your time now and your rules apply! Your rent of 3 years alone is almost equivalent to the cash down payment. Now think how many houses you could have literally owned had you thought of buying instead of renting from day 1 that you landed in Dubai (some of our clients have been Tenants for over 20 years....their Landlord loves them – is it any wonder?)
d) Many people live in fear of owning – what if the market crashes again or prices of homes fall? This might seem like a valid concern but if you delve a little deeper, what have you got to lose? You are anyway paying an annual rent and that money is being spent by you each year with no return on investment whatsoever. So why not give yourself the chance to make your money work for you instead?
Lastly, all I’d like to say is that it’s a Buyer’s market, so take advantage of it! Most people are. Eventually, it will turn back into seller’s market and while it may take another 2 to 3 years for that to happen, if you continue to sit on the fence you will miss out on today’s prices. Do your due diligence, speak to experts whose opinions you trust and make an informed decision. We are confident, that today’s prices offer immense value to someone who wants to buy a Family Villa in the Green Community West.
To view this home, share your opnion or for further questions please give me a call on +971 50 242 or write to me on dimple.u@squarefeet.ae
Dimple Uppal (Realtor, Green Comunity)
Square Feet Realtors
1st Floor, The Market Mall, Green Community West, D.I.P.
M: + 971 50 242 6039
E: dimple.@squarefeet.ae
Website: dimple.u@squarefeet.ae