In Dubai, makeovers for Dh100m villas or Dh10m penthouses deliver mega returns owners

In Dubai, makeovers for Dh100m villas or Dh10m penthouses deliver mega returns owners

Dubai: Owners of existing upscale villas, penthouses and apartments in Dubai have another option opening up for them to make some serious money from these assets.

Give these properties - whether 5-, 10- or 15-year vintage - an extensive makeover, add some more features to embellish the living spaces, and place them in the market for an immediate sale. The owners could be in line for 20-30 per cent plus return on their investments. (Some market sources say, the returns could be in that ‘plus’ category.)

Yes, the business of fixing-upping is turning into a serious opportunity for those investors holding slightly older properties and which need a jazzing up. And right now, they could be sitting on a mine of opportunities.

Because try and they might, it will be another 2-3 years before developers in Dubai ready their next lot of luxury/super-luxury homes. What’s being handed over are just not enough to meet the demand going around.

This is where owners and their existing properties come in. The makeover action is mostly happening at the top end of the property space, typically involving homes in the Dh100 million and well over space.

“The current trend is for refurbishments and/or re-modelling of villas done to