Palm Jumeirah is a unique island created in the Persian Gulf. The developer was the country’s largest company Nakheel Properties. The island is called a wonder of the world. There are seven tons of stones in the base alone. The total budget of the project was USD 12,000,000,000. Real estate on the island is associated with wealth and luxury. Let’s figure out how to choose and buy a property in Palm Jumeirah.
Guide to real estate in Palm Jumeirah
The idea of the development was connected with the desire to expand the coastline and attract more tourists. Work on the construction of the island began in 2001. The first buildings appeared in 2006. The total area is 5.6 square kilometers. Nowadays, various objects are concentrated on a plot of land connected to the mainland by a bridge and a highway: apartments, residential areas, as well as hotels. In this community, houses and apartments in Dubai belong to the premium class. The main distinctive features of the area are the following:
- modern buildings;
- proximity to the coast;
- developed infrastructure, including not only roads, but also restaurants, hotels, entertainment centers;
- lots of attractions, including an aquarium, a diving center, a water park, a mosque, accessible to supporters of any faith;
- closed lifestyle, real estate is located in closed clusters under round-the-clock video surveillance.
At the same time, the central areas of the metropolis with the largest shopping malls and attractions of Palm Jumeirah residents are a 20-minute drive away. The same distance to the international airport. This facilitates the transfer to the place of residence and allows you to get to almost any major country in the world in just four-five hours of flight.
Cost of housing stock
The property is located in the central part of the island and on 17 branches. Each of it is a separate neighborhood. The tip of the island is a crescent moon, which performs a barrier function. Luxury hotels are built on it.
The demand for properties maintains consistently high prices. Budget real estate on the island is difficult to find, as well as unplanned projects in Dubai, which is caused by limited space. For instance, villas in the XXII Carat residence cost from USD 10,500,000. The prices are due to the exclusive materials used in the construction. The cost of apartments in residential areas starts from USD 350,000. There are much more properties with a price threshold of USD 1,000,000 and above. The penthouse can cost both USD 2,000,000 and USD 15,000,000. The final price depends on the area of real estate and the level of its comfort.
It should be borne in mind that since the stabilization of the UAE real estate market. There has been a steady increase in prices, so the data may change. But even at a high cost, housing on the island is always popular.
How to choose a property for sale in Dubai
There are several types of housing stock in Palm Jumeirah, so first of all you need to determine the goals. Depending on whether permanent residence, seasonal holidays or monetary investments in foreign real estate are planned, several options can be bought.
Apartments
In this section we are considering large apartments in the configuration of one to three rooms. Apartments in Dubai differ in the number of bedrooms. For investment, options with one or two bedrooms are suitable. Such apartments have the highest profitability. The choice of real estate for moving or regular stay in the United Arab Emirates depends on the number of family members.
Villas, townhouses, penthouses
Foreign buyers invest in megalopolis real estate for various reasons. Not only expats choose luxury housing for permanent residence. Due to the increased interest in the community, housing in it is liquid and represents a profitable and affordable way not only to save, but also to increase money in the long term. Luxury villas for sale in Dubai with a large area and adjacent territory attract buyers from different countries.
What else should be considered when buying property in Dubai in 2021
The territory of the island belongs to the freehold zones. Therefore, foreigners can own and dispose of property at their discretion. Foreigners are entitled to a residence permit. The duration of the visa depends on the amount of investment. Currently, this figure is USD 204,108. The amount was reduced in September 2021 in order to attract foreign capital. The only condition is that the housing should be purchased ready-built. This does not apply to off-plan projects.
How the transaction is executed
It includes several stages:
- Conclusion of the preliminary contract. It is compiled in English or Arabic. Notarization is not required. The content reflects the address of the object, its characteristics, price, payment schedule, distribution of transaction-related expenses, special conditions. For new buildings, it is mandatory to indicate the date of completion of construction. Besides, when buying real estate from a developer, it is necessary to specify the amount of compensation in case of non-fulfillment of the obligations assumed.
- Conclusion of a sales agreement. It is also referred to as «Contract F». The document form is available on the website of the Land Department. The seller receives the advance payment specified in the contract. Usually, the amount is 10% of the total cost, but there may be individual conditions. If all the terms of the transaction are met, the buyer receives the deposit back. If the transaction is disrupted by his fault, then the deposit remains with the seller. If the latter refuses to sell, he reimburses the buyer an advance in double amount.
- Application for the certificate of no objections. This document (NOC) confirms the fact that the seller has no debts to the developer. It is relevant when buying secondary real estate. In cases where housing is implemented by the developer, the certificate is not needed.
- Transfer of ownership. After receiving the certificate, which is issued within five days, the transaction is registered with the Land Department. The cost of real estate is paid on the same day. Payment for the purchase can be made either in cash or by debiting money from a bank account.
If the transaction is carried out by proxy, it can be carried out in a remote format. On average, it takes a little more than a month to complete all stages of purchase from the moment of choosing a specific project and before taking ownership.
Professional assistance in buying real estate in Dubai
The website of AX Capital presents current offers for the sale of foreign real estate in the UAE. Among it you can find apartments, flats, villas in Palm Jumeirah and other popular locations of the metropolis. The agency’s specialists have many years of experience and a license for the right to carry out real estate activities in the UAE. They are ready to advise on the choice of housing stock, as well as registration of the transaction. You can get acquainted with the peculiarities of the local market, its development trends and pricing policy right now.
