The Palm Jumeirah
The brain child of Master Developer Nakheel (one of the two main government property developers), was the ‘Palm Trilogy’. Three palm shaped islands in ever increasing size – and visible from space, comprise of deluxe apartments, villas, marinas, hotels and leisure complexes. These, on completion, will offer an unrivalled lifestyle inclusive of all mod-cons where people can enjoy ‘palm life’.
Property prices at the outset off-plan in 2001, were fairly moderate, around 3 million dirhams, approximately $800,000 ($1= 3.68 dhs) for a 4/5 bedroom villa directly on the beach with swimming pool, fully fitted kitchen, large living space, maids room (common here) and of course, all bedrooms en-suite. On completion in early 2007, the prices had skyrocketed. That same villa is now worth around 15,000,000 dirhams, that’s five times the launch price in only 6 years! The rental prices are around 500,000 dirhams per year, making a tidy sum for those who got in early.
The whole Palm Jumeirah is now coming to fruition. Some of the first deluxe apartments to be completed were the Shoreline Apartments, 20 blocks lining the trunk of the Palm, with half located directly on the beach and the other half on the opposite side of the road facing The Golden Mile and Trump International Hotel and Tower Dubai. The Shoreline Apartments comprise of 1,2 and 3 bedroom (either sea or road facing) plus a small number of duplex penthouses. The price for a 2 bedroom sea facing is at least 4,500,000 dirhams. They were originally sold for around 800,000 dirhams.
It is a very new market, but the laws are tightening up all the time, and although a crash in prices is not expected, a levelling off is. Having said that, it is still an excellent investment, especially for some of the new Palm apartment projects just coming up to completion, including Tiara Residence, Oceana and Marina Residences.
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