Property Overview
A furnished 1-bedroom apartment in Elite Downtown Residence, Downtown Dubai by Triplanet Range at AED 1,800,000 for 1,003 sqft, equalling AED 1,795 per sqft. The agent states a market value of AED 2,100,000, implying a saving of AED 300,000 (14.3%). Largest 1BR layout in the building with 2 bathrooms. Vacant. 2nd floor. Ready property (completed 2022).
Property Highlights
- Type: 1-bedroom apartment (furnished, 2 bathrooms)
- Size: 1,003 sqft (largest 1BR layout)
- Asking price: AED 1,800,000
- Agent-stated market: AED 2,100,000
- Implied saving: AED 300,000 (14.3%)
- Rate: AED 1,795 per sqft
- Floor: 2nd (lowest residential level)
- Status: Vacant, furnished
- Completion: February 2022 (ready)
Market Assessment
The agent claims a market value of AED 2,100,000 and a saving of AED 300,000. This benchmark needs careful evaluation given the 2nd-floor location.
DLD Transactions (1BR, Elite Downtown Residence)
- AED 1,600,000 for 807 sqft (Oct 2026) = AED 1,982 per sqft (smaller layout)
Only one 1BR DLD transaction was found. Extrapolating to 1,003 sqft at the same per sqft rate gives approximately AED 1,988,000. However, this was for a potentially higher floor; a 2nd-floor unit would typically command less.
Active Listings (1BR, same building)
- AED 1,800,000 for 1,007 sqft furnished, canal view (appears to be this unit or identical)
- AED 1,850,000 for 1,003 sqft (another similar listing)
- AED 2,400,000 for 1,007 sqft furnished, high floor, canal and pool view
- AED 2,400,000 for 810 sqft, Burj Khalifa view, high floor
At AED 1,800,000, this listing matches the lowest asking price for the 1,003 sqft layout. The AED 2.1M market claim is above all comparable asking prices for a low floor. A more realistic market value for this size and floor is AED 1,850,000 to AED 2,000,000, making the actual discount approximately 3% to 8%, not 14%.
Floor Consideration
The 2nd floor is the lowest residential level in a tower of approximately 30 floors. In Downtown Dubai, lower floors trade at a meaningful discount to mid and high floors. The AED 600,000 gap between this 2nd-floor unit (AED 1,800,000) and a high-floor unit of the same size (AED 2,400,000) illustrates the floor premium. Buyers seeking a Downtown address at a lower entry point may find this appealing, but resale appreciation on low floors is typically slower.
About Elite Downtown Residence
A residential tower of approximately 30 floors and 400 units by Triplanet Range in Downtown Dubai, completed February 2022. Originally launched in January 2014. Unit mix: studios, 1BR (731 to 1,006 sqft), 2BR and 3BR plus maid. The 1BR range includes multiple layouts; the 1,003 sqft is the largest with 2 bathrooms. Located in the canal area of Downtown, within walking distance of Burj Khalifa, Dubai Mall and the Downtown metro station.
Verification Notes
The asking price, size, furnished status, vacant status and 2nd-floor location are from the agent brief. The 1,003 sqft is confirmed as the largest 1BR layout in this building (Bayut gives the range as 731 to 1,006 sqft). The AED 2.1M market benchmark is from the agent and appears inflated for a 2nd-floor unit based on active listing comparisons. The realistic discount from market is approximately 3% to 8%, not the implied 14.3%. Only one DLD 1BR transaction was found (AED 1,600,000 for 807 sqft). 29 total sales across all unit types were recorded in the past 12 months, down 43% year over year. Buyers should verify the market claim independently, inspect furnishing quality, and factor the 2nd-floor location into their valuation.
