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When Clementine Martini arrived in Dubai six years in the past for a brand new job, she was elated to seek out that the United Arab Emirates’ largest metropolis was greater than a manufactured metropolis of glass and metal towers.
As an alternative, she stated, she discovered a secure, vibrant and cosmopolitan social scene, and a pure surprise. “Opposite to what most individuals suppose, nature is in all places,” stated Ms. Martini, 44. “Dubai is the proper mixture of residing in a worldwide enterprise hub with entry to the seaside and desert.”
Born and raised close to the French seaside metropolis of Marseille, Ms. Martini labored in public relations in Belgium for a decade, then relocated to Qatar for a few years. She landed in Dubai in 2018 as a senior supervisor for international campaigns on the Dubai tourism board, and lived in leases as town grew round her.
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Final yr, she thought-about investing in property in France or Belgium for an extra earnings stream, however with housing costs and inflation charges surging throughout Europe, the returns wouldn’t make it worthwhile. In the meantime, Dubai was experiencing its personal growth, fueled by a wave of overseas consumers: Dwelling costs rose 19 p.c from September 2022 to September 2023, in response to a market report by the actual property consultancy Knight Frank.
Together with her personal lease of about 15,000 dirhams ($4,000) a month set to extend, Ms. Martini grew extra snug with the thought of investing her cash within the Gulf.
“The worth per sq. meter is definitely half of the value of Paris actual property, along with entry to facilities reminiscent of parking, a health club and swimming pool,” she stated.
With a finances of round 3 million United Arab Emirates dirhams ($815,000), ideally for a two-bedroom house in one among Dubai’s higher-end rental towers, Ms. Martini sought the assistance of Clement Audon, a dealer at BlackOak Actual Property.
He referred to as Dubai a vendor’s market in the intervening time: “It’s been like that for the previous three years. Now lease is excessive, tenants are shopping for slightly than renting.”
Ms. Martini initially centered her search on a few older buildings that she had recognized as having larger ground plans than a few of their newer counterparts. Whereas many flats in Dubai include large home windows, she needed quantity of wall house for her artwork assortment, in addition to further house for guests.
Mr. Audon stated that 75 p.c of house purchases in Dubai are money offers, however just lately he has seen extra consumers take out mortgages with commonplace 20 p.c down funds, which was Ms. Martini’s plan.
Amongst her choices:
Discover out what occurred subsequent by answering these two questions:
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