Luma22

Luma22 is a 5-storey residential complex that is currently being developed by TownX. It will be located in Jumeirah Village Circle, Dubai and is scheduled for completion in Q3 2024. The sustainably-built, cosy complex will consist of studios, 1, 2 and 3-bedroom apartments, with varying floor plans and layouts and ranging in size from 414 sq. ft to 1,715 sq. ft.

The residences at Luma22 will be designed in a modern yet neutral style that brings the colours from nature and the building’s facade into the apartments through the floor-to-ceiling windows. Kitchens and living rooms will be arranged in a way that maximises space while emphasising functionality; open kitchens with expertly hidden appliances, strategically placed dining tables, comfortable seating around the large windows, and inviting lighting will all make up the living spaces. The bathrooms will be equipped with built-in shelves and large drawers to provide ample storage space. Some floor plans even include a multi-purpose room that can be turned into a home office, maid’s room, workout or relaxation zone, or additional storage. All residences at Luma22 come with a sizable balcony or terrace that provide delightful views of the inner courtyard or surrounding neighbourhood.

As of June 2023, the starting price of a studio in the Luma22 complex is around AED 630K (USD 171.5K), while a 1-bedroom apartment goes for AED 946K (USD 257.5K).

Residents of Luma22 by TownX will be able to take advantage of all the amenities in Jumeirah VIllage Circle. These include walking and jogging paths, nurseries, educational and medical facilities, many parks, restaurants and more. The complex is also right next door to Jumeirah Village Triangle, Emirates Hills, Al Barsha South and Dubai Sports City, making it very attractive to both investors and families who want an affordable property in a peaceful area with well-developed infrastructure, quick commutes and the potential to turn a profit.

The average yearly rent for 1-bedroom apartments in Jumeirah Village Circle is AED 49K (USD 13.3K), as of Q2 2023. These are quite sought-after in the area, so investors can expect high ROIs of about 6.7 %.

By investing at least AED 750K (USD 204K) in property in Luma22, property owners can get a 2-year investor visa. If the property value reaches or exceeds AED 2M (USD 545K), then a 10-year Golden Visa, that includes both family members and domestic staff, is granted.