Known as a city in which penthouse living is very much in vogue, Dubai’s urbanites have traditionally been drawn towards the tallest towers with the finest city views.
But high profile building fires such as a blaze which engulfed the Address Downtown Dubai tower on New Year’s Eve last year and a massive fire at the Marina Torch Tower in Dubai Marina are prompting many of the city’s wealthy elite to search for apartments on the less picturesque lower floors.
“Over the last couple of years we have been getting more and more calls from potential buyers who are looking for luxury apartments but something on a low floor,” says Daniel Garofoli, a property broker at the high-end Dubai estate agent Luxhabitat who focuses on selling penthouses in Dubai Marina. “There are a lot of people out there who are worried about building fires these days in Dubai.”
Traditionally, Dubai apartments at the top of the city’s towering skyscrapers are reserved for those with the highest salaries including palatial duplex and triplex penthouses complete with private swimming pools, large balconies and servants quarters. Meanwhile the lower floors are often reserved for retail, offices or less swish flats for those who cannot afford a room with a view.
Mr Garofoli is currently marketing what he calls a “marina villa” - a three-storey luxury penthouse located on the ground floor of Park Island tower in Dubai Marina which comes with an eye watering price tag of Dh11.5 million.
The 4,000 square foot apartment is located in the middle of four high rise towers each stretching up more than 45 floors above the marina meaning that whoever buys this property gets a Marina location without the stairs.
The apartment/villa comes fully furnished and fully upgraded with even the pipes and wiring removed and re-done and a US-style water purifying drinking system added. Even the light bulbs have been changed for expensive European brands. The previous owners have installed Rimadesio glass doors from Italy and super-posh branded furniture throughout.
So far the property has been on the market for the last four weeks and Mr Garofoli says that it has been getting at least two viewings a week with interest coming from prominent individuals including a Turkish footballer.
Q&A
Do people really pay more for flats on higher floors in Dubai Marina?
Yes. According to property broker Core Savills, apartments on higher floors and with better views of the Marina can command premiums for both sales and rents sometimes of as much as 20 or 30 per cent compared with similar flats on the ground floor.
How high do the towers get?
Dubai Marina includes a cluster of high rise buildings known as “the tallest block in the world”. Towers in this block include some of the world’s tallest buildings such as the 413.4-metre Princess Tower, 426.5m Marina 101, 380.5m Elite Residences, the 336.8m Marina Torch and 285m Sulafa Tower.
Why are some Dubai residents worried about fire?
In July a fire broke out on the 60th floor of the 75-storey Sulafa Tower in Dubai Marina. The blaze was the latest in a series of high profile tower block fires which have damaged property throughout the UAE. Most dramatically, the world watched as fire blazed at the 63 storey Address Downtown Dubai hotel on New Year’s Eve last year. Also last year, more than 100 flats were damaged in a fire in The Torch building in Dubai Marina – one of the tallest buildings in the world. Despite the damage no lives were lost in the fires.
Is it worth splashing out for luxury property at the moment?
Most property brokers in Dubai say that the luxury end of the market in Dubai is continuing to dip as the number of high level jobs in the city declines in the wake of the city’s slowing economy. According to Cluttons, average housing prices in Dubai fell 2.6 per cent in the third quarter of 2016. The agent predicts that average house prices are unlikely to correct until the middle of 2017 at the earliest while it says the top end of the sales market could lag the rest of the market. However, others are more optimistic. Mr Garofoli says that he has had a record year in terms of sales. “The luxury market is always the last to fall and the first to recover,” he says. “For our clients there is no crisis. People are investing in a lifestyle.”
lbarnard@thenational.ae
The specs
Engine: Turbocharged four-cylinder 2.7-litre
Power: 325hp
Torque: 500Nm
Transmission: 10-speed automatic
Price: From Dh189,700
On sale: now
The specs: 2017 Porsche 718 Cayman
Price, base / as tested Dh222,500 / Dh296,870
Engine 2.0L, flat four-cylinder
Transmission Seven-speed PDK
Power 300hp @ 6,500rpm
Torque 380hp @ 1,950rpm
Fuel economy, combined 6.9L / 100km
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
If you go
The flights
The closest international airport for those travelling from the UAE is Denver, Colorado. British Airways (www.ba.com) flies from the UAE via London from Dh3,700 return, including taxes. From there, transfers can be arranged to the ranch or it’s a seven-hour drive. Alternatively, take an internal flight to the counties of Cody, Casper, or Billings
The stay
Red Reflet offers a series of packages, with prices varying depending on season. All meals and activities are included, with prices starting from US$2,218 (Dh7,150) per person for a minimum stay of three nights, including taxes. For more information, visit red-reflet-ranch.net.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
UAE currency: the story behind the money in your pockets
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
More from Aya Iskandarani
Zayed Sustainability Prize
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
More coverage from the Future Forum
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Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
More on animal trafficking
Five personal finance podcasts from The National
To help you get started, tune into these Pocketful of Dirham episodes
·
Balance is essential to happiness, health and wealth
·
What is a portfolio stress test?
·
What are NFTs and why are auction houses interested?
·
How gamers are getting rich by earning cryptocurrencies
·
Should you buy or rent a home in the UAE?
Killing of Qassem Suleimani
Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km
TUESDAY'S ORDER OF PLAY
Centre Court
Starting at 2pm:
Malin Cilic (CRO) v Benoit Paire (FRA) [8]
Not before 4pm:
Dan Evans (GBR) v Fabio Fogini (ITA) [4]
Not before 7pm:
Pablo Carreno Busta (SPA) v Stefanos Tsitsipas (GRE) [2]
Roberto Bautista Agut (SPA) [5] v Jan-Lennard Struff (GER)
Court One
Starting at 2pm
Prajnesh Gunneswaran (IND) v Dennis Novak (AUT)
Joao Sousa (POR) v Filip Krajinovic (SRB)
Not before 5pm:
Rajeev Ram (USA) and Joe Salisbury (GBR) [1] v Marin Cilic v Novak Djokovic (SRB)
Nikoloz Basilashvili v Ricardas Berankis (LTU)
