Westwood — a modest building with good numbers

In my photo reports, I usually show you expensive residential complexes, but recently I decided to check out a selection of Dubai’s budget-friendly projects, which I rarely visit. Our first subject is the Westwood building by the developer Imtiaz.

The low-rise Al Furjan area is still developing. From Bluewaters, I got there in 10 minutes.

Among the cluster of already completed buildings, there are many empty plots, which means there will definitely be new construction right outside your window. But for those looking for low rental prices, who aren’t too picky about their surroundings, yet still appreciate aesthetics, Westwood fits the bill.

The lobby features high ceilings and a large shelf filled with decor, plenty of wood finishes, a cozy lounge that outperforms Emaar’s interiors, a compact gym, and two small pools — a classic Dubai amenities package.

Imtiaz didn’t overcomplicate the unit mix: the entire building consists of 40 sq. m studios and 75 sq. m one-bedroom apartments. At the launch of sales, a studio cost $120 000 and one-bedroom — $200,000. All apartments came with furniture from the developer.

The furniture design is up for debate, and there are some things I would definitely have done differently, but overall, the apartments look decent: a kitchen with Bosch appliances, nice floor tiles, high ceilings in the rooms, and black-framed glazing with a pleasant glass partition layout.

During the construction phase, prices rose by 30%, and in January–February of this year, 22 apartments had already been sold on the secondary market.

While I was taking photos by the pool, I heard: «Oleg, is that you?» Two guys were sitting in the water and asked to have their picture taken. While they were drying off and putting on their T-shirts, getting ready for the photo, I found out that they rent two studios here for $2,000 per month each. Even at the current purchase price, that gives an annual ROI of over 7%.

Renting a one-bedroom apartment costs $24,000 per year, giving buyers who purchased at the launch a yield of around 9–10%.

But the rental math worked out because the developer created a stylish building, and people want to live there — which drove up those rates. That’s not always the case.