1 Prices are indicative and subject to change
2 Expected annual ROI for long-term rental at the time of handover. Numbers based on latest market data.
Find your dream home among the best 3BR, 4BR apartments in Vela by Omniyat. Located in Business Bay, Dubai. Prices are starting from AED 30.3m.
"Vela" by Omniyat is a high-end residential project located in the Burj Khalifa District, overlooking Marasi Bay in Dubai. It's a collaboration with Dorchester Collection, known for its luxurious services and amenities. The architecture, designed by Foster + Partners, reflects the fluidity and beauty of the waterfront, featuring floor-to-ceiling windows for stunning views of Marasi Bay and the Dubai skyline. Interiors, crafted by Parisian designers Gilles & Boissier, offer a serene yet striking ambiance.
Vela is set in a vibrant area, combining the energy of Downtown Dubai with the tranquility of Marasi Bay. It offers unique L-shaped corner pools, sun decks with views of Marasi Marina and Burj Khalifa, and a crafted collection of residences with expansive living spaces.
Residents enjoy access to amenities at The Lana and an exclusive beach club at One at Palm Jumeirah. Services include a doorman, porter, car valet, housekeeping, maintenance, and personal trainers. The project embodies elegance and sophistication, aiming to provide an elevated waterfront lifestyle.
- LocationBusiness Bay, Dubai
- Estimated completionQ4 / 2026
- Short-term rental allowedNo
- Fully furnishedYes
Omniyat, founded in 2005 by Mahdi Amjad in Dubai, focuses on redefining luxury living through unique architectural designs. They prioritize art and creativity, aiming to elevate every aspect of their projects. Omniyat collaborates with renowned industry figures like Zaha Hadid and Norman Foster, and partners with leading hospitality brands such as the Dorchester Collection. Their mission is to create spaces that reflect individual personalities and aspirations, going beyond conventional architecture to achieve groundbreaking designs. Recognized for their achievements, Omniyat has become a trusted name globally, constantly setting industry benchmarks and transforming Dubai's architectural landscape. Their commitment to excellence and innovation is evident in each of their projects.
Up to 8.5m double-height ceiling
Fully Furnished & Fitted by French Designer Gilles & Boissier
Only 1 Unit per Floor
2 Private Lift entrance (one for service/ one for the Owners)
L-Shaped Infinity Pool on Terrace
Full Marina & Burj Khalifa Views from each apartment
Spa Suite and Salon
Meeting Rooms & Lounge
Hotel facilities at The Lana, Dorchester Collection
Beach club at One at Palm Jumeirah, Dorchester Collection
Business Bay, located along the Dubai Water Canal, is to Dubai what Manhattan is to New York. This dynamic district, close to Downtown and Old Town, is a vibrant blend of iconic landmarks such as the Burj Khalifa and Dubai Mall, monumental architecture, and a thriving community of professionals, couples, and families. Its excellent transport links ensure easy commuting, and its closeness to attractions like the Opera district and the Dubai Water Canal further enhances its appeal.
60/40 payment plan
|5% Down payment
|40% Final installment
Additionally a 4% (AED 1,212,000) registration fee to the Dubai Land Department is due at the time of booking.
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Frequently Asked Questions
Are Offplan properties mortgageable?
It is possible to buy an Offplan propery with a mortgage. However, if the property can be acquired through a payment plan (which is almost always the case), it makes usually little sense to get a mortgage. A payment plan is designed for you to buy properties from your ongoing cashflow and already stretches the installments out to multiple years. Taking on a loan to pay for your Offplan property will stretch the payoff period but will result in a higher total price due to interest rates.
If you are currently living in a country other than the UAE, you may get a mortgage or private loan from your local bank. Please get in touch with a representative of your home bank to explore such an option.
That being said, you also can get a mortgage for an Offplan project in UAE. Commonly, a mortgage can be set up from 50% of the construction phase or after handover (thereby allowing you to purchase another property with foreign capital). This is always done case-by-case and also depends on the very project you want to buy in. Therefore, you you need to approach a bank in the UAE in person to find out if you are elligible.
Please get it touch with us to find out more.
Can I buy an Offplan property with Crypto?
Yes, you can buy a property with Crypto through a third-party.
Please get in touch with us to explore your options.
Can I buy Offplan property in Dubai from abroad?
Yes. Please get in touch and we will make your buying process from abroad straight-forward and pleasant.
Can I pay the whole price upfront?
In most cases, yes. You may even get a small discount.
We keep close relations to developers and will help you secure the best price. Please reach out to explore your options for your specific purchase.
Can I get a discount?
In most cases, you will only get a discount if you pay the whole property upfront without a payment plan or purchase in bulk (for example a whole floor).
For singular purchases through payment plans, unless otherwise disclosed, there are no discounts possible.
Can I buy the property through a company?
You can buy a property through a UAE company. However, it is not possible to buy property in Dubai through a foreign company.
Do I need to pay taxes on the income and capital gain from the property?
It depends. You don't have to pay any taxes on the property in the UAE. However, the country where you have your tax residency may tax you on income from either abroad rental income, abroad capital gains, both, or none.
For example, if you pay your taxes in Germany, both your rental income and profit from capital gains is subject to taxation (no tax on capital gains after 10 years).
If there is a tax, the rate is subject to the countries tax laws. At the same time, you may be able to write off expenses for the property from your tax and save money. To get a definite answer, please get in touch with your accountant in the country where you have your tax residence.
Is Offplan property a better investment than already built property?
It depends. There is benefits and drawbacks from buying either.
For example, when you buy already built property, you have the advantage to generate cashflow immediately by renting it out. However, if you are buying prestigious and recently finished real estate you will likely pay a hefty premium over an Offplan property. If you buy older, less prestigious property, you may even get a good price and rent it out immediately, but the resale price may grow much slower or even drop.
On the other hand, when you buy a good Offplan project, you may benefit from exorbitant capital appreciation in the short and long term as well as of the best rental yield in the region, but you will not be able to generate cashflow until it is completed.
To summarize, you can say that Offplan properties come with a delay and certain risks but have a better potential to generate more profit. Whether an Offplan property will be a good or bad investment depends on the specific project you choose and the strategy that you plan to employ. They are also easier to finance from your already existing income.
Will the market crash anytime soon?
Nobody knows how the future will play out. However, here is what we currently see in the market:
- Since the UAE lifted the travel ban for Chinese in early 2023, investors from China are flocking in and buying ridiculous amount of real estate, often purchasing whole buildings.
- We see local investors scooping up real estate, both in Offplan and secondary market. For example, the CEO of Driven Properties (a large real estate broker) recently bought 40% of an Offplan project for more than AED 150 millions (USD ~41 millions). We have knowledge of more investors like that internally scooping up real estate in bulk.
- Whenever you talk to someone about the market, they will tell you that it will crash. But that has been the case for quite some time, and everybody expects it. Chances are, that - assuming that the market will "crash" at all - it will happen when nobody suspects it, and not when the main stream expects it. Therefore, a crash seems unlikely to us in the nearest future.
- Dubai is experiencing a violent and constant inflow of investors. It has, in a sense, become the new Switzerland. More and more people are discovering the UAE as a safe heaven and coming here to protect their wealth from inflation and taxation. There is no indication that this will change anytime soon.
- Comparing the Dubai real estate market with other major cities like New York or Dubai there is still a lot room to grow. All while people are fleeing those cities and coming to Dubai.
- Eventually, as nothing can go up or down forever, of course the market has to come down at some point. However, based on what we currently see in the market this scenario seems to be unlikely in the nearest future. Further, the market may just correct by a few percent and then proceed to raise. That doesn't have to be a "crash", and is subject to your definition of a "crash". If a "crash" for you is a scenario where the whole market goes down by 20% or more, this may not occur for a long time.
Please be aware, that nothing here is financial advice. It is our personal opinion and observation of things that are happening right now in the market.
Is the investment really tax-free?
Generally, yes. There is no income tax and no capital gain tax in the UAE.
However, if your tax residency is not in the UAE, you may be subject to tax in your origin country. Please refer to a tax professional in the country where you pay your taxes to understand the conditions and tax rates that apply to you specifically.
Further, you may be able to move your tax residency to the UAE, after which you would be able to invest completely tax-free. Taxes in your origin country may also benefit you in some aspects, for example you may write off expenses and reduce your current tax burden in exchange for an increased tax burden once you start generating income.
What is the best investment strategy for real estate in Dubai?
Generally the best investment strategy for real estate in Dubai is to hold a property for at least 10 years and rent it out for long-term. It is very probable that over a longer period assets in any market will appreciate. With real estate, you additionally benefit from regular cash influx.
The profitability of your investment will often depend on the choice of the property itself, as well as how well you manage to run your rental endeavour. For example, you may rent a property for more if you furnish it. You may also have a company managing your rentals or do it yourself. In the latter case you will save additional fees that otherwise could cut deeply into your income.
Short-term rental in Dubai usually comes with high vacancy rates due to a hot summer, during which you will find less tourists visiting the city. Therefore you should profoundly research the area and the demand in it before giving your property for rent on Airbnb.
Of course, it is possible that you will make a highly profitable deal in the short term, for example flipping a property. However, the risk in such an approach is highly elevated.
That being said, if you still wanted to make a lot of money quickly, now (as of summer 2023) is probably one of the best times. As unserious as that sounds, the market is currently in a violent uptrend. Therefore, many investors factually pursue this approach and often make significant gains. Nevertheless, it is risky and you should try to omit flipping if you depend on the invested money.
If you don't depend on the money, you can mitigate the risk of flipping by changing your strategy into a more long-term approach to sit out your potential losses and still end up profitably at the end.