My Own Home takes you inside a reader-owned property to ask how much they paid, why they decided to buy and what they have done with it since moving in
Ada Lanzaro Beaton lives overlooking Dubai Marina in an apartment she and her husband Nathan Beaton bought in 2017.
The couple, who are in their mid-40s, paid less than Dh2 million ($544, 530) for the two-bedroom unit in 23 Marina Tower, which they share with their dog Dante.
Ms Beaton, who is Italian, works in product management and innovation while her husband, an Australian, is in curriculum advisory, with both employed in the education technology sector but by different organisations.
They had already been enjoying Dubai Marina life since 2012 so decided the popular destination was also the place to buy their UAE home.
Ms Beaton took The National on a tour.
Please tell us about your home
Our apartment is a two-bedroom with a spacious maid's room that we use for storage. We have three bathrooms and an open kitchen with a low wall between there and the living area.
We have two balconies that are the same size. Each is large enough to sit two to four people. Our views are on to Sheikh Zayed Road and JLT [Jumeirah Lakes Towers] on one side, and sea views/Dubai Harbour on the other … very nice at night, with lots of lights.
Our tower has all standard Dubai Marina amenities including multiple swimming pools, a gym, play areas and a running track on the fourth floor that runs all around the building.
Our tower is very well-maintained and thoughtfully managed, and we’re grateful to all the staff who take care of us residents.
We’re in the middle of Dubai Marina so I wouldn’t call this a quiet location.
Our windows provide good insulation but as soon as we’re out of the building lobby, it’s quite busy with both cars and people.
What made you select this area?
We’ve been living in Dubai Marina since 2012 and we bought our current home in 2017.
Our previous apartment was just across the street, in Ocean Heights Tower.
We enjoy living in Dubai Marina so when the time came for us to buy an apartment, we knew this was the neighbourhood we wanted to live in.
We did look around but ended up on the same block.
There are more opportunities for fun than we need, plus a lovely cycling track and we have many friends in the area.
Parking is difficult and traffic is horrific at certain times of the day but we’re lucky we’re able to leave the house outside of peak hours on most days.
What drew you to this apartment?
Our choice was neighbourhood-led.
We’d always lived in Dubai Marina and been happy here.
We have everything we need on our doorstep and we love the vibe.
We found the apartment through a combination of online search until we found a broker we trusted.
It’d have been easy to be tempted by the many beautiful homes in Dubai Marina with sweeping water views but we had a set budget.
We decided to compromise on views rather than space and it was the right choice for us. Views change all the time, anyway.
What prompted you to buy a home?
We believe in buying versus renting.
And when we came to the realisation that we’d be staying in Dubai for the medium to long term, we decided we’d invest in a home here.
We hadn’t had bad experiences with landlords before – perhaps these were easier days when renting wasn’t as competitive as now.
By 2017 we’d saved a reasonable sum and had access to some additional help from our families back home.
As soon as we had enough for a cash transaction, we started looking for something that would fit our budget.
Any negatives about the area?
There is one downside to Dubai Marina for us … we have a small dog and, despite many families having pets, the Marina isn’t a dog-friendly area.
For example, Marina Walk is just at our doorstep and we’ve always enjoyed long evening walks along the water after work.
Unfortunately dogs are not allowed there, so we hardly ever walk there any more.
For this reason, and because of the ever-growing number of residents, traffic and street noise, we might consider leaving the Marina at some point.
What personal touches have you made to the apartment?
We didn’t make any big renovations [but] we did personalise a little.
The house was still new and in very good condition when we bought it. The previous owners had turned the maid’s room into a storage room, which worked well for us.
We introduced wooden floors throughout the apartment, which I love.
We also wrapped the kitchen to make it look less brown and more modern, and upgraded the built-in wardrobes in the bedrooms.
We put pictures on the walls, painted the walls in specific colours and bought furniture that we liked.
But we’ve never pulled down walls or anything structural like that.
What financial advantages do you gain by owning?
There are different schools of thought on owning versus renting and it depends on several factors, including how steep mortgage rates are.
I’d recommend everyone runs their numbers before committing to such a substantial investment.
We had enough that we didn’t need a mortgage and our home has appreciated since we bought it so we’re reasonably happy that this was a good choice for us.
What do you estimate your property to be worth now?
With real estate – as with all investments – you never know when exactly is going to be the best time to buy.
Based on our individual circumstances, it was good to buy when we did. Our home has appreciated since 2017 and as the popularity of Dubai Marina continues to grow, we’re hoping the value of our property will too.
Based on the improvements we’ve made and the current price of very comparable apartments in our building – same unit, same views, around same floor, etc – it should be worth Dh2.3 million-Dh2.4 million.
Do you plan to sell or lease your apartment if you move?
I wouldn’t say this is a forever home, as we’re talking of upsizing in the next couple of years.
As we’ve started to work from home more since Covid, we could do with more space.
We’d like a garden, or at least better views, and a dog-friendly community. We’re also getting older and have less interest in the hustle and bustle of a busy area like the Marina.
Having said this, we won’t necessarily sell this property, we may keep it as a rental.
Do you plan to buy more property?
We might but we’re in no rush and we won’t necessarily buy in Dubai.
If we buy in Dubai, we’ll diversify and buy something and somewhere different from our current home – probably a town house or small villa.
I like Sustainable City but it’s too far from the places I usually hang out around, or Lakes/Meadows but these villas are priced very high right now so we’ll see.
We’re in no rush to leave.
Tomb%20Raider%20I%E2%80%93III%20Remastered
%3Cp%3EDeveloper%3A%20Aspyr%0D%3Cbr%3EPublisher%3A%20Aspyr%0D%3Cbr%3EConsole%3A%20Nintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20series%20X%2FS%0D%3Cbr%3ERating%3A%203%2F5%3C%2Fp%3E%0A
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.”
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
More coverage from the Future Forum
57%20Seconds
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Rusty%20Cundieff%0D%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EJosh%20Hutcherson%2C%20Morgan%20Freeman%2C%20Greg%20Germann%2C%20Lovie%20Simone%0D%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
Fight card
1. Bantamweight: Victor Nunes (BRA) v Siyovush Gulmamadov (TJK)
2. Featherweight: Hussein Salim (IRQ) v Shakhriyor Juraev (UZB)
3. Catchweight 80kg: Rashed Dawood (UAE) v Khamza Yamadaev (RUS)
4. Lightweight: Ho Taek-oh (KOR) v Ronald Girones (CUB)
5. Lightweight: Arthur Zaynukov (RUS) v Damien Lapilus (FRA)
6. Bantamweight: Vinicius de Oliveira (BRA) v Furkatbek Yokubov (RUS)
7. Featherweight: Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)
8. Flyweight: Shannon Ross (TUR) v Donovon Freelow (USA)
9. Lightweight: Mohammad Yahya (UAE) v Dan Collins (GBR)
10. Catchweight 73kg: Islam Mamedov (RUS) v Martun Mezhulmyan (ARM)
11. Bantamweight World title: Jaures Dea (CAM) v Xavier Alaoui (MAR)
12. Flyweight World title: Manon Fiorot (FRA) v Gabriela Campo (ARG)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
