Dubai Property Market: Price History of Palm Jumeirah
The iconic development known as Palm Jumeirah was announced in 2001. The first residential homes were available to purchase in 2004 and handovers of the completed properties commenced in 2006.
This was the first project of its kind in the world and is the largest island constructed by reclaimed land.
If you were one of the astute investors that purchased from the developer Nakheel at launch you would have paid between AED 500 � AED 550 per sqft for an apartment. The 10% variance depended on the views from individual units with the sea views commanding the premium.
In todays Dubai Property Market if you would like to purchase a Signature Villa
you will need to have a minimum of AED 19,000,000
The 3 and 4 bedroom canal cove townhouses had original purchase price of AED 1,700,000 & AED 1,900,000 respectively and at present time you could sell for between AED 7,800,000 to AED 9,000,000.
The detached villas located on the Fronds of the Palm have always been popular with investors and end users.
Garden Homes offering 5000sqft built up area started from AED 2,600,000 and at time of completion in last half of 2007 the sale values achieved AED 6,000,000. 7 years on and the 4 & 5 bedroom villas are now achieving AED 11,000,000 � AED 20,000,000.
In 2014 after several years of market recovery and combined with the further establishment of this development if you would like to purchase a Signature Villa you will need to have a minimum of AED 19,000,000. Signature Villas have 7000 sqft area and the number of bedrooms range from 5 to 6. Gallery View is the most popular floor plan design.
If budget is not a factor but location, quality and prestige is your preference then expect to spend as much as AED 30 � AED 50 million. The factors that determine the current value is the location, the position of the villa, the views, the floor plan and upgraded features. If you have the same villa but it's position is vastly better than others you could expect up to 65% more in value.
This is certainly a great return on your investment especially if you purchased in 2004 for AED 4,650,000.
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