If there is one place on earth that exudes luxury – it is none other than Dubai and if you will have to precisely pick a spot in Dubai for gold standard living, it can be none other than Palm Jumeirah. It is the largest man-made island, the eighth wonder of the world and lovingly called as a residential paradise in Dubai. The palm is a palm-shaped archipelago and has raised the bar high for extravagant, waterfront living in Dubai.
No wonder, a large majority of A-list investors and millionaires prefer buying properties for sale in Palm Jumeirah to experience the heavenly island lifestyle. It is Palm Jumeriah’s matchless charm and exclusivity that celebrities like David Beckham, Shah Rukh Khan and Michael Schumacher have properties here. In 2022, an Indian business tycoon bought the most expensive villa in Palm Jumeirah Dubai for $163 million and most of the property agents believe that the villa belongs to Mukesh Ambani.
Palm Jumeirah – The most sought-after address in Dubai
Palm Jumeirah is one of the highest in-demand neighbourhoods in Dubai for both ultra-luxury villas and apartments. According to Dubai Land Department’s (DLD) figures, around 30 per cent year on year price hike is recorded for properties for sale in Palm Jumeirah – thanks to the overwhelming demand for luxury properties from foreign investors.
Its convenience, connectivity and collection of uber-luxury properties that make Palm Jumeirah a top choice for ultra-high net worth individuals. Palm Jumeirah is Dubai’s ultra rich locale, with a villa sold for AED130 million and it is one of the highest priced villas. According to a research conducted by a luxury property consultancy, for properties priced at AED20 million or above in the luxury property market segment, Palm Jumeirah accounted for 30 per cent of all major Dubai real estate deals, in 2022.
On the contrary, Dubai Hills Estate accounted for 20 per cent of all the luxury property deals in Dubai real estate sector, last year. Property agents in Dubai believe that the luxury property market will grow by 20 per cent in 2023 and a sharp spike will also be observed in the prices of luxury and ultra-luxury properties in Dubai.
Dubai – A destination of choice
Dubai real estate is a destination of choice and the escalating number of expatriates relocating to this city is a proof. In 2022, more than 4,000 high-net-worth individuals and ultra-high-net-worth individuals flew in to buy properties here. It is the major influx of these investors that Dubai’s luxury property market has been booming and it shrugged off the global pandemic’s effects easily and quickly.
According to an estimate, Dubai is home to more than 67,000 millionaires, and this number is set to increase by 52 per cent in the next 10 years, with higher numbers of millionaires expected to move to this city. It is a higher demand for properties that several Dubai prime areas are in higher demand, with property prices up by 90% and Palm Jumeirah is one of the most prominent names in the list.
According to a report published by Knight Frank, “The number of HNWIs in the UAE is expected to rise from 163,000 in 2021 and reach more than 228,000 by 2026, reflecting a 39 per cent increase.”
What makes Palm Jumeirah a top choice?
Developed by the master developer Nakheel, Palm Jumeirah is home to some of the most outstanding, uber-luxury waterfront properties. 2022 proved to be a year of millionaires investing in luxury properties in Dubai, which also fuelled the demand for more luxury properties. 2022 ended on a strong note for Dubai real estate sector, with Palm Jumeirah remaining in higher demand as millionaires looking for luxury properties in Dubai preferred investing here.
Let’s have a look at other features that makes Palm Jumeirah, a favourite investment spot for foreign millionaires.
Breathtakingly beautiful waterfront properties
Palm Jumeirah is an island, where properties offer far-reaching ocean views to the residents. Palm Jumeirah is going uptown in Dubai real estate sector and it is one of the biggest reasons for investors to pick it because the homes are away from hustle and bustle of city life and are designed in a tranquil setting, offering direct beach views. And this is not just limited to the residents living in villas but apartment developments are also high-rises, offering extended and uninterrupted views of the Arabian Sea and Dubai’s ever-changing skyline.
If you love beachfront properties, you can consider investing in villas with private and direct access to the beach, otherwise, apartments for sale in Palm Jumeirah are also worth investing options.
Palm Jumeirah is one wholesome neighbourhood in Dubai that adds ease and convenience to residents day to day life. Palm Jumeirah is not just a residential community but an all-inclusive mega project that boasts schools, nurseries, restaurants, hotels, supermarkets, healthcare facilities, parks, kids’ play areas and entertainment spots. Moreover, it is located in close proximity to Dubai’s most renowned prime neighbourhood – Dubai Marina, where you can find a large selection of every facility.
The Pointe and Atlantis are highlights of Palm Jumeirah, where you can find a repertoire of activities. Recently, Dubai’s Atlantis – The Royal opened on February 10, which is another highly anticipated commercial project.
Luxury living at its best
Palm Jumeirah is a paradise for potential investors in terms of profits and for residents, it offers uber-luxury lifestyle. It is an iconic development that offers the best of everything. For instance, apartment developments are new and finished to the highest standards of luxury living and offer exceptional facilities to the residents including swimming pools, gyms, and exclusive access to several residents’ only beach clubs.
And when it comes to commercial facilities in the vicinity, Palm Jumeirah boasts a long list of hotels and restaurants including The Atlantis, The One & Only The Palm, Nobu, 101 Dining Lounge and many more. The island also offers a selection of tourist activities such as Aquaventure water park at the Atlantis, which has numerous activities to make your day active and memorable.
Unquestionably, Palm Jumeirah is one of the best destinations in Dubai to live and invest your savings because it offers luxury living in a unique island way. From waterfront villas to high-rise apartment developments and from world-class tourist attractions to an iconic lifestyle that Palm Jumeirah offers and makes it a worth investing prime neighbourhood in Dubai.
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