This 2-bedroom apartment in The Mural, Maritime City, is offered as a distress deal at AED 4,750,000, reflecting an 8.7% discount from the original price of AED 5,201,040. The unit covers 1,274 sq.ft, giving an entry basis of AED 3,728 per sq.ft. The apartment is positioned on a mid-to-high floor (levels 15–20) and features a sea view and balcony. Handover is scheduled for Q3 2028, with a payment plan that allows for staged payments—AED 2,544,540 due on transfer and AED 2,500,500 on handover. The immediate investment case is a below-market entry into a new-build, sea-facing address in a maturing waterfront district, with the benefit of a structured payment schedule and a visible discount to the developer’s original pricing. The buyer is not exposed to early-stage construction risk, as the project is already underway, and the handover timeline is defined.
THE MURAL · Maritime CityBeyond · Maritime City
DISTRESS DEAL: 2-BR IN THE MURAL
- Unit
- 2-BR
- Size
- 1,274 sq.ft
- Developer
- Beyond
- Handover
- Q3 2028
The discount is measured against the original price + DLD recorded for this unit, not against a valuation.
This unit has sold. The page is kept as a record of a deal we transacted. Every figure on it — the asking price, the discount to original price and the payment schedule — is the position as listed on 21 May 2026 and is historic. It is not an indication of what the same unit, or a comparable one, would cost today.
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The numbers
Payment breakdown
- Payment to sellerAED 2,249,500
- DLD Transfer fee 4% + 40 AEDAED 190,040
- DLD Registration Trustee fee + 5%VATAED 5,250
- Buyer's agent commission 2% + 5%VATAED 99,750
- Total on transferAED 2,544,540
- On HandoverAED 2,500,500
- Total remaining payment planAED 2,500,500
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PROJECT DESCRIPTION
OVERVIEW
LOCATION & TRANSPORT
The Mural is located in Maritime City, specifically within the Jumeirah Peninsula Bay precinct. This area is positioned between Port Rashid and the established Jumeirah coastline, offering a blend of city proximity and waterfront outlook. Maritime City is accessible via Sheikh Rashid Road and is within practical reach of Downtown Dubai, DIFC, and Dubai International Airport. Public transport options are developing, but private car, taxi, and ride-hailing services remain the primary modes of access for residents and tenants. The location is emerging as a new residential and mixed-use hub, with ongoing infrastructure improvements and growing retail and hospitality provision. For investors, this means the area is likely to see continued capital investment and urban development, supporting long-term asset value and tenant demand.
AMENITIES & SURROUNDING
The Mural is a 36-storey residential tower designed by John R. Harris & Partners with architectural consultancy by Benoy. The building will offer a comprehensive amenities package, including an amphitheatre, barbecue areas, children’s playground, co-working space, events area, fitness studio, gym, infinity pool, landscaped gardens, lounge area, multi-purpose room, outdoor gymnasium, picnic pavilions, plunge pool, rooftop terraces, social activity areas, sundeck, and yoga and meditation spaces. The podium level features two pools, a lounging deck, a lawn, and a dedicated BBQ space. Interiors are designed with floor-to-ceiling windows, high ceilings (approx. 3.2 metres), and private balconies to maximise light and sea views. The wider Maritime City district is seeing the rollout of new retail, F&B, and leisure infrastructure, which will support both owner-occupiers and tenants. The area’s coastal setting and planned public spaces are intended to create a balanced urban environment, combining city access with waterfront lifestyle.
MARKET
At AED 3,728 per sq.ft, this unit is positioned above the Dubai-wide average for off-plan apartments but is in line with recent transactions in The Mural and other new-build, waterfront projects. For reference, recent 1-bedroom sales in the building have transacted at AED 3,285–3,529 per sq.ft, indicating that the current pricing for a larger, higher-floor, sea-facing 2-bedroom is not out of step with the project’s trajectory. The key investor question is whether the 8.7% discount to original price provides a sufficient margin to absorb service charges, agency fees, and potential market volatility between now and handover. The area is still maturing, so rental yields and resale liquidity will depend on the pace of district completion and the absorption of new supply. The buyer profile is likely to be a mix of end-users seeking waterfront living and investors targeting medium-term capital appreciation. Risks include construction delays, evolving district infrastructure, and competition from other new launches in Maritime City and neighbouring areas.
CONCLUSION
This distress deal offers an investor a discounted entry into a new-build, sea-facing apartment in an emerging waterfront district, with a clear payment plan and a defined handover timeline. The Mural’s amenity suite and architectural design position it well for both rental and resale demand, provided the wider Maritime City area continues to develop as planned. The main strengths are the below-market pricing, staged payment structure, and the appeal of a high-floor, sea-view layout. The main risks are linked to the district’s ongoing development and the usual uncertainties of off-plan acquisition. For buyers comfortable with a medium-term hold and the dynamics of a growing urban precinct, this deal represents a practical way to secure a future-ready asset at a visible discount to the original developer price.
Location
THE MURAL — Maritime City, Dubai
Illustrative model
Scenario modeller
Set your own assumptions and see how DISTRESS DEAL: 2-BR IN THE MURAL behaves as a cash purchase, the same purchase mortgaged, or a capital-only resale.
Enter the asking price to run the model.
Every figure recalculates as you type. Use the price you are considering.
Method
- Handover
- The date the unit is handed over, set in quarters from purchase. Gross rent, the vacancy allowance, maintenance and management, and the service charge all start there and not before — an unbuilt unit cannot be let and is not billed. The year handover falls in gets the exact fraction it is entitled to, not a rounded whole year. Capital growth is not treated this way: it compounds from today across the whole hold, because an off-plan unit can be sold before it completes. Where the holding period ends before handover, there is no operating income anywhere in the schedule and the whole return is capital movement less costs.
- Gross yield
- Gross annual rent ÷ purchase price. Before every cost. Where handover is in the future this is a stabilised full year from handover — a rate on the price, not a figure reduced by the construction period. The schedule shows what each year actually books.
- Net yield
- (Rent collected after the vacancy allowance − maintenance and management − service charge) ÷ purchase price. Stabilised on the same basis as the gross yield.
- Rent growth
- Compound annual movement in gross rent, applied from handover and stepping at each anniversary of it, which is when a tenancy renews. It may be negative. It does not touch the service charge, which is held flat in nominal terms.
- ROI
- Total profit over the whole hold ÷ total cash invested (price + all acquisition costs). Unlevered. Not an annual rate.
- ROE
- Total profit over the whole hold ÷ equity contributed (deposit + all acquisition and finance costs), after debt service. Levered. Not an annual rate.
- Cash-on-cash return
- Year-one operating cash flow, after debt service where there is a mortgage, ÷ cash invested. Reported separately from ROI/ROE and never merged with it. Year one means the first year of the schedule as it stands: where that year falls before handover it carries no rent, so on a mortgaged off-plan purchase the figure is negative — that is the year you fund out of pocket, and it is shown rather than smoothed away.
- IRR
- The annualised rate that discounts the dated cash-flow schedule above to a net present value of zero, solved numerically. Where the schedule has no sign change, or the solver does not converge on a single meaningful rate, we print “—” rather than substitute a simpler annualised-return figure.
An illustrative model, not a forecast, a valuation, an offer or investment advice. Every figure is generated from the assumptions on this page — some yours, the rest stated defaults, not promises. Rents, service charges, fees, vacancy, handover dates, financing terms and sale prices vary by unit and over time; past prices are not a guide to future prices. Returns are not guaranteed and capital is at risk.
Mortgage availability, loan-to-value, rate and term are subject to lender criteria and underwriting; nothing here indicates that finance will be offered. Figures exclude any tax payable in your country of residence — take independent financial, tax and legal advice before committing. Mitchell's Commercial Real Estate is a trading brand; the RERA-licensed broker is Stephen James Mitchell, BRN 68593.
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