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Last week, several exclusive luxury units in Alef Residences, where only 104 villas will be built, found new owners, Matthew Bate, Alef Executive Director, said. Property buyers are showing increased interest in such one of a kind real estate location like Palm Jumeirah, thus it is not surprising that 15% of all homes on the western end of the crescent island have already been sold, although sales started only in December last year. This uptick in sales was quite expected, Bate has stressed out, noting that it is all about the ultimate uniqueness of Palm Jumeirah, a manmade archipelago having no analogues not only in Dubai, but worldwide.
Developers’ announcements of creating palaces on Jumeirah palm branches are supported by latest statistical data report from Core Savills analytical agency. Since the beginning of the year, 204 real estate transactions were recorded on the Palm Jumeirah in Dubai with an average cost of AED 12,366 (USD 3367) to AED 53,244 (USD 14,500) per square meter. The most expensive villa in the archipelago was sold for AED 38 million (USD 10.35 million).
At the same time, according to David Godchaux, CEO of Core Savills, buyers become more selective and more careful in their approach to choosing the right deal. This is understandable, analysts explain, because Palm Jumeirah artificial archipelago is the most desirable place in Dubai to live in, especially among ultra-high-net-worth-individuals (UHNWIs). People are willing to settle here for a long time and for good, even though short-term investment yields statistics level for these villas as an asset is slightly inferior to the same in the midtown of Dubai.
For example, the average rate of return on investment for Palm Jumeirah villas today is about 7-9%, however reaching up to 11% for certain ultra-exclusive units, while Emirates Hills rate of return on real estate investments rose up by 6% in a quarter. But this is only short-term yields, which are not the subject for consideration for buyers of sophisticated and exquisite properties on Palm Jumeirah.
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