Palm Jumeirah, called the eighth wonder of the world, arouses excitement in people’s minds. But, apparently, the excitement does not come from thin air.
Given the facts, Palm Jumeirah is the largest artificial island on the earth and stands on the coast of the Arabian Sea.
As you can figure out from the name, the island has the shape of a palm tree, a common plant in the Middle East.
The island resembles the Trunk, the Crescent and 16 Fronds, forming its unique shape.
When it comes to real estate properties, you will find almost every property type on the island–luxury villas, townhouses, and apartments.
With the availability of excellent facilities and spectacular views, living in Palm Jumeirah can be an exciting experience. There are world-class restaurants, chic cafes, and adventurous entertainment facilities to fuel your excitement.
The Key Features of Palm Jumeirah
- The largest artificial island in the world
- Bears the shape of a palm tree
- The eighth self-proclaimed wonder of the world
- Monorail connecting different areas
Palm Jumeirah came into being in 2001 and represents the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum.
You can regard Palm Jumeirah as a preferred residential, tourism and leisure destination in Dubai. There are three divisions of the island, spread over an area of 560 hectares–The Crescent, Trunk and Fronds.
There is an exceptional luxury in the community. And the properties are with world-class amenities. Furthermore, there are excellent restaurants, entertainment facilities and a sparkling nightlife.
Rental Trends In Palm Jumeirah
In Palm Jumeirah, the search for rental properties poses no problem at all. Instead, you will find a broad selection of residential properties, ranging from studios to 5-bed luxury penthouses.
The apartment projects on Palm Jumeirah are Shoreline Apartments, Oceana, Marina Residences and Tiara Residences. Notably, you will get spectacular views of the Arabian Gulf.
According to the current trends, the rent for a studio is around AED 58k. And the rent for a 1-bed apartment is around AED 101k.
The rents are a bit on the higher side due to the location, popularity and spectacular views.
The rent for a 2-bedroom apartment in Palm Jumeirah is around AED 124k, while 3-bed apartments are up for rent at a starting price of AED 159k. Again, the rent for a 4-bed apartment in Palm Jumeirah is around AED 319k.
You can also rent a penthouse in Palm Jumeirah, available in 3, 4 and 5-bed configurations in Tiara Residences, Shoreline Apartments, The Crescent and Marina Residences.
In Palm Jumeirah, you can also get luxury villas for rent at around AED 129k. If you want to stay in a location near a waterfront, these properties are the best options. Moreover, you will get furnished villas in Palm Jumeirah for renting.
According to the current trends, the rents for 3-bed,4-bed,5-bed and 6-bed villas in Palm Jumeirah are AED 210k, AED 347k, AED 350k and AED 1.1M, respectively.
The luxury villas for rent come with a private garden and pool.
Furthermore, you can also have the option of renting luxury apartments in Palm Jumeirah. You will get luxurious apartments, extending from 2-bed to 7-bed units.
You can look for such properties in the Palm Signature Villas, Golden Homes, and Canal Cove.
Again, there is also the option of renting 5-bedroom luxury penthouses, a house in the Kingdom of Sheba, one of the popular areas to rent villas in Palm Jumeirah Dubai.
Sales Trends in Palm Jumeirah
You can also think of investing in a property in Palm Jumeirah, given the wide range of options available for apartments for sale in Palm Jumeirah.
Given the current trends, studios’ sale prices in Palm Jumeirah are upwards of AED 778k. And the price of 1-bed apartments for sale starts at around AED 1.6M.
Purchasing 2-bed, 3-bed, and 4-bed apartments in Palm Jumeirah will entail the expenditures of AED 2.3M, AED 4.1M, and AED 13M, respectively.
If you purchase a 2-bed apartment, you will get a space of around 1,650 square feet and ample outdoor space.
Notably, Golden Mile and The Fairmont Palm Residences are famous buildings investing in apartments in Palm Jumeirah Dubai.
You will get 1,2, and 3-bedroom apartments in the buildings with top-class interiors.
Notably, the project is also famous for investing in villas in Dubai. You will get many ready to move-in and furnished villas for sale. For a 3-bed villa in the development, you need to spend around AED 6.7M. And, for investing in 4-bedroom villas for sale, you need to spend around AED 9.7M.
The factors that govern the sale prices of villas are the development and floor plans, and sizes. Therefore, you need to invest more in a luxury property than a mid-end property.
Currently, a luxurious 5-bedroom villa for sale in Palm Jumeirah calls for a sale price of around AED 6.8M. And the price for 6-bed villas in Palm Jumeirah stands at around AED 14M.
Factors to Assess Before Relocating to Palm Jumeirah
The attractiveness of Palm Jumeirah is well-known. Therefore, you can regard it as a popular vacation spot and tourist site in Dubai. In addition, there are all the essential facilities and popular communities in Palm Jumeirah to make your life enjoyable and exciting. Besides, you will see the best beaches in the UAE in Palm Jumeirah.
In Palm Jumeirah, there are excellent restaurants, educational institutions, leisure facilities, healthcare facilities, etc.
However, there is a point of consideration before you finally move to Palm Jumeirah. In parallel to the beauty and convenience, the place is luxurious and expensive. So, many people cannot afford to stay in Palm Jumeirah.
Again, investing in a property in Palm Jumeirah can entail many benefits. But, you cannot always expect a long-term residency due to the distances from many parts of Dubai.
Conclusion
Despite a disadvantage, there are significant benefits to staying in Palm Jumeirah. First, it is a family-friendly location in Dubai for luxurious living. Therefore, an investment in a property in Palm Jumeirah can be a sensible decision.