Overlooked by the DMCC (Dubai Multi Commodities Center) Authority, Jumeirah Lake Towers provides its residents with prestigious freehold apartments located in the free zone. DMCC’s Executive Chairman, Ahmed Bin Sulayem, said the objective while coming up with the plan for Jumeirah Lake Towers was to development units that could cater to both residents and businesses. The objective is to offer the best lifestyle to its residents and business units in addition to high quality infrastructure and luxurious amenities.

Walkways are being developed and landscaping work is being undertaken at Cluster S which will be the first set of towers to open doors to its residents. At present, Jumeirah Lake Towers is the hub of many national and international firms and also houses the headquarters of the DMCC.

The world class facilities provided at the Jumeirah Lake Towers is what makes this a preferred destination for many businesses to set up their units here.

In recent times, there has been close to 60% fall in the rents being charged at Jumeirah Lake Towers, said Robert Macnair, who is Elysian Group’s Sales Director. He also went on to say that there were many positive changes that took place in this area that has now made it very attractive for people. The functional Metro station, construction of new roads and putting up of better infrastructure has now made an increasing number of people look out for properties in this region. He felt that the drop in the rent rates may continue to hover for a longer time.

In a proof of Jumeirah Lake Towers becoming increasingly affordable, the rental cost of a three bedroom apartment is just Dh 80,000 annually. This is the best time for all residents to opt for a lifestyle upgrade without paying through the nose for it.

Jumeirah Lake Tower’s master developer, DMCCA (Dubai Multi Commodities Center Authority) said they were in talks with relevant personnel in Dubai Municipality over wavering of housing fees since the property is being built in an area categorized as free zone.

On the other hand, Dubai Municipality stands by the fact that the housing fee cannot be waved off even in this region.

The DMCCA spokesperson, in a response sent on email said “The DMCC is a free zone area and under the terms of its enabling decrees, the municipality cannot impose fees on free zone residents. DMCCA has taken up the matter of random imposition of the DM housing fee on JLT residents with the appropriate authorities.”

The Head of Marketing and Housing Fees Unit in the Finance Department of Dubai Municipality, Abdullah Hashim Abdul Gafoor, said that the free zones are not exempt from housing fees.

While owners have to pay 0.5% of the total property value as housing fee each year, tenants have to pay 0.5% of the total annual rent towards this.

A person staying in Dubai Silicon Oasis that is another property built in the free zone, on the condition of anonymity said that Dubai Municipality was not collecting any housing fee from them.

Gold Crest Views II was initially scheduled to be complete in mid 2008. This was later changed to March 2009. However, considering the slowdown in the economy coupled with delays in getting relevant approval from authorities and utility connections that were beyond the control of the company led to further delays.

Haji Mohammed Rafik, the Chairman Star Giga Establishment, announced that the objective of the architectural design of Star Giga Views I and Views II was to make these apartments highly sought after for profitable investments.

There are several options for one to choose from in this 39 storey building that houses 487 apartments. One can pick from wide array of options ranging from studio apartments to three bedroom apartments. There are other community facilities offered here. These include a gymnasium and separate pools for children and adults.

Based on the information given by the developer, all 487 apartments have been sold and 32 residents have already shifted base here.

The owners who have brought apartments in Gold Crest Views II are now busy listing their properties for rent on various online portals. The rents being quoted for studio apartments are Dh40000, one bedroom apartments are Dh60000 and two bedroom apartments are Dh80000 which are marginally lesser than the rents being quoted for Gold Crest Views I.