My Dubai Rent takes you inside a reader’s home to have a look at what they get for their money, how much they pay in rent and asks them what they like and don’t like
Business owner Rebecca Rees has spent almost 20 years in Dubai and lived in at least eight rental properties in that time. While she loved her last property, a town house in Jumeirah Village Triangle that she rented for a decade, a landlord dispute led her to move out.
Now, still in JVT, she rents a large three-bedroom apartment that’s both her home and office – and has no plans to buy or move in the foreseeable future.
The National takes a look around.
Where else have you lived in Dubai?
I’ve lived in at least eight properties. I got into this habit that, until 2014, I moved pretty much every year. Sometimes because rents came down massively and I could upgrade.
In 2014, I moved to a town house just down the road in JVT, which I stayed in for 10 years. I absolutely loved it, but for various reasons, two years ago, I moved here.
Tell us about the property you’re in now
It’s an apartment, so very different, but still in JVT. It wasn't an easy decision, until I saw it. I wouldn't have considered an apartment, because I had dogs, and they were used to the garden. Both of those dogs have passed away now, so I took the decision to come here.
I love the space. I love the size. It's a three-bedroom. I work at home, so the third bedroom is my office. I've now got a proper second bedroom, which is basically for the parents when they come.
It's very, very modern. There were maintenance issues starting to creep in when I was in the villa. It just became so much hassle and, I thought, I just want an easier life.
How much do you pay in rent?
Just shy of Dh200,000. It’s considerably more than I was paying for the town house. When I left there, my rent was Dh120,000 and the reason I was paying so little is because I'd been there so long, so I was getting a very good deal there.
It's not cheap, but the flip side is I work at home, so I don't have commuting costs. And if this was a two-bed in the Marina or somewhere, it would be a lot more money. It’s all relative.
What facilities do you have?
It's got beautiful facilities. It's got a pool, which I never had in the town house. It's got a beautiful gym.
It's got a residents’ lounge, which is really handy for remote working. I mean, it's just me living here, so noise isn't a problem, but if you are a family and there are kids running around, I'm sure I'd want to escape to these little private offices they've got in the building for people who work remotely. There's a pool table, there's a library.
There's also a dog park on site. It’s dog friendly.
It's like a hotel without the on-site dining. That's the best way to describe it.
The security team are amazing and I like the fact that it's seven floors of accommodation. So it's not high rise. It’s a genuine, small community of people. Most people who live here are owners, so as a result, it’s very much taken care of, really well appointed.
Why did you choose this neighbourhood?
I can walk across the sand to the Springs. It takes me 10 minutes. I drive to Spinneys in the Meadows. It takes me 10 minutes to get on to Al Khail Road.
There was a time, years ago, that JVT was considered remote and inaccessible. But now, it's very, very well positioned.
I love it. I wouldn't want to be down in the Marina or somewhere. It’s too touristy and hectic for me. You do get a few tourists here now, but nothing like you would in the other areas.
What else is around you?
In the immediate area, there are a couple of other buildings. It's residential around me. There are padel and tennis courts nearby.
There are lots of convenience stores and pharmacies. There are a couple of hotels, which have got restaurants, so there's a Movenpick and a new one called Hotel Local right opposite me.
How have you made the apartment feel like home?
I haven't bought much in the way of new furniture. In fact, because the town house I had was very large, I did actually offload quite a bit of furniture.
I've invested in new couches. I wanted a different feel here, so nice white leather. It's really bright. I've painted some accent walls. I had curtains fitted, added rugs. I've changed the dining table as well.
I miss having a garden, but I can't change that. I'm currently planning a bit of design out on the balcony. It's a very long balcony, it runs the length of the house, but it's narrow, so you can't do a lot with it. I'm just currently thinking I'll put some plant pots out there, and maybe put some fake grass down to make it more of a garden.
Why don’t you want to buy a property?
I should have bought being here so long but I think, for me, like a lot of expats, you sometimes don't know how long you're going to be here.
My original plan was to come for a year, but, yeah, how's that working out? So, I kept saying, I'll give it another year … I think, really, I don't want the commitment, and if I suddenly did have to go, I can just go.
How long do you think you'll be in this property for?
Well, I've no intention of leaving. Put it that way. The landlord is lovely. I'm very, very happy here.
I've no plans to leave Dubai at all. I mean, one day I will, but at the moment I have no plans to leave.
I don't know what's going to happen with rents. There are hints that rents are going to start to come down, maybe stabilise a bit, which would obviously be welcome news for everyone. But I'm prepared mentally and financially to stay here.
The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
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COMPANY%20PROFILE
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if you go
The flights
Flydubai offers three daily direct flights to Sarajevo and, from June, a daily flight from Thessaloniki from Dubai. A return flight costs from Dhs1,905 including taxes.
The trip
The Travel Scientists are the organisers of the Balkan Ride and several other rallies around the world. The 2018 running of this particular adventure will take place from August 3-11, once again starting in Sarajevo and ending a week later in Thessaloniki. If you’re driving your own vehicle, then entry start from €880 (Dhs 3,900) per person including all accommodation along the route. Contact the Travel Scientists if you wish to hire one of their vehicles.
Company%20profile
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Company%20profile
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
Results:
6.30pm: Maiden Dh 165,000 1,400m.
Winner: Walking Thunder, Connor Beasley (jockey), Ahmad bin Harmash (trainer).
7.05pm: Handicap (rated 72-87) Dh 165,000 1,600m.
Winner: Syncopation, George Buckell, Doug Watson.
7.40pm: Maiden Dh 165,000 1,400m.
Winner: Big Brown Bear, Pat Dobbs, Doug Watson.
8.15pm: Handicap (75-95) Dh 190,000 1,200m.
Winner: Stunned, Pat Dobbs, Doug Watson.
8.50pm: Handicap (85-105) Dh 210,000 2,000m.
Winner: New Trails, Connor Beasley, Ahmad bin Harmash.
9.25pm: Handicap (75-95) Dh 190,000 1,600m.
Winner: Pillar Of Society, Pat Dobbs, Doug Watson.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
More from Neighbourhood Watch:
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Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
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What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills