Cost of Real Estate in Palm Jumeirah

Cost of Real Estate in Palm Jumeirah

Palm Jumeirah is a famous landmark of the Emirates, the world's largest artificial palm-shaped island, created by property developer Nakheel. It is one of the most expensive areas in Dubai, where you can find housing, hotels, and all the required infrastructure. We will tell you here about the property that you can buy in Palm Jumeirah and how much it costs.

Island Infrastructure

Palm Jumeirah covers an area of 5x5 kilometres and consists of a two-kilometre “trunk”, 16 “leaves” and a crescent-shaped breakwater surrounding the palm. The island is connected to the mainland by a 300-metre bridge and a monorail, the first in the Middle East. The crescent is linked to the top of the palm by an underwater tunnel. Dubai's attractions in the city centre, including Burj Khalifa and the dancing fountains in Downtown, are just a 20-minute drive from the island.

Photo: Abid Bin Nazar (Pexels)

Palm Jumeirah’s infrastructure continues to be expanded. The island already has several beach clubs with pools, gyms, and restaurants. There is also a wide selection of five-star hotels, including the famous hotel Atlantis the Palm, Dubai, with its large Aquaventure water park and a dolphinarium, a sea lion observation centre, and an underwater museum, with more than 65,000 sea creatures.

Retail is broadly represented on the island: as well as the major shopping centre Golden Mile Galleria which includes a fitness centre, shops and restaurants, you have the Nakheel Mall with over 300 shops, a 15-screen cinema, a cafe, and an observation deck with a view of the Persian Gulf. Furthermore, all the residential complexes have their own small shops. At the end of the “trunk”, you can find several mid-price range restaurants.

The island has health centres, dental clinics and even a hospital (Emirates Hospital). However, it is short of educational institutions: you only have JINS Palm Jumeirah, a development centre for children from 0 to 6 years old, and a day care centre, both in the Golden Mile Galleria. For the time being there are no schools on the island. However, you can find a few good educational institutions, including international ones, in neighbouring areas.

The island is intended primarily for a family-oriented lifestyle. Due to the relative lack of infrastructure, Palm Jumeirah has a more relaxed atmosphere than some other parts of Dubai. There is a park stretching along the centre of the trunk, comfortable beaches and a fountain square.

Palm Jumeirah Real Estate Market

Palm Jumeirah is one of the most popular areas in Dubai among expats and investors, but also one of the most expensive. Both villas and flats on the island are classified as elite real estate. There is a wide price range: from USD 295,000 to USD 12 million and higher. All the real estate here is freehold, in other words, it can be bought by foreigners.

The housing market on Palm Jumeirah consists mainly of villas and townhouses located on narrow “branches” granting everyone access to the beach. In the central part of the island, on the trunk, you can find residential complexes where you can buy studios and flats with a different number of rooms.

Real estate on the island is a good investment. It will be in demand, since there is no room for growth and the number of properties is limited by the size of the island.

Flats

Residential complexes on Palm Jumeirah are located on the trunk close to the entrance of the island and on the crescent. The most famous ones are: One at Palm Jumeirah, Palme Couture, The Palm Tower, W Residences, Serenia, Muraba, FIVE Palm, Palm Views, The Fairmont Residences, Shoreline, The Golden Mile, Marina Residences, Tiara/Oceana. The prices for flats in the complexes may be called budget-friendly when compared to others. They are approximately the same in all complexes: a two-bedroom flat will cost from AED 2 million (USD 544,500) without a sea view and from AED 2.5 million (USD 680,700) with a sea view.

One at Palm Jumeirah (Housearch)

Prices for flats in the snow-white Royal Bay complex by Azizi Development, under construction on the beach of one of the island’s crescents, start at AED 2.3 million (USD 626,200). Flats in Serenia Living, also located on the breakwater, start at AED 5.5 million (USD 1.5 million).

However, you can also find more expensive options. For example, prices for flats in Ocean House start at AED 8.4 million (USD 2.3 million), and in ORLA, from AED 23 million (USD 6.2 million).

Rent on Palm Jumeirah comes to approximately USD 16,000 per year for a studio. For USD 28,000 a year, you can rent a one-bedroom flat, and for USD 34,000 – a two-bedroom flat. Annual rent for three-bedroom to five-bedroom flats costs from USD 43,000 to USD 150,000

Villas and Townhouses

In total, there are more than 4,000 exclusive villas on Palm Jumeirah, all located in gated communities, including the most expensive mansion sold in 2022 for AED 598 million (USD 163 million).

The developer of the island, Nakheel, offers two types of villas, Signature Villas and Garden Homes, as well as Canal Cove townhouses. Both types of villas can have from three to seven bedrooms, beach access, private pools, two-car garages, and additional space for cars in the driveways.

On average, a three-bedroom house on Palm Jumeirah will cost AED 8 million (USD 2.2 million), a four-bedroom house – AED 11.5 million (USD 3.1 million), a five-bedroom house – AED 15.5 million (USD 4.2 million). Villas located at the tips of the “leaves” are usually the most expensive.

In addition to the standard villas, at the beginning plots were sold on the island. As a result, a number of buyers had an opportunity to design and customise their homes. Palm Jumeirah has some incredible customised villas. They are very expensive due to their uniqueness and top-quality finishing.

The crescent around Palm Jumeirah is mostly an area occupied by hotels and residential complexes. However, some of them have villas that you can buy for yourself or acquire on a trust management basis for rent. For example, private villas are part of Kempinski Hotel and Residences, Jumeirah Zabeel Saray, Balqis Residences, and XXII Carat Villas which feature the most expensive bathtubs in the world: made of rock crystal, they cost about USD 1 million each.

XXII Carat Villas. Photo: 22carat.ae

A few examples. You can buy a Garden Homes villa on the M branch for AED 19 million (USD 5.1 million). The house with an area of 463 square metres has four bedrooms and five bathrooms. The master bedroom has a large walk-in wardrobe and a spacious bathroom. There is a large living room and dining room on the ground room. The windows overlook the Skyline Marina for yachts. The area of the adjacent plot equals 620 square metres. It has a swimming pool and direct access to the beach.

In exchange for AED 52 million (USD 14.2 million), you can buy a four-storey villa with a separate entrance, a luxurious living room and dining room, a fully equipped kitchen, five bedrooms with bathrooms, several terraces and a private pool surrounded by a garden with palm trees. The villa was custom-built. It has an area of 1,500 square metres.

A 650-metre two-storey villa with six bedrooms and seven bathrooms costs about AED 37 million (USD 10 million). The mansion’s windows overlook Dubai’s coastline and Burj Al Arab tower. There is a large modern kitchen and two separate dining areas on the ground floor overlooking the garden and the pool, as well as two spacious bedrooms with bathrooms. There are four bedrooms on the second floor. All bedrooms have large balconies and private bathrooms.

If you want to rent a villa, it is also expensive. Prices start at USD 57,000 per year for a three-bedroom mansion and reach USD 232,000 or more per year for a five-bedroom home.

Before you go...
Claim your free consultation and a list of properties tailored for you

In a Nutshell

The Palm Jumeirah real estate is the most expensive and is in high demand in Dubai. The price is reasonable due to the unique location, the prestige of the area, the quality of the construction and the limited land resource. Local real estate has a good investment potential: the prices of villas and flats are rising steadily. The quiet lifestyle on the island is perfect for families with children.

Visualization on the cover: Ellington Beach House (Housearch)

All articles
Subscribe to this category so you don't miss any new posts
картинка на кнопке

Free consultation