This is a three-bedroom apartment in Iluka Residences, the MS Homes development on Dubai Islands, measuring 1,535 sq.ft between the 3rd and 5th floors with a water view and a private pool on the balcony. The asking price is AED 3,000,000 against an original price plus DLD of AED 3,661,698, a reduction of AED 661,698 or 18.1% below original price. On 1,535 sq.ft of built-up area that is AED 1,954 per square foot. The buyer settles AED 1,800,780 at transfer, of which AED 1,591,655 goes to the seller, and then carries AED 1,408,345 in two payments: AED 352,086 on 10 September 2026 and AED 1,056,259 on handover. Total cost to the buyer is AED 3,209,125, with handover scheduled for Q4 2026.
Available
ILUKA RESIDENCES · Dubai Islands1 / 2
ILUKA RESIDENCES · Dubai Islands1 / 2MS Homes · Dubai Islands
DISTRESS DEAL: 3-BR IN ILUKA RESIDENCES
Asking priceAED 3,000,000AED 1,954 per sq.ft
Original price + DLDAED 3,661,698
DiscountAED 661,69818.1% below original price
- Unit
- 3-BR
- Size
- 1,535 sq.ft
- Developer
- MS Homes
- Handover
- Q4 2026
The discount is measured against the original price + DLD recorded for this unit, not against a valuation.
Available
Listed 17 September 2026Status confirmed 17 September 2026
Available when we last checked on 17 September 2026. The asking price shown is the one published when the listing was added on 17 September 2026, 0 days before that check, and it is not re-checked against the market automatically. Confirm availability and price with us before you act on it.
On this page
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The numbers
Payment breakdown
Total cost for buyerAED 3,209,125The unit price plus the transfer fees and commission — the whole commitment, not the headline.
Unit priceAED 3,000,000
Fees and commissionAED 209,125
Step 01Due at transferAED 1,800,780Payable when the unit transfers to the buyer.
- Payment to sellerAED 1,591,655
- DLD Transfer fee (4% of OP + 40 AED)AED 140,875
- Trustee Office FeeAED 5,250
- Buyer's Agency Commission (2% + VAT)AED 63,000
- Total on transferAED 1,800,780
Step 02Payable to MS Homes after transferAED 1,408,345The balance of the payment plan, which the buyer takes over.
- 10-09-2026AED 352,086
- On HandoverAED 1,056,259
- Total remaining payment planAED 1,408,345
Ask us to walk through this schedule, or to confirm the current balance with the developer before terms are agreed.
Ask about these termsPhotography
Gallery
Layout
Floor plan
Distress Deal
PROJECT DESCRIPTION
OVERVIEW
LOCATION & TRANSPORT
Dubai Islands is the reclaimed island group off the Deira waterfront, formerly the Deira Islands, now being redeveloped with hotels, beaches and residential towers. Bridge access connects to Deira, with Al Khaleej Road carrying traffic south into the old city and towards the Al Shindagha Tunnel and the creek crossings. Gold Souk and Palm Deira metro stations on the Green Line serve the mainland. Dubai International Airport is roughly fifteen minutes by car, an unusually short airport run for a Dubai residential district. The islands are delivering in phases, and while beach and marina amenity is central to the masterplan, a buyer should verify on site which elements nearest a given building are finished and which are still to come. The short airport run is a genuine commercial attribute for a unit intended for short-stay or corporate letting rather than a long family lease.
AMENITIES & SURROUNDING
Iluka Residences is a low-rise development by MS Homes, and this unit carries a private pool on the balcony together with a water view from the 3rd to 5th floor band. Buildings of this type on Dubai Islands typically add a communal pool deck, a gymnasium, landscaped podium space and covered parking. The wider masterplan is planned around public beaches, a marina, resort hotels and a waterfront promenade. Across the bridge, Deira brings the gold and spice souks, the creek abras and a dense established retail and dining offer, with Dubai Festival City further south. A three-bedroom apartment at this size on the islands is comparatively scarce, most of the new stock being one and two bedrooms. The balcony pool carries its own maintenance obligation, and how that is treated in the service charge should be confirmed before purchase.
MARKET
An 18.1% reduction against original price plus DLD is a substantial discount, and AED 1,954 per square foot for a three-bedroom water-view apartment on Dubai Islands is competitive against the beachfront towers in the same district. The handover date of Q4 2026 is imminent, which shortens the risk window considerably: a buyer is weeks rather than years from completion. The payment schedule matches, with only two instalments left. The considerations are the district's delivery pace and the fact that three-bedroom stock is a narrower resale market than one and two-bedroom units, though that same scarcity supports rent from families who want island living without moving to a villa. Because handover is so close, a buyer should ask for the current completion certificate position rather than relying on the quarter given in the listing.
CONCLUSION
This is one for a buyer who wants a large apartment on Dubai Islands close to completion. The 18.1% discount is material, the water view and balcony pool are genuine differentiators, and Q4 2026 handover means a short wait before the unit can be let or occupied. The cautions are the pace at which the surrounding island amenity completes and the narrower resale pool for three-bedroom apartments. Every figure on this page comes from the seller's published listing. Confirm the completion status, the service charge and the balcony pool maintenance terms with us before you act, and we can arrange an introduction to the seller's agent. We can also confirm the expected service charge and the handover specification.
Location
ILUKA RESIDENCES — Dubai Islands
Illustrative model
Scenario modeller
Set your own assumptions and see how DISTRESS DEAL: 3-BR IN ILUKA RESIDENCES behaves as a cash purchase, the same purchase mortgaged, or a capital-only resale.
Listed
17 September 2026
The date this listing was added to our records. The asking price below is the one published then, and was still 0 days old when we last checked this listing on 17 September 2026. It is not re-checked against the market automatically, so confirm it with us before relying on it.
Below original price
18.1%
As stated on this listing: the asking price measured against the original purchase price recorded for this unit. It is not a discount to current market value and not a valuation — a unit priced below what it originally sold for may still be at or above what comparable units achieve today. Check the registered comparables before treating the gap as equity. It is not used in any calculation below.
Asking price per sq.ft
AED 1,954/sqft
The asking price divided by the stated size. Compare it against registered sales in the same building before deciding whether the asking price is competitive.
Handover
Q4 2026
As stated on this listing. Rent cannot start before handover, so on an incomplete unit the early years of the schedule below are holding cost only.
Total cash investedThe purchase price plus every cost of getting the keys. It is the denominator of the ROI, ROE and IRR figures.
AED 3.18M
Price plus every acquisition cost
Illustrative exit price
AED 3M
After 5 yr at 0.0% p.a.
Total profit, capital onlyCapital movement over the hold, less every purchase and sale cost and the service charge. It carries no rental income at all, because no rent has been set.
—
Set service charge, maintenance & management, vacancy allowance above
Net yieldNet operating income (rent collected less management, maintenance and service charge) divided by the purchase price. It cannot be calculated until a gross annual rent is set.
—
Set a gross annual rent
Cash out, and cash back over 5 years
Set service charge, maintenance & management, vacancy allowance above to see cash back — until then this figure would be assuming zero for them.
Cash required at completion
Purchase priceAED 3,000,000
DLD transfer fee (4%)AED 120,000
Agency fee (2%)AED 60,000
VAT on agency fee (5%)AED 3,000
Conveyancing, trustee & adminAED 0
Total cash investedAED 3,183,000
ROI and IRR are calculated on this figure: the price plus every cost of getting the keys.
No rental evidence is held for this unit. The rent figure is yours to set — we have not assumed one. Until you enter a gross annual rent, the yield, ROI/ROE and IRR figures reflect capital movement and costs only.
Annual operating position
Gross annual rentAED 0
Vacancy allowance (not set)—
Maintenance & management (not set)—
Service charge (1,535 sq ft at a rate not yet set)—
Net operating income—
Figures marked “—” need service charge, maintenance & management, vacancy allowance entered above — we do not compute them on an assumed zero.
Cash-flow schedule — the 5-year figures the IRR is solved from (incomplete, see note)
| Year | Net operating income | Sale proceeds, net | Net cash flow |
|---|---|---|---|
| 0 · today | — | — | −AED 3,183,000 |
| 1 | AED 0 | — | AED 0 |
| 2 | AED 0 | — | AED 0 |
| 3 | AED 0 | — | AED 0 |
| 4 | AED 0 | — | AED 0 |
| 5 | AED 0 | AED 2,937,000 | AED 2,937,000 |
| Years 1–5 | AED 0 | AED 2,937,000 | AED 2,937,000 |
| Less the year-0 outflow of AED 3,183,000 → total profit | −AED 246,000 | ||
Exit at year 5: illustrative sale price AED 3,000,000 less selling costs AED 63,000 = AED 2,937,000 net. The final column is the schedule the IRR is solved from. Rent is held flat in nominal terms — the rent-growth field is at 0% — as is the service charge, so no inflation is assumed on either side. This audit table is arithmetic, so every row must resolve to a number — but service charge, maintenance & management, vacancy allowance are not set above, and the figures here currently assume zero for them. Nothing on this table should be read as a result until you set them; the headline tiles above withhold theirs for exactly this reason.
Sensitivity — the same purchase at −5% to +5% exit growth
| Exit growth | Exit price | Total profit | ROI | IRR |
|---|---|---|---|---|
| −5% p.a. | AED 2.32M | — | — | — |
| −3% p.a. | AED 2.58M | — | — | — |
| 0% p.a.your figure | AED 3M | — | — | — |
| 3% p.a. | AED 3.48M | — | — | — |
| 5% p.a. | AED 3.83M | — | — | — |
Each row re-runs the whole model with only the exit growth rate changed, over the same 5-year hold. The 0% and negative rows are not a worst case — they are simply what the same purchase returns if prices do not rise. Dubai prices have fallen in the past and can fall again. The return columns are shown as “—” until a gross annual rent is set; the total profit column reflects capital movement, purchase and sale costs and the service charge only.
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.
Email my results
We’ll send this scenario — your assumptions and the figures they produce — to your inbox.
Set service charge, maintenance & management, vacancy allowance above and we can email you this scenario. Until then every headline figure reads “—”, because the model would otherwise be assuming zero for them — and we publish no figure for them.
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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