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On Tuesday, I went with my buddy Mark to see his condo in the Binghatti Crescent apartment complex in the JVC neighborhood. He bought it 2.5 years ago at the sales launch. That was May 2023. Back then, a 68-square-foot one-bedroom apartment in this building was going for $180k. One hundred meter two-bedrooms were selling for $270k and three-bedroom lots for $400k.

There are hundreds of low-rise houses like this being built in Dubai. Five stories. Underground parking. Big lobby. Pool in the courtyard. Fitness room. Standard Dubai kit.

The JVC neighborhood itself has long since ceased to be "up-and-coming" and has simply become a well-established destination for families and solo expats. It's chosen by those looking for a lower price point. There is still a lot of construction here, but there are already cozy parks, international schools, a shopping center and convenient exits to the main highways of the city.

One bedroom apartments in this building are now going for $270k. The price has gone up 45%. The investment yields 18% APR over the life of the investment. Two-bedrooms are selling for $400k, which also yields 18% APR. Threes added less and gave investors an 11% APR. Although there are exceptions in all three categories both in the direction of higher yields of 20% and above and lower yields. It depends on the types, patience and luck.

Looking at rentals. One bedroom units rent for $25k a year. With a purchase price of $180k including commissions and expenses, that's a quiet 7-8% ROI on the dollar. A two-bedroom can rent for $33k a year. That's also a 7-8% rental income.

Such inconspicuous houses, dissolved among hundreds of similar buildings in the depths of democratic neighborhoods in Dubai, sometimes bring more dividends than fashionable towers from the top developers on the first line. Beautiful houses by the sea are needed too. But for the enjoyment of rich hedonist-endusers, not for investment moles bent over a calculator.