Discover Palm Jumeirah, A Luxurious Modern Paradise
Palm Jumeirah is an artificial island, created in the form of a palm, with luxurious hotels, expensive villas, spectacular views, and modern facilities. Being unique in its form and creation method, the island became a vivid symbol of the UAE as well as Burj Al Arab and the Burj Khalifa. Along with the earlier-mentioned masterpieces of the human mind, the world’s largest man-made island attracts millions of investors from all over the world. Buying an apartment in Palm Jumeirah is a perfect chance to become a part of one of the most successful projects in the world of real estate.
Why Consider Investing in Palm Jumeirah Property
Deciding to buy a property in any corner of the world, the future owner considers a wide range of characteristics. However, there are three most objective criteria established—location, economic effectiveness, and entertainment. If an apartment satisfies all of them, congratulations, you have found a perfect place for you. Now let’s determine the strongest sides of the district Palm Jumeirah for investors according to the specified criteria.
Being built nearby Sheikh Zayed Road, the locality allows getting anywhere you want in Dubai in approximately 20 minutes. The variety of public transport is also impressive. You can rent a car, call a taxi, and use the metro or monorail.
2. Economic Effectiveness
A combination of pure tranquility and active life is worth paying for. That’s why Palm Jumeirah offers affordable prices for each type of real estate. A studio apartment can be bought for an average of AED 1,170,000 ($320,000), 1-bedroom apartments for AED 2,240,000 ($600,000) and 2-bedroom apartments for AED 2,700,000 ($736,000). Of course, the possible options for properties are unlimited.
After the lockdown in 2021, investors from all over the world have started to invest in local real estate, earning a passive income from renting. Besides, many huge companies relocated their business to the country, taking advantage of preferential tax treatment and the ability to use an alternative currency.
The newly-created miracle of Dubai is famous for its abundance of places for entertainment. Nakheel Mall, with hundreds of shops, Paradise Beach Club, multiple restaurants with star chefs, and engaging water and inland activities, contribute to the overall unforgettable experience of living there.
Types of Property in High Demand in Palm Jumeirah
Speaking of types of property on the island, there are almost no limits. Villas, apartments, penthouses, townhouses, and land plots can be found in any size and price. Still, there is a tendency for foreign investors to put money into villas and apartments.
Villas are located on the outskirts of Palm Jumeirah and are always under 24-hour security. According to AX Capital, the average price reaches AED 47,710,000. For this cost, residents can find amenities such as concierge services, valet parking, a community pool, and entertainment venues nearby.
The indoor and outdoor atmosphere and furnishing directly influence the cost of the house. For example, in August 2022, Indian billionaire Mukesh Ambani paid $80 million for a beach-side villa in Palm Jumeirah, Dubai. It went down in history as the city’s biggest-ever residential property deal.
Apartments are situated in comprehensive residential estates and also vary in price. It depends on the floor space, stories, the presence of furniture, and lots of other important factors. In general, the cost starts from 1,430,000 AED for a studio. Getting you a shared pool, 24-hour Security, hotel facilities, a shared gym, and a completely furnished place for living.
It is necessary to notice that the prices of property in Palm Jumeirah constantly change. Still, the most expensive apartment in the locality was sold for AED 74,000,000 in 2019.
The Real Estate Market in Palm Jumeirah, Dubai
The real estate market in Dubai is actively developing. Dubai Land Department claims that in the first half of 2022, more than 43,200 real estate transactions were performed in Dubai’s real estate market. This equates to 71% of all real estate transactions for the entire year 2021. The total value of transactions reached $31.3 billion. Prices have grown significantly. So, on average, a square meter of residential real estate in the emirate at the end of the first half of 2022 costs $3,341, which is 23% higher than in 2021. For this reason, waiting for a better deal is a bad idea. It is better to address a trusted agency and get professional help from specialists.
Feature Photo of Palm Jumeirah, Dubai UAE by Jason Mrachina