Experts share why premium properties in Harbour Lights are so affordable

Experts share why premium properties in Harbour Lights are so affordable

Apartments with amazing views in the premium residential complex Harbour Lights by Damac Properties are sold at the price below the market value because they are located in the emerging Maritime City district that will be developed simultaneously with this project, says Ruslan Sharipov, a broker at AX CAPITAL, an agency dealing in upscale real estate in Dubai.

This project on the coast of the Persian Gulf includes business- and luxury-class residences: spacious one- to three-bedroom apartments with panoramic glazing and high-quality finishing. A one-bedroom apartment sells for only AED 1.32 million (USD 359,500) at the launch, which is 1.5-5.5 times less than similar residences in other waterfront locations.

“You won’t find such listings at such a price anywhere else, that’s for sure. For instance, prices of existing properties overlooking the marina in the Marina Gate residential complex in Dubai Marina currently start at AED 2.2 million (USD 599,000). Homes in the most prestigious tower with top-notch services are worth up to AED 3.67 million (USD 1 million),” Mr. Sharipov explains.

He emphasises that the price differential is caused by the long-established facilities and completed amenities.  

“Take a look at districts such as Mohammed Bin Rashid City and Dubai Creek Harbour that were virtually non-existent five or six years ago and are now in roaring demand,” the expert added.

He also mentioned the Emaar Beachfront community as an example. Two years ago, a one-bedroom apartment there cost AED 1.3 million (USD 354,000), but now the prices are two times higher.