Jumeirah Lake Towers - JLT

AED 1,226
0%
-0.41%
-9.65%
95%
0%
7.01%
Historical Price Change of Apartments in Jumeirah Lake Towers - JLT

These are the average Vital Stats for Jumeirah Lake Towers - JLT for 2016 Q4.
You can dig deeper and analyze data for individual properties in Jumeirah Lake Towers - JLT under Transaction Prices and Historical Data.

Master-planned development along Sheikh Zayed Road. As of Q2 2015, there are 65 ready projects and 6 that are under-construction. JLT consists of residential towers, office buildings, hotel & hotel serviced apartment developments as well as a hundreds of retail shops located at the foot of nearly every building. Road networks and connectivity has drastically improved in 2014. Occupancy rates for residential buildings is very high; the office market is maturing and retail activity is emerging.

Property Types Available: Apartments, Offices, Hotels, Hotel Serviced Apartments
Location: Sheikh Zayed Road
Status: Ready, Under Construction
Year Launched: 2006
Developer: DMCC
Title Type: Freehold
Height Classification: High-rise
Life Cycle: Mature

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About Jumeirah Lake Towers - JLT

Please note: Jumeirah Lake Towers is one of the 60 major communities in freehold Dubai where Lookup.ae reports quarterly prices. We track all apartment types by quality within JLT and this data can be viewed in more detail under this section's Transaction Prices and Historic Data sections.

General Guide

Jumeirah Lake Towers is a master-development along Sheikh Zayed Road and directly opposite to the Dubai Marina. The development consists of 63 ready projects, and 6 under-construction projects (as of Q2 2015). JLT consists of residential towers, office buildings, hotel & hotel serviced apartment developments as well as a hundreds of retail shops located at the foot of nearly every building.

Overview

Jumeirah Lake Towers was announced in 2004 and was originally to be overseen by Nakheel Properties. As we understand, Nakheel is no longer considered the master-developer of the community and that mandate has shifted to DMCC. According to initial press-releases, JLT covers an area of 7.3 million sq. ft.

In late 2004, Nakheel announced that all the plots within JLT were sold out to private investors and developers, who in turn began launching projects in the community in the same year.

JLT is organized into 26 clusters each containing 3 building plots each. As of Q2 2015, there are a total of 3 entry/exit points into the community by road (2 from Sheikh Zayed Road and a third which connects the community to Mohammad bin Zayed Road). most of the clusters are built around three man-made lakes.

All the towers in JLT are a minimum of 35 storeys tall. The tallest building, and the center piece of JLT is the Almas Tower, one of Dubai's tallest buildings. Almas is a commercial tower rising 90 storeys tall and developed and managed by DMCC. Other towers range in size from between 35 - 45 storeys tall.

There are also two metro-stations that connect directly onto JLT, and this is one of the most attractive features of the community.

Apartment Market

There are a total of 38 towers in JLT that have apartments, while another 4 such towers are under-construction.

High quality residential buildings: Green Lake Towers, Al Seef Tower 2 and 3, Tamweel Tower, Al Shera Tower, Madina Tower.

Mid quality residential buildings: Icon Tower 1 & 2, Lake Terrace, Lake View, V3 Tower, Mag 214, Al Waleed Paradise, Aramada Towers, Concorde Tower, Dubai Arch, Global Lake View, GoldCrest Views 1 & 2 etc.

Office Market

There are a total of 27 towers in JLT that have office space, and only one office building is currently under-construction.

Most of the office buildings in JLT are Grade B quality. A major drawback of office supply in JLT and in the Dubai in general is the fact that they have STRATA ownership - which is a drawback for office buildings when viewed from global best practices perspective. Most developers sell office space at the time of launching a project. Therefore, by the time a building is ready, there are hundreds of owners who have purchased various sizes of office space. These type of buildings are not attractive for big business, especially the International Corporations who look for larger spaces in quality buildings with well structured management in place.

Still, JLT is one of the handful of areas within Dubai where a buyer can purchase freehold office space (the others being Business Bay and Dubai Silicon Oasis).

High quality office buildings: Almas Tower, Gold Tower (AU), JBC 1, 2, 3, 4 & 5; Platinum Tower, Silver Tower, Tiffany Tower.

Mid quality office buildings: Armada Tower 2, Fortune Executive, Fortune Tower, HDS Business Center, HDS Tower, Jumeirah Bay (X2 & X3), Mazaya Business Avenue, One Lake Plaza, Reef Tower, Saba Tower 1, The Dome.

Hospitality Market

There are a total of 4 towers in JLT that are hotels or offer hotel serviced apartments - Bonnington Tower, Laguna Tower (Movenpick), Pullman JLT and Liwa Heights. One tower, Bobyan in Cluster E, is currently under-construction, with delivery expected in late 2015 or early 2016.

Under-construction Projects & Future Construction

There are just a few projects under-construction in Jumeirah Lake Towers and only a few remaining plots which have yet to be developed. Currently under-construction in JLT are: Bobyan Towers, Dubai Gate 2, Al Saqran Tower, Dubai Star, One JLT, Wind Tower 1 & 2.

About Prices Lookup.ae Reports in Jumeirah Lake Towers

1. Lookup.ae conducts quarterly surveys on pricing, occupancy rates and transaction activity in Jumeirah Lake Towers as well as about 70 other major communities in freehold Dubai. Our surveys cover the entire community as a whole and our reporting can be found within this section in the Property Prices and Historic Data sections.

2. Lookup.ae also publishes weekly data from the Dubai Land Department on individual building transactions. This data is accessible to real estate agents who are members of Lookup.ae.

3. Dig deeper if you'd like by clicking on the Property Types tab at the top of this page. The breakdown includes data of each property type's price, price psf range, average rental price and other information where available.

4. Investment Guides of this section will only report an interesting trend or a new project launch. These are updated only periodically. If you think that there is something we should be reporting on, please contact us.

5. Quality across Jumeirah Lake Towers falls in between the mid-end & high-end quality. For studios, whether it is a mid-end or high-end building, we see similar ranges of transaction value. For other property types (1, 2, and 3 bedroom), the difference in price is very visible. Most of the high-end buildings in Jumeirah Lake Towers also have much larger units than buildings in Dubai Marina with similar quality.

6. Price data shown does not include hotel serviced apartments.

7. Price data for commercial in JLT and other business districts of Dubai will be introduced soon.

Major Developers

A total of 42 developers have been involved in the development of the 71 projects in JLT (as of Q2 2015). Major developers in the project include:

  1. DMCC - 5 projects
  2. Damac Properties - 2 projects
  3. Al Fajer Properties - 5 projects (all the Jumeirah Business Center developments)
  4. Armada Group - developed the 3 Armada Towers in Cluster P
  5. ASAM - developed the 3 Green Lake Towers in Cluster S
  6. ETA have done partnerships with various groups to developer 3 projects in JLT
  7. Mazaya Holding have developed Icon Tower 1 & 2 as well as Mazaya Business Avenue
  8. Mismak Properties - developed Cluster X (Jumeirah Bay)
  9. Reef Real Estate - developed Madina Tower and Reef Tower
  10. Saba Group - developed Saba Towers 1, 2 and 3

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