17 hours ago
My Own Home: French entrepreneur buys one-bedroom Business Bay property Dh200,000 below market value
My Own Home takes you inside a reader-owned property to ask how much they paid, why they decided to buy and what they have done with it since moving in
Laurie Fersing, a French entrepreneur who has her own facilities management company, has lived most of her life abroad, from Barcelona to Bahrain through London, New York and Paris. But it's Dubai she's been investing her money in when it comes to buying property.
The serial investor has multiple homes, including the Business Bay apartment she's settled into. She arrived in the UAE in February 2020, a month before the Covid-19 lockdowns, and it was only a few weeks after that she made her first investment in the area – a one-bedroom apartment she sold after 18 months.
With the profit, she decided to buy her current property, another one-bedroom, in Churchill Towers, and she'll only consider moving when her 'dream home' – an apartment she bought off-plan – is handed over in 2026.
The National takes a look around.
Please tell us about your home
It's a one-bedroom and I have 986 square feet. There's one bathroom, one big kitchen, one very big living room and the balcony, which is a good dimension.
I'm living in Churchill Towers, Business Bay. It's very well maintained, because it's a premium tower, and I'm quite happy here because it's well located.
Why did you decide to buy this home?
I decided I wanted to buy an apartment for myself. I had a deadline. I wanted to buy before the end of 2023 and that was my goal. And in mid-December, I had just a few days left before we were in 2024 and I needed to reach my goal. So, I said, this weekend, I'm going to visit one million apartments if I need to.
On Friday morning, I was looking at all the properties advertised that matched my criteria in terms of price, location and view. I organised like the military for my visits on Saturday and Sunday. I had one visit at 8am, 8.15, 8.30, 8.40.
This one was the first one I visited. The first one on Saturday morning, when I entered, I left, and I was like, OK, I'm 99.9 per cent sure I will make an offer, but let's see. I still saw the rest, as they were all in Business Bay and it was easy to go from point to point. Then on Sunday evening, I gave the deposit for this unit.
I was lucky to have the down payment and, for me, there is no point in giving money to a landlord and to be dependent on the price, which increases. Now, not only am I saving on my rent every month, but I can improve my apartment and sell it with a higher price later on. So it makes sense to invest wherever we can. I really have this mindset.
How much did you buy it for?
I bought it for a bit less than Dh1.1 million, which was Dh200,000 below market price, as it was a distress deal. Now I've also done some renovations, the value would be about Dh1.5 million.
What renovations have you done?
Not too much, because the apartment was in very good condition. It's from a good developer, in a good tower and the material is very high quality, nothing was damaged. It was just about modernising it; changing the colours, making it more white.
I changed the countertops in the kitchen and I did the same in the bathroom. I also did all my bedroom, so I have a bed that's a bit like hotel style.
Why did you choose Business Bay?
I was commuting for my work in Business Bay from JLT, which during the pandemic was fine, but then after Covid the traffic became insane, so it was no longer viable.
I moved to Business Bay and, initially, I was renting something, just to check the area and see if I felt like it suited my lifestyle. It's the perfect place to be because I'm close to my work, and I'm close to everything when I go out. I'm always going out in Business Bay and Downtown. Even though there is a bit of traffic, it's still far less than when I was in JLT or JVC.
Why did you choose this building?
Whenever I want to buy something, because I have some knowledge on the market, and it's not my first investment – I was also investing before in my own country – I have a checklist of things that I really want. I don't buy if all my checklist is not ticked. I even have a piece of paper in front of me when I look around the property.
I wanted to have a nice building with a nice reception, with a very nice entrance. I wanted it with security and to be clean and modern. I wanted to have an elevated floor. I wanted to have a building with potential for renovation, because I was thinking to make some capital appreciation.
I also wanted to have a very nice view. And honestly, I'm super lucky. The view is insane. From my bedroom, I can see the canal. From the swimming pool, I can see the Burj Khalifa.
I wanted to have something shiny. You know, when you enter the place, it's bright, the sun is coming in. And I wanted a balcony as well.
What facilities do you have?
There is a nice gym, which they just renovated. There is a pool, which is also under renovation. There's a kids' area, a sports court – I'm not sure which as I never go – and there is a supermarket downstairs.
I'm literally near Dubai Canal, so I can go running around the canal.
How would you describe your interior design style?
All white and brown, with rattan. I have a bit of rattan everywhere. I still have furniture to change, it's on my to do list. I like natural materials, neutral colours.
How long do you plan to stay in this property?
I'm waiting for the new building to be handed over with the apartment I bought off-plan. I don't know what I will do, so I will have to check which one is better for me at the time. For sure, I will keep them both and I will rent the one that I'm not using.
I'm still also planning to buy more properties, too.
