A French Expat’s Luxe Hunt: What Can $1 Million Buy in Dubai’s Booming Market?

A French Expat Tries Buying in Dubai: What Could She Find for Under $1 Million?
After six years in the United Arab Emirates’ most populous city, a PR professional decided to settle down and invest long-term. Here’s what she discovered.

When Clementine Martini arrived in Dubai six years ago for a new job, she was thrilled to find that the UAE’s largest city was more than just a manufactured metropolis of glass and steel towers.

Instead, she discovered a safe, vibrant, and cosmopolitan social scene, along with natural beauty. “Contrary to what most people think, nature is everywhere,” says Martini, 44. “Dubai is the perfect combination of living in a global business hub with access to the beach and desert.”

Born and raised near the French coastal city of Marseille, Martini worked in public relations in Belgium for a decade before spending a few years in Qatar. In 2018, she moved to Dubai as a senior manager for global campaigns at the Dubai Tourism Board and lived in rental properties as the city continued to grow around her.

Considered Options: Europe or Dubai?

Last year, she considered investing in real estate in France or Belgium for an additional income stream. However, due to rising housing prices and inflation in Europe, the returns wouldn’t justify the investment. Meanwhile, Dubai was experiencing its own boom, driven by a wave of foreign buyers: home prices rose 19% from September 2022 to September 2023, according to a market report by real estate consultancy Knight Frank.

With her monthly rent of around 15,000 dirhams ($4,000) set to increase, Martini became more inclined to invest her money in the Gulf.

“The price per square meter is actually half the price of real estate in Paris, plus you have access to amenities like parking, a gym, and a swimming pool,” she explained.

Her Budget and Search

With a budget of around 3 million dirhams ($815,000), Martini sought a two-bedroom apartment in one of Dubai’s luxury condo towers.

According to Audon, Dubai is currently a seller’s market: “It’s been that way for three years. With high rents, tenants are opting to buy rather than continue renting.”

Martini initially focused her search on a few older buildings known for having larger floor plans than newer developments. While many Dubai apartments boast large windows, she also wanted ample wall space for her art collection and extra room for visitors.

A Few Options:

Option 1: Two-Bedroom in the Arts District
This bright two-bedroom, three-bathroom apartment in the 71-story Opera Grand building is located in the Opera District, a cultural hub in Dubai’s city center. Floor-to-ceiling windows and a balcony from the living room offered views of the Burj Khalifa and its artificial lake. The narrow kitchen included a pass-through, while large pillars took up some of the floor space. The building featured amenities such as a gym, conference room, and two swimming pools. However, the price was above her budget at 4.25 million dirhams ($1.15 million).

Option 2: One-Bedroom in the Financial District
This one-bedroom, two-bathroom apartment was in the 65-story Burj Daman tower in Dubai’s bustling International Financial Center. Covering 130 m2, the unit had glass walls, a built-in wardrobe, and a long balcony accessible from both the living room and bedroom, offering stunning views. The development, which included a five-star Waldorf Astoria hotel, also featured two swimming pools, a gym, and a squash court. The price was 2.5 million dirhams ($680,000), comfortably within Martini’s budget, and she considered it a sound investment given its prime location in Dubai’s “Wall Street.”

Option 3: Two-Bedroom in Downtown Dubai
This corner unit with two bedrooms and three bathrooms was in the 16-story DT1 tower in Downtown Dubai, close to business and cultural hubs. The 150m2-foot apartment featured an open kitchen with an island, two en suite bathrooms, an additional washroom, a balcony overlooking the road circling downtown, and ample wall space for displaying artwork. The complex offered amenities such as a public art gallery, private parking, a gym, and two swimming pools. The price was 3.425 million dirhams ($932,000).

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