Palm Jumeirah is often one of the foremost considerations for anyone searching for real estate for sale in Dubai for expats. There is no hidden formula – that keeps happening because it is one of Dubai’s most popular locations. Its fame transcends even Dubai, as it is the most famous man-made/ artificial Island of all time! People hurry into the city, and indeed, the UAE, to experience this human wonder. As they experience it, they tend to patronise the business there and lodge the apartments in and around the Palm. However, could there be more to the famous Island, or is it exaggerated beyond necessity? These are some of the questions that this article strives to answer.
Palm Jumeirah before now – History of The Palm
This Palm-fronds Island was first announced in 2001 as a public infrastructure embarked upon by the government. As usual, a few murmurers believed that the government should be carrying on palliatives and other poverty alleviation schemes rather than designing a world luxury Island. Regardless of the ruckus, however, the project was launched and completed by Nakheel Developers, who would later become one of Dubai’s most famous and long-lasting project developers.
Immediately after its announcement, the Palm Jumeirah was sold out, as developers received overwhelming demands from families, purchasers, investors, etc. Therefore, in 2007, it was 75% sold out, with about 500 families having purchased the available properties and offerings. In 2009, only about 2 years later, 28 international branded hotels had built structures around the crescent area, and trees were planted for greenery and healthy environmental practices.
One construction wonder for engineers and business people is the fact that the foundations of the Island were laid with sand and rock and no steel, contrary to what one might expect. Facts have it that about 7 million tons of rocks were extracted from Hajar Mountain in the UAE. It was, therefore, for a long time, an engineering wonder as ex-pats, professionals, and engineers picked interest in the foundations and the building setups. The Jumeirah Palm Island has 120 million cubic meters of sand and sits on the Arabian Gulf up to about 10 nautical miles into the waters. The builders used Geotextile materials to lay the roots and form a defense against storms and ocean waves. With the foundations laid, the land ready, and a broad interest in the Island, the market was opened, and by 2010, it had become a place of serene abode, peace, and quiet, and a luxury real estate hive.
Palm Jumeirah now
Upon the launch and completion of the project, Palm Jumeirah immediately became a well sought-after name in the luxury real estate industry in world. The area can be safely regarded as a city because it has about 5.72 square kilometres and can fit about 599 sports pitches, not to mention the many mansions it can successfully contain. According to Emirates.Estate, today, an estimated 80,000 live there, as its internal mono rails and underground tunnels transport commuters from one part of Dubai to the next, thereby dodging traffic and gridlocks. With its very many commute measures, at least 20,000 people are taken from one destination to another, and they experience less frustration during rush hours.
Palm Jumeirah is a city on its own – a mini city inside of Dubai’s city. One of the initial selling points of the Palm Jumeirah was the celebrity flock in the area. For example, David Beckham’s 16-million-dollar property on the Island, followed by SRK’s home mansion, which is also on the Island (SRK is a famous Indian movie star). The Palm Jumeirah is also one of the best celebrity hangout spots for many other world-renowned stars and celebrities, and that has helped its marketing so far. It is both a tourist spot and an excellent spot for skydiving, etc. It costs about 12 billion dollars to build the Island, however, the properties there are valued at a minimum of 30 billion dollars. Today, the Island consists of five-star hotels, luxury villas and apartments, and quality real estate options. It is equally one of the most expensive areas to purchase exquisite real estate options and a splendid location to meet the crim de la crims.
Palm Jumeirah of tomorrow
Palm Jumeirah is one of those locations where it is not just profitable to invest today but equally profitable to invest tomorrow. The community has evolved for over three decades into a premium, world-class facility with the best combination of properties from the small to the costly categories. There are several reasons why Palm Jumeirah is a perspective destination:
- One unexpected yet intriguing factor about the Palm Jumeirah is that there is a property for everybody. Although units in the area are generally more expensive than in other outskirt areas of the city, The Palms also has condos and single apartments that cost around a million AED and are splendid for low-budget purchasers. The city-within-Dubai-City has grown exponentially, and it gives its homeowners equivalent returns, coupled with a great life.
- Living in Palm Jumeirah, you should expect to see a bubbly lifestyle and a rich undertone as people go about their busy schedules. You can also expect to see leisure and activities that can take all of your money in a few turns. The area is high-class and is a splendid place to raise a family, provided you can afford it.
- There are also public transportation and facilities that make living in the area more accessible and easier. You can also access all the important parts of Dubai from the Palm Jumeirah.
Concluding on buying the best units of properties in Palm Jumeirah
It is safe to conclude that Palm Jumeirah is one of Dubai’s prime investment locations. It is also one of the most expensive. As you plan to live that luxury life, you have always wished for on the artificial island of Dubai, you should learn to pad up your budget and have a residential plan. For investors however, it is a great place where you can earn about 6% of your investment sum per annum from a purchase.
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