what Can you buy in Dubai for 15 million RUB?

On Tuesday I went with my friend Mark to check out his apartment in the Binghatti Crescent residential complex in JVC. He bought it 2.5 years ago at the launch. That was May 2023. At the time, a one-bedroom apartment in this building with 68 square meters cost $180k. Two-bedroom 100-square-meter units were selling for $270k, and three-bedroom lots for $400k.

There are several hundred low-rise buildings like this one being built in Dubai. Five floors. Underground parking. A large lobby. A courtyard pool. A gym. The standard Dubai package.

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

One-bedroom apartments in this building now cost $270k. That's a 45% increase. Over the investment period, that works out to 18% per annum. Two-bedrooms are selling for $400k, also yielding 18% per annum. Three-bedrooms gained less, giving investors 11% per annum. Although in all three categories, there are exceptions both on the higher end — 20% and above — and on the lower end. It depends on the views, patience, and luck.

I checked the rental market. One-bedrooms rent for $25k per year. At a purchase price of $180k, factoring in commissions and fees, that's a solid 7-8% ROI in dollars. A two-bedroom can be rented for $33k per year. That also works out to 7-8% rental yield.

These unassuming buildings, blended in among hundreds of similar structures deep in Dubai's more affordable neighborhoods, sometimes yield more dividends than trendy towers from top-tier developers on the first line. Pretty beachfront properties are also needed. But for the enjoyment of wealthy hedonist end-users, not for investment moles hunched over their calculators.