While some choose apartments in Dubai Hills, UAE as an investment, others opt for the villas in Jumeirah area. Luxury real estate has always been in demand, so let’s have a look at the projects located on the most famous landmark of the emirate – the Palm.
Stable demand for luxury real estate in Dubai
Today, there are more opportunities for foreign investors to buy luxury property in Dubai than ever, so there is a strong demand in this sector, with Jumeirah holding the palm in sales.
Most of the new developments here can offer easy access to the beach as well as various bars, restaurants and lounges, perfect if you are one of those people who want to enjoy the ease of being. Projects such as Madinat Jumeirah Living, La Mer, Bulgari Residences, CityWalk and Pearl Jumeirah (residences and plots in the Nikki Beach area) are in great demand.
Apartments in all projects in the Jumeirah area range in size from one-bedroom properties to four-bedroom residences, with a starting price of AED 1,170,000 (USD 320,000) for Madinat Jumeirah Living and AED 1,300,000 (USD 350,000) for Port de La Mer. Property prices start at AED 3,200,000 in City Walk and AED 8,920,000 (USD 2,430,000) in Bulgari. In the Pearl Jumeirah project, an apartment today can be bought at a price of AED 2,750,000 (USD 750,000), and a villa in the Pearl Jumeirah project – AED 12,000,000 (USD 3,700,000). The island also has a certain amount of land available for development, valued at around AED 5,000,000 (USD 1,360,000). Investors here can look forward to returns in the region of 5 percent or more per annum, plus opportunities for capital appreciation in the medium to long term, especially as new infrastructure continues to develop.
Wealthy shoppers don’t want to survive a pandemic without doing anything. Some of them are actively buying new homes in Dubai – this year, two of the apartments in the Il Primo tower in Downtown, bought in the third quarter, when Dubai was emerging from a phase of lockdown and commercial activity was only resuming, were in the top ten most expensive this year. And the cost of these properties reached AED 58,600,000 for each of the apartments (USD 15,950,000).
But these are not the most expensive transactions of the year yet.
- The honor to be at the very top of this ranking went to a villa of more than 3,900 square meters, located in the Dubai Hills area, which brought the seller a solid AED 75,000,000 (USD 20,420,000).
- In second place was a house in Emirates Hills, which sold for AED 69,000,000 (USD 18,790,000), according to consulting firm Luxhabitat.
But this is far from the limit! More mega-deals could be made soon, with some of the villas currently for sale on the man-made island The Palm Jumeirah listed for sale for AED 100,000,000 (USD 27,230,000) and more.
In prestigious residential areas of Dubai, the average cost of 1 square meter of luxury real estate at the end of the rd quarter decreased to USD 3510 from USD 3900.
The most luxurious three-story penthouse sold in Dubai
A three-story penthouse has sold for AED 163,000,000 million in the luxurious Atlantis The Royal Residences project in Dubai. Penthouse with five bedrooms area of 25,208 square feet also features a private garden, terrace, two pools and views of The Palm Jumeirah and the Arabian Gulf.
The penthouse is considered the largest on The Palm Jumeirah. Last year, a penthouse in the same project was sold for AED 180,000,000. The launch of Atlantis, The Royal should take place before the end of 2022. Guests will have access to the infrastructure of the neighboring hotel Atlantis, The Palm.
The USD 1.4 billion project will consist of 231 apartments, 693 hotel rooms and 146 suites. The 43-story (185-meter) building will have 90 swimming pools, including a rooftop infinity pool located at a height of 96 meters.
There are also plans to develop a wellness center that will focus not only on fitness, but also on human health and mental well-being and include hammam, hypnotherapy treatments, halotherapy salt caves and a snow sauna.
Several aquariums will be installed in the lobby of the hotel, including the world’s largest jellyfish aquarium, which can accommodate about 4,000 individuals. At the entrance there will be a fountain “Heavenly Fire”, which combines two elements – water and fire.
Eight of the resort’s 17 restaurants and bars will be opened by celebrity chefs. Five of them have already been announced, including Gaston Acurio, Costas Spiliadis, Ariana Bundy, Heston Blumenthal and Jose Andrés.
Real estate agency in Dubai
Ax Capital agency has lots of offers located in various districts of the city. Choose now and earn from your real estate tomorrow!
