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Real Estate In Dubai Is Dominated By Palm Jumeirah

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If you are a property investor and looking for an opportunity to put your money in the UAE. Pal Jumeirah would be a great option. Do you know Palm Jumeirah is popular for buying residential properties and villas?

In 2019 a five-bedroom set in One Palm, Omniyat, was sold for about AED74mn. It was the most expensive property investment then, and it remains. The information was cross-checked by a leading MENA Property Finder property portal. The Dubai properties are popular among investors for many reasons, including road connectivity, work opportunity, and a better lifestyle.

Another property sold for a grand amount was a five-bedroom set Garden Home villa located on the Fronds, Palm Jumeirah. The property was sold for a whopping amount of AED51mn.

In 2018, the Emirates Hills villa was sold for an amazing amount of AED90mn. According to reports, it was the second most expensive property on the secondary market.

Looking at the figures, it won’t be wrong to say that buyers are hoping high on Palm Jumeirah. There must be some great reasons behind the region's popularity among real estate investors.

In an interview, the Director of Research and Data of Property Finder, Lynnette Abad, said that lower property prices and enthusiastic builders are keeping the morale up of real estate investors. Property builders in the Emirates have introduced luxurious and creative residential areas that are alluring and attracting oversea investors. Real estate brokers in Dubai are also reaping profits because of it.

The unshakable zeal of the property builders has uplifted the real estate market of the Emirates. In 2019, particularly, about five off-plan properties in Dubai were sold at the height and unimaginable costs.

These properties included:

  1. Off-Plan Primo apartments in the Opera District of Downtown Dubai were sold for AED43.5mn.

  2. Off-plan 4-bed rooms apartments at the Royal Atlantis Resort & Residences, which was sold for AED42.9mn.

  3. A five-bedroom apartment in Il Primo Tower, Emaar, was sold for AED42.9mn.

  4. Dubai’s top attractions, Dubai Fountain and Burj Khalifa, are seeing great interest from investors. The property is booking a sale of about AED40mn in transactions.

Palm Jumeirah is the Most Favorite of All!

The region has attracted huge investment in its real estate market thanks to popular projects such as Alef Residences, Jumeirah Zabeel Saray, Bulgari Resort & Residences, XX11 Carat, and off-plan properties in Dubai.

Villas on Palm Jumeirah are quite popular among investors. This year, a Garden Homes house on the Palm sold for an average of AED11.18mn.

The study and data team of Property Finder says that this is 38% less than the average sales price of these units in 2017 the cost was around AED17.89mn.

There are also some big deals worth AED20mn in Jumeirah Golf Estates and Emirates Hills on the secondary market.

At the time, buying a property in Dubai was considered an expensive affair. But with declining property prices, more investors are interested in buying a villa or apartment in Emirate.

Other top regions witnessing great demand from real estate investors are Emirates Hills and Jumeirah Golf Estates. These regions saw a transaction of about AED20mn in the secondary market.

Future of Palm Jumeirah’s Real Estate Market

The future of Palm Jumeirah in terms of property investment is promising. Many factors have led to the popularity of the region among investors. These factors include:

  • Luxury apartments: Many builders have developed beautifully designed properties. When it comes to buying a home in Dubai, an investor often looks for the architect of the house. All most all houses in Dubai are designed by highly qualified architects.

  • Location of the property: Properties in Dubai are located as per the needs of each facility. For instance, office spaces are located in the region where human resource is available. Similarly, residential areas are located where basic amenities are available.

  • Connectivity of the properties: All properties in Dubai are well connected with offices, schools, parks, and shopping destinations. Smooth connectivity to amenities makes the region quite popular among investors.

  • The growing economy of Dubai: Dubai has witnessed a high jump in its economy. The growth is a result of dedicated corporate laws that allow companies from abroad to start their business with little or no tax at all.

  • Lower property prices: Of course, properties are expensive in Dubai. Recently, there a decline in the global real estate market has been felt. The decline has attracted many investors to put their money in Dubai's real estate market. You can learn about pricing by contacting a local real estate company in Dubai.

  • Easy paperwork: Getting a property in Dubai and completing all formalities, including paperwork is now very easy. Anyone can buy a home or a property in Dubai with the least hassle.

Conclusion:

Palm Jumeirah is dominating the real estate market. In the coming years, the region will add more figures to its achievements. It is the right time to invest in the Dubai real estate market and stay profitable in the long run.