Palm Jumeirah is the first and most famous artificial island in the UAE. Many people call it a symbol of Dubai because it is made as a palm tree, which was associated with this country from early times. Tourists come here for the main attraction – the 5-star Atlantis Hotel.
On its territory are a vast aquarium, one of the best water parks in the world, and a contact dolphinarium. Real estate in this neighborhood is a famous attraction itself. Investment apartments in Palm Jumeirah are trendy among foreign investors who desire to buy stylish property for a permanent stay, resale, or rent out.
All the approaches to property management are beneficial and equally profitable. Let’s find out what results can be obtained from the three mentioned actions.
Types of real estate to invest in
Today, private investors can choose a suitable option from a variety of property types in different price categories:
Studios and apartments in apartment complexes
Penthouses
Hotel apartments and hotel rooms
Townhouses
Villas
For investors who want to make more significant investments, options such as:
“Bulk” purchases – the purchase of entire floors in a multi-story complex or the entire building
The purchases of land for their development
Investing in joint ventures with developers from the UAE
Real estate in Palm Jumeirah for renting it out
Palm Jumeirah retains its status as the most sought-after area for tenants in Dubai. The emirate’s economic attractiveness impresses foreigners, provoking enormous migration flows. The rental market in Dubai also continues to grow because average rents have increased by 27% this year.
Average apartment rents have reached AED 91,795 (US$ 24,991), while villa rents have jumped to AED 274,740 (US$ 74,799). According to the survey, this represents an increase of 27.5% and 25.7% in both sectors.
However, despite the price increase, renters are reluctant to move into new housing. That’s why the number of new contracts is down and, therefore, the number of renewals is up.
Real estate in Palm Jumeirah for resale
If you invest in off-plan properties, even at the commissioning stage, you can see a significant price difference. The benefit can be up to 10% of the cost and more. In Palm Jumeirah, the rate of return on the sale of residential property ranges from 5 to 10%. This growth has significantly affected villas and mansions.
The amount of revenue will depend on the real estate segment – budget or premium, the year of construction of the building, the condition of the premises, the number of bedrooms, the area, and its further development, proximity to the sea, public transport stops, social facilities, etc. Taking into account all these nuances and choosing an object for investment, which can be resold with the most significant profit, is possible with the help of an experienced real estate agent.
Real estate in Palm Jumeirah for permanent stay
A residence permit in Palm Jumeirah is issued for the purchase of real estate:
An investor receives a three-year residence visa to purchase housing in Palm Jumeirah worth 750 thousand dirhams (205 thousand dollars). You can buy from 1 to 3 objects. The resident visa may be extended unlimited times as long as the investor owns the property.
For more significant investments or the purchase of real estate worth 2 million dirhams ($ 545,000), foreigners are issued a “golden visa” for 10 years. In this case, you can buy more than one object.
Source to find real estate in Palm Jumeirah
Palm Jumeirah remains one of the leaders among the Dubai neighborhoods chosen as a place to move to as a permanent residence. This is mainly due to the neighborhood’s active development plan. It is pretty evident that buying real estate on your own is always and everywhere hard.
The place does not matter. In this case, the wise decision would be to address a professional real estate agent. The real estate agency Ax Capital and its agents work day and night to find a reliable and profitable property that meets the client’s needs.
