Palm Jumeirah, an iconic development, is known worldwide as a symbol of Dubai’s growth, ambition and evolution. The development is shaped like a date palm and stretches out into the Arabian Gulf. Planned and developed by Nakheel, Palm Jumeirah is the world’s largest man-made island and one of the fastest growing residential, tourism and leisure destination. From a tourism perspective, the island is also voted as one of the world’s “must-see architectural wonders”.
Palm Jumeirah – The trunk, the crescent and 16 fronds
Palm Jumeirah consists of a main trunk, a crescent and 16 fronds joining together to create this unique project. Boasting world-class facilities, waterfront properties and picturesque views, the archipelago also promises a unique lifestyle to residents. A monorail connects different parts of the largest man-made island in the world. It is home to Dubai’s finest hotels, chic cafes, white-sandy beaches and ultra-luxury homes, which also top the list of the most expensive properties in Dubai.
With an AED280 million villa deal, Palm Jumeirah Dubai secured the top spot in Q1 2022, making it one of the most popular luxury residential areas in Dubai. When it comes to buying luxury properties for sale in Dubai, Palm Jumeirah is dubbed as one of the most sought-after neighbourhoods in the emirate. Now, several developers have picked this location to launch luxury projects in Dubai real estate market for both local and foreign high-net-worth individuals.
Northacre partnered with Ellington and Sol for Palm Jumeirah project
Northacre, a UK-based luxury real estate developer, has extended its operations in the Gulf region. Until now, it is known for prime developments in London. Recently, it has completed The Broadway, a $1.5 billion mixed-use development close to Westminster and St James’s Park in London. Confirmed by expert property agents in Dubai, Shuaa Capital’s Northacre has partnered with Ellington Properties and Sol Properties for a brand-new ultra-luxury nine-story, 88 units water-front project in Palm Jumeirah.
Shuaa Capital, the region’s leading asset management and investment firm through its real estate development arm – Northacre joined hands with Ellington Properties, a Dubai-based boutique developer and Sol Properties, the real estate development firm of Bhatia Group to develop an iconic residential project on the world-renowned Palm Jumeirah. Living in Palm Jumeirah is an experience in itself and this strategic alliance between three conglomerates will allow the industry’s experts to bring out a charismatic residential project that features exquisitely designed signature residences for luxury living.
“Seeing the robust demand that conduces the launch of luxury projects in Dubai, we planned to embark on this partnership with these two industry gurus. Soon, it was good to realise our shared vision of creating contemporary luxury spaces and exceptional living and wellness experiences, while bringing to the project our meticulous attention to detail and passion for craftsmanship,” said Jassim Alseddiqi, chairman of Northacre, the real estate development arm of Shuaa Capital.
Ellington Properties
Ellington Properties, a design-led Dubai-based real estate developer, has recently delivered multiple projects across the emirate including Ellington Beach House, a residential apartment project of 123 units, and The Ellington Collection, which has nine beachfront villas. Meanwhile, the company has already started working on new ones. The latest one is planned on Palm Jumeirah and intends to boast the developer’s prime focus on bespoke designs through Bjarke Ingels Group (BIG), a Copenhagen, New York, London, and Barcelona based architectural firm.
Spread over nine floors only, the development will feature 88 residential units comprising two, three, four, five and even six bedroom apartments and duplex residences. According to Robert Booth, Co-founder and Managing Director of Ellington, “This exciting partnership (with Sol and Northacre) marks our further expansion to meet the growing demand for our design-led homes. By partnering with best-in-class companies, we will leverage their expertise to develop stunning homes in prime locations across Dubai that will elevate people’s lifestyles.”
Luxury properties – A booming segment of Dubai real estate market
The particular segment of luxury properties in Dubai started experiencing escalating demand throughout 2021, which never subsided in 2022 amid the UAE’s slow economic recovery induced by the coronavirus. Dubai real estate market touched the AED30 billion mark this November and the luxury properties segment played a remarkable role in it.
According to a report published by Dubai real estate consultancy firm – Knight Frank, the value of luxury properties located in renowned neighbourhoods of Dubai including Palm Jumeirah, Emirates Hills and Business Bay have increased by 90% almost in the past 12 months. In recent months, an Indian business tycoon bought the most expensive villa in Dubai for $163 million, which is also located on Palm Jumeirah.
According to an estimate, the properties for rent in Palm Jumeirah start at AED 900,000, while prices for villas begin at AED 3,900,000. The average ROI for a property in Palm Jumeirah hit 8% in the first quarter of 2022. ROI for studios and one-bedroom apartments was 7.4% by the end of 2021, while ROI for two-bedroom apartments was 6.1%. 2021 saw a 3.5% increase in the number of upscale villas on the palm island.
According to a recent report published by Knight Frank, price growth is estimated to reach 13.5% in 2023 for luxury properties in Dubai. Thanks to the growing demand, the prices for luxury properties in Dubai located in Palm Jumeirah, Emirates Hills and Jumeirah Bay Island strengthen with a growth rate of 29 per cent in Q3, 2022.
Register your interest
What does entice you the most in Dubai’s luxury properties segment? Do you prefer investing in luxury apartments in Dubai or do villas catch your attention the most? If you are interested to buy a luxury property anywhere in Dubai, you must call the HFRE’s sales team today at +971 4876 2473. You can also call us to register your interest in the newest launch at Palm Jumeirah by Northacre, Ellington Properties and Sol Properties.
