With tourist attractions coming up in and around Dubai Marina, home prices are showing show no signs of letting up.
A tram service with retail and entertainment facilities at the Blue Water Island development off Dubai Marina make the neighbourhood an attractive long-term choice.
It is not surprising then that a four-bedroom penthouse in the Le Reve luxury residential tower overlooking the Palm Jumeirah has an asking price of Dh19.99 million.
The apartment also has views of the Skydive Dubai arena and Dubai International Marine club. The tower was one of the most-expensive locations in 2012, when an apartment sold for Dh34.7m in an auction, according to Reidin.com.
The same year, the homeowners association of Le Reve registered with Dubai’s Real Estate Regulatory Agency (Rera), making it the first residential tower in Dubai to be run by the homeowners.
Most of the buildings, especially those in the large communities, are run by master developers such as Nakheel and Emaar.
The 50-floor Le Reve tower has 80 apartments in classic and contemporary designs, and the units range between 6,100 square feet and 18,400 square feet in size. The tower was completed in 2007.
The penthouse on sale measures 6,100 square feet, taking up half the floor on which it is located, according to agents Knight Frank, with whom the property is listed.
The apartment has a contemporary look with natural wood finish. The sitting room leads to a private terrace and the kitchen has inbuilt appliances.
All the bedrooms are en-suite and the apartment has five bathrooms in total. There are three spacious reception rooms. The master bedroom has a walk-in wardrobe.
It also includes staff accommodation, a study, an utility area, and a driver’s room. The building comes with a spa, gym and valet service.
Q&A
Are there other apartments on sale at Le Reve, Dubai Marina?
Four apartments are listed for sale on www.luxhabitat.ae. A four-bedroom penthouse spread across 14,350 square feet has an asking price of Dh72m. Since it covers an entire floor, it has 360-degree views over Dubai Marina and the Palm Jumeirah. It comes with four walk-in wardrobes and smart home technology. The building’s only two-bedroom apartment is listed for Dh30m. Another four-bedroom penthouse has an asking price of Dh27.5m and another for Dh27m. A four-bedroom apartment is going for Dh24.5m.
How do these compare with other Dubai Marina prices?
Le Reve is among the top-end residential addresses in Dubai. Other towers in the same neighbourhood that have similar asking prices for apartments and penthouses include Elite Residence, where a four-bedroom penthouse is going for Dh55m. A five-bedroom penthouse in Marina View tower is available for Dh35m, according to www.luxhabitat.ae.
Aren’t prices stabilising in Dubai?
Home prices stayed flat in the third quarter and property transactions were 6 per cent lower than in the previous quarter, according to Colliers International. Apartment prices decreased marginally by 1 per cent last quarter to Dh1,567 per square feet from Dh1,584 square feet in the second quarter. Dubai Marina remained one of the most popular neighbourhoods followed by Business Bay, Jumeirah Lake Towers, Downtown Dubai and Motor City, it said.
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