Fancy having your own house on the world’s largest manmade island?
Time to wake up and realize your fanciful dreams in reality as we share with you every useful information on how to be the rightful owner of a house or villas for sale in Palm Jumeirah, Dubai.
Palm Jumeirah
Palm Jumeirah is an archipelago of artificial islands, styled in the shape of a palm tree on the Persian Gulf. It is the very icon of Dubai these days and a posh freehold area to foreigners for owning properties.
Reportedly, it cost $12 billion (sourced from the gains from Petroleum) to construct it by the state-owned Nakheel real estate developer, who now also builds luxury Palm Jumeirah Villas, and Penthouses.
Palm Jumeirah is the Paradise for people dreaming of living life king-size because:
- Exclusive beach access
- Ultra-luxurious lifestyle amenities
- Opportunity to rub shoulder in an elite neighborhood (Bollywood King Shahrukh Khan having a property here and affluent personalities).
- One can call Dubai’s major tourist spot its home. Palm Jumeirah draws 4 million visitors each year!
- The stunningly unique architectural styling of the islands and the massive villas.
- Every possible social facilities are closer by(first-class F&Blan choices, medical facilities, recreational and retail options)
- All Dubai landmarks are nearest to it, including Burj Khalifa, The Atlantis, and Dubai Marina Coastline.
Why wouldn’t someone with fancy-living dreams and resources buy properties on Palm Jumeirah Beach? Find here more interesting facts on Palm Jumeirah properties.
Types of Properties and Their Average Costs in Palm Jumeirah
Cost of Villas in Palm Jumeirah
Villas are for those who want a relaxing, private and cosy kind of exclusive and lavish lifestyle. Good for a big-sized family. Cost the highest, usually.
Luxury Palm Jumeirah villas might soar high to AED 145,000,000 on average.
- 3-BR Villas :AED 33,000,000 to AED 35,900,000
- 4-BR Villas: AED 11,300,000 to AED 78,000,000
- 5-BR Villas: The average price ranges from AED 31,000,000 to AED 170,000,000.
Cost of Apartments in Palm Jumeirah
Apartments and Penthouses are for those who wish to access a longer list of communal luxury amenities and intend a more socially active lifestyle. Penthouses come with more privacy than apartments.
Your chosen residential community and size will determine the price. More affordable than villas.
Average price of Palm Jumeirah Apartments are-
- Studio: AED 750,000 to AED 2,600,000. (approximate)
- One-BR: starting average price AED 4,950,000 to AED 10,851,828.
- Two-BR: AED 7,100,000 to AED 29,999,990.
- Three-BR: AED 9,082,057 to AED 65,000,000.
- Four-BR: AED 27,400,000 to AED 81,333,000
- Five-BR: AED 43,380,800 to AED 79,282,800.
- Penthouse: AED 10–298 million (approximate)
The 5-BR Duplex Penthouse in Como Residences, by Nakheel Properties, cost around AED 43,380,843. They are the ones who built Palm Jumeirah!
Cost of Townhouses in Palm Jumeirah
Townhouses attract those who want a moderate choice of villas without letting go of the vibe totally. More private choices than apartments.
The average price goes
- 2-BR between AED 6,900,000 to AED 9,000,000
- 3-BR between AED 8,499,999 and AED 9,900,000
- 4-BR up to AED 10,300,000
- 5-BR AED 15,000,000 to AED 23,500,000.
Go through our APIL Properties Palm Jumeirah property offerings to know better.
Factors That Influence the Price of a Home in Palm Jumeirah
- Waterfront properties cost more than Non-Waterfront Properties. Villas on the Fronds have exclusive beach access and are usually in the 10M Dollar category.
- With a larger plot size, obviously, the price will keep adding.
- The number of Bedrooms and Layouts have a definite role to play in impacting the price.
- Certain high-end amenities add to the overall price(Pools, Private Beaches, Smart Homes).
- 5.72 sq km is the area of Palm Jumeirah. Villas near the 5-star resort Atlantis and Nakheel Mall cost more.
Financing Options for Buying a Home in Palm Jumeirah
Mortgage Options for Residents and Non-Residents
The loan-to-value ratio (LTV) for residents is usually 80% for properties under AED 5M, while non-residents can access an LTV of 50-75%. A Mortgage Registration fee is applicable as part of the property cost, which is 0.25% of the amount borrowed from banks. The financial profile of the borrower and the lending policies of the bank matters.
Down Payments
For first-time buyers, the Down Payment quotes 20% of the property value. Non-residents would pay 25-35%.
Eligibility Requirements
If you are a foreigner residing in Dubai with a valid visa and a source of income, you are eligible to avail 80% of the property purchase value from banks in Dubai. In Dubai, the upper age limit is 65 years and the loan repayment tenure is between 5 to 25 years. For Non-residents, a good credit score and a steady source of income are a must.
- Documents needed
- Proof of income
- Bank statements
- Identification proof
The Buying Process for a Home in Palm Jumeirah
Are you aware of what to expect from the property purchasing process in Dubai?
We are detailing here the steps necessary for buying villas for sale in Palm Jumeirah. You can follow it also for other property-type purchase elsewhere In Dubai
Know and Focus on Your Budget
Palm Jumeirah villas or any luxury property in Dubai comes with a high price tag (though lesser it is than other global prime destinations like the UK). Have a clear idea about how much you can and have to arrange to get a hold of the property key.
In addition to the property price, you will pay:
- 4% DLD of total property price
- OQOOD Charge or Admin Fees worth around AED 5000
- Service Charge of AED 3-18/per sq ft.
Look for Properties in Freehold Areas
Freehold areas are Government-specified zones for foreign ownership. In Leasehold areas, as an expatriate, you can lease a property for up to 99 years. Palm Jumeirah is a Freehold area!
Property Selection
Decide whether you want a villa or a n apartment for sale in Palm Jumeirah. Though a luxury Palm Jumeirah apartment can cost one a fortune based on size and amenities available, Villas and Penthouses are more on the pricey side. Also, determine if you are okay with waiting for a few years for off-plan properties or are already prepared to relocate here by buying move-in-ready properties.
As discussed before also, crucial factors for property selection anywhere include location connectivity, social amenities nearby, lifestyle amenities offered, security, reputation of the real estate builders and rental yield (if investment is on the mind).
Approach A Reliable & Reputable Real Estate Agent
The reputation of the chosen real estate company matters as it shows their credibility in adding value to your journey in Dubai, from property hunting to possessing rightfully.
- Check their licenses and official documentation for assurances.
- Opt for a Real Estate Regulatory Agency (RERA) Certified agent only. They are the authorized experts to handle all your necessities and mandates for rightfully owning and maintaining a property.
- Go for the one that offers a comprehensive range of pro-grade real estate related services. We at The APIL Properties, for example, offer real estate brokerage service to full-fledged property maintenance help with equal expertise.
Property Inspection
Even if you have hundreds of reasons to not fly to Dubai for personal property inspection, we suggest you consider it before proceeding. Or, hire the services of professional property inspectors. PS. Some real estate agencies have a full team running to get upfront and personal with your chosen property, on your behalf, for safeguarding your investment in the best possible interest!
Pay the Reservation Deposit & Sign MOU
If you are okay with the property from all possible aspects, go on securing the deal by paying 5-10 % of the property’s value as the reservation deposit. Alongside it, you sign a Memorandum of Understanding (MOU), enlisting the terms of the sale.
Explore Financing Choices
In case you are not purchasing the property right now (or anytime)out of your own pocket, you have to opt for mortgage services from the banks in Dubai. Loan to the Value Ratio is a little different for the non-resident expatriates in Dubai. The topic is already discussed in detail in the above section.
Get Your Sales Agreement Documents
The drafting of sales documents will happen at this juncture. These will detail all the vital information regarding the proposed property like price, payment plan and other terms and conditions.
No Objection Certificate
Avail of the NOC Certificate then from the real estate builder of your selected property. It will confirm that you as a buyer adhere to all the required payments and other conditions (if any).
Finally Be At the DLD to Seal the Deal
You meet with the seller or real estate developer (or their representative) at the Dubai Land Department to finalize the transfer of ownership of the property. If there is any remaining payment balance, you pay the seller here. A Title Deed is issued
Registration Deposit
Pay 4% of the property value as a Registration Fee to the Dubai Land of Dispute (DLD). You are the official owner of the property. Other admin fees might be there.
Approach DEWA for Utilities
To stay in the property you need electricity, water, and other basic services, right? Go to the Dubai Electricity and Water Authority to get the access.
Now, hire a professional property management agency to protect your purchased property. WHY? Find the reasons here.
Conclusion
The Dubai real estate market is attracting new investors (like, young professionals and property investors) each year. And, Palm Jumeirah Beach is the crowning jewel!
Hopefully, the information here equips you with the resources to make an informed decision! For in-depth consultation and guidance, have faith in the APIL PROPERTY. A one-stop-for-all Dubai real estate agency can make the entire process effortlessly smooth.
FAQs
What is the Cheapest Property Available in Palm Jumeirah?
1-BR apartment that too at above AED 2,000,000.
2. Are There Freehold Properties Available for Expats?
It is available in abundance in Palm Jumeirah
3. What Makes Palm Jumeirah Homes Different from Other Luxury Homes in Dubai?
Private beach access on the world’s largest manmade islands!
