Property in Palm Jumeirah

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Property for sale in Palm Jumeirah

Palm Jumeirah is the best-known man-made archipelago in the world. It has plenty of housing complexes, such as Soho Palm, Zabeel Saray Villas, Canal Cove, Serenia Living, Ellington Ocean House, Luce Residence, SLS Residences, Shoreline Apartments, Sapphire Tiara Residences, Amber Tiara Residences, Seven Residences, Palm Views, Anantara Residences, XXII Carat, and many others.

Real estate there consists of villas and apartments in multi-family housing with studios and penthouses.

Properties for sale in Palm Jumeirah, Dubai, UAE, can be purchased by both UAE nationals and foreigners. Since the neighborhood is a freehold zone, you can purchase villas or apartments in Dubai with the right to dispose of housing at your leisure. Foreign owners of local dwellings can rent out their properties, resell them, donate them, leave them as an inheritance, and so on.

Lifestyle

The island's opulent ambience is ideal for wealthy families with children; the elderly; and those seeking a resort lifestyle in one of the world's most exotic locations. Schools and medical centers are situated near housing developments. Unicorn Universe Nursery is nearby Dubai Marina, which is about a 10-minute drive away. Heriot Watt University has a branch in Al Sufouh. It is also accessible by car in 10–15 minutes.

The infrastructure of the island's complexes is fully developed: there are saunas, bars, fitness facilities, landscaped gardens, swimming pools, walking and jogging paths, and stores.

The majority of gated communities are located around the shoreline. Private beaches are accessible from some housing estates.

Property prices in Palm Jumeirah

This place is one of the most costly locations in Dubai. Property cost in Palm Jumeirah is determined by the housing area and the number of rooms it has. The average apartment price is around AED 900,000 ($245,000). For this amount, you can get a 38 sq. m studio. A 34 sq. m studio is currently on the market for AED 980,000 ($266,800).

A 52 sq. m condo with one bedroom can be yours for AED 1.05 million ($285,860). This is the lowest price for this type of units on the island.

However, most residences on the island are offered at higher prices. A seven-bedroom condo, for example, is worth AED 383.28 million (about $104.5 million). A penthouse with five bedrooms and six bathrooms can be acquired for AED 450 million (just over $122.5 million).

A six-bedroom seven-bathroom villa is listed for AED 225 million (about $61.25 million).

Real estate investment in Palm Jumeirah

This quarter's rental property in Dubai is profitable. The average ROI for flats in the region is 3.71%, while villas have a 5.53% ROI. You can rent real estate through an agency. Specialists will search for renters, negotiate with them, draft a lease agreement, prepare the residence for occupancy, and clean up once the visitors have left.

Foreigner will be able to purchase real estate in Palm Jumeirah for investment and permanent residence in 2023, including both off-plan and ready-made units. If you purchase an off-the-plan housing and resell it once construction is completed, you can earn up to 20% of the cost of the unit, depending on the stage of construction at when you acquired the property.

Buy property in Palm Jumeirah on Emirates.Estate

Villas and apartments in Dubai can be easily selected and purchased through the Emirates.Estate website and experts. The website displays prices in euros, and dollars. To buy a home in Palm Jumeirah, follow these steps:

  1. Choose an apartment.
  2. Reservation of real estate, which might take anywhere from three days to two weeks to complete. When the cost of housing is finally fixed, the seller withdraws the residential property from the market. The buyer is needed to pay a deposit, which will be subtracted from the total price of the home. If the seller declines the transaction, he will return the buyer's deposit. If the buyer decides not to proceed, the seller will keep the deposit.
  3. The payment is made, and the sale and buy agreement is signed. At this point, the buyer pays the whole price for the unit or the first payment. Previously, the parties to the transaction agreed on the payment schedule and payment date for the next deposit of funds for the debt's gradual payback.
  4. Register the ownership certificate, which takes 2–3 weeks. The transaction is registered with the Dubai Land Department, and the new owner receives the title deed. This document can be used to apply for a resident visa.

A foreigner does not need to be present during the transaction in person or even come to the UAE for selecting and buying a property in Palm Jumeirah. Apartments and villas in Dubai can be viewed remotely through video link. A real estate agent can assist you with this. Realtors and lawyers that deal with them will walk you through the entire transaction and, if needed, provide expert after-sales support.