AREA OF THE MONTH: JUMEIRAH LAKE TOWERS (JLT)

Buying a Property in Jumeirah Lake Towers (JLT)

What could buying in Jumeirah Lake Towers mean to you?

Buying an apartment in Jumeirah Lake Towers means acquiring a property in a fantastically positioned community in the heart of new Dubai. Like its neighbouring locality Dubai Marina, JLT is a well-connected blend of relaxing waterfront community and popular business hub. The main difference is: apartments and offices in JLT come at a much lower price.

Jumeirah Lake Towers is one of Dubai’ free zone areas and perfect for single entrepreneurs looking to procure an office or a flat near to where they work. Look for available properties in Green Lakes Tower, Saba Tower, Concord Tower or Wind Tower if you want to buy an apartment in JLT. For offices, browse available units in Almas Tower or Tiffany tower among offices for sale in JLT. Each tower has a unique character due to input from various developers.

What is the cost and what are the benefits?

There are 79 towers in Jumeirah Lakes Towers divided into 26 clusters named after the letters of the alphabet (‘A’ being on the Jebel Ali Side and ‘Z’ on Rashadiya’s). Many buildings are mixed-use with average prices ranging from 1,500/ft² for 4-bedroom apartments to AED1,400 for studios. Offices for sale in JLT start from AED350,000 and go as high as AED35,000,000 in the famous Almas Tower. JLT consistently come on of top most profitable communities in terms of rental yields as well. The average rental returns for landlords currently stand at 7.5% per annum, although JLT studios rented out for AED63,000 can reach up to a 9.7% return on investment.

Why should you invest?

Jumeirah Lake Towers is conveniently set near Dubai’s central Sheikh Zayed Road and between two metro stations (Jumeirah Lake Towers and Damac Properties). Whether you’re looking to buy a property for yourself or your business, rest assured that you and your family/employees will be much happier on the commute in JLT than they would be in Dubai Marina (congestion). Likewise, rents are far lower here than in Downtown Dubai and other popular areas, which makes it easier to sublet to expats on the commute to nearby business hubs like Dubai Marina, Media City, Internet City (10 minutes) or even Downtown Dubai and Business Bay (20 minutes). Abu Dhabi is 45 minutes away from JLT.

In terms of lifestyle, JLT is a green and fitness-oriented community with beautiful placid lakes lined with smooth promenades where residents can stroll, jog, roller blade or dog walk. The promenade is buzzing with multicultural restaurants, as well as sports, fitness and yoga centres. Finally, all the buildings are well-equipped with pools, gyms, saunas and round-the-clock security.

Renting a Property in Jumeirah Lake Towers (JLT)

 What could renting in Jumeirah Lake Towers mean to you?

Renting a property in Jumeirah Lake Towers means getting all the perks of Dubai Marina at a much lower price. The community is close to Dubai’s colossal Sheikh Zayed Rd and popular business centres such as Dubai Marina, Media City and Internet City. Simultaneously, JLT is a thriving business hub itself and an excellent community to both reside and work in.

The area is serviced by not one but two metro stations (Jumeirah Lake Towers and Damac Properties), which means you can get to anywhere from Dubai International Airport to Jebel Ali Free Zone with relative ease. Look for properties in Green Lakes or Armada Towers if you want to rent an apartment in JLT. Brwose available listings in Saba Tower 1 or Jumeirah Bay if you’re looking to rent an office in JLT.

What is the cost and what do you get?

JLT buildings are equipped with swimming pools, gyms, saunas, steam rooms and 24-hour security. Towers are 35 to 45 floors high and many of them have spectacular views of The Marina. Per Bayut’s reports, JLT often is often second in terms of most popular localities for renting in Dubai. Average rent for studios in JLT is AED60,000 while one-bedroom apartments cost AED90,000 on average. 2-bedrooms require a spend of AED100,000 yearly, while 3 beds and above start at AED120,000 for unfurnished apartments.

Similarly, JLT often comes second in terms of most popular offices to rent, just after Downtown Dubai. The average price for renting an office in the area currently stands at AED75,000.

Why should you rent?

Jumeirah Lake Towers is thriving multi-cultural area populated with expatriates from all sides of the world, many of whom are young and fitness-conscious. If you are a sports enthusiast, Sportsmania JLT offers football, beach soccer, beach volleyball, basketball, handball and tennis facilities. Fans of golf can join one of the two first-rate golf courses nearby – The Emirates Golf Course and the Montgomerie.

On the other side of the spectrum, JLT is crammed with pizzerias and restaurants that serve international cuisines. The two hotels in the area Mövenpick and Bonnington both host popular licensed venues such as Urban Bar and Kitchen and McGettigan’s Irish Pub, among others.

In terms facilities for children, JLT offers numerous pre-school options such as Rainbow Valley Nursery, Mosaic Nursery or Dewdrops, as well as four large children’s play areas spread across the community. Finally, the locality is very close to three major Dubai malls: Dubai Marina Mall (9 minutes), Ibn Batuta (11 minutes) and Mall of the Emirates (4 stops from JLT metro), which makes living in JLT even more convenient.

Finally, Cluster Q’s lake has been reinvented as a beautiful park and now represents one of the greenest and nicest sports in JLT.