Considering that Dubai Marina is top-tier urban neighbourhood with glitzy skyscrapers, ‘the rent here is significantly lower compared to other buildings in the area’
Residents of Dubai Marina’s The Torch knew about the fires that hit the building in recent years. Another blaze was reported just a few days ago. Despite these, most tenants have no plans to move out of their homes.
On Thursday evening, a fire erupted in the building, originating from the restaurant on the ground floor. Emergency response teams, from the fire brigades to the police and ambulances, rushed to the site and put the situation under control. No resident was harmed and evacuation wasn’t necessary.
The scene wasn’t new to those who lived in the The Torch for years.
In August 2017, a fire broke out due to a discarded cigarette butt, igniting a blaze that compelled many of the tower’s 475 residents to find temporary accommodation. Before this, in February 2015, the same building saw a massive fire that started on the 51st floor, raising alarms throughout the community.
To some, these may look like big red flags but to many of the building’s residents, the pros still outweigh the cons. The biggest advantage? Cheap rents.
Considering that Dubai Marina is a top-tier urban neighbourhood with glitzy skyscrapers “the rent at The Torch is significantly lower compared to other buildings in the area”, said Anu Tiwari, an expat who lived there for years.
A tenant, who wished to remain anonymous, said “the affordability coupled with a breathtaking city view is truly remarkable”.
“I can see the whole of Palm Jumeirah and other neighbourhoods of Dubai from my apartment, I find immense value in residing here,” the resident said.
Rent for one-bedroom unit at The Torch start at Dh90,000 per year, based on popular property websites. This is nearly Dh10,000 lower than similar units that are being offered at Dh98,000 to Dh100,000.
Two-bedroom flats start at Dh135,000, which far lower than the Dh148,000 to Dh150,000 rent at a nearby building.
A one-bedroom apartment is being rented out at an average of Dh90,000 to Dh110,000 per year in Dubai Marina, while a two-bedroom is at Dh128,000 to Dh157,000, according to Rera.
Besides the affordable rent and beautiful views, Tiwari said the strategic location was a big plus. “The tower is in an area from where one can easily get to the Sheikh Zayed Road and avoid peak-hour traffic,” he said.
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