The wealthy are flocking back to the Palm, one of Dubai’s most exclusive and luxurious locations. The Palm, a man-made palm-shaped island, close to Dubai Marina, has always been the choice for the rich and famous, but is undergoing something of a resurgence. There have been 204 residential deals so far this year, and the most expensive villa sold on the Palm reached 38 million AED. While values are slightly lower than they were a year ago, there is proof that when new properties are released onto the market, they are getting snapped up. The Alef Residences are inspired by a traditional Middle Eastern “wadi” style, with buildings back to back and a central courtyard. The buildings are broken up into mansions or clusters, with each unit having its own parking space, lobby and lift entrance. Up top, there are simplex and duplex apartments with private access. The developers have found a unique point on the Palm with over 1 million square feet of property space, and buyers are snapping them up. Entry prices start at 13 million AED, and 15% have been sold since launch in December. “Palm has always proved highly popular”, says Espace Real Estate’s MD, Peter Calamari.
“The speed at which new developments get bought reflects the ‘safe haven’ nature of Dubai for global investors. Not only is Dubai regarded as a safe bet for your money, but the market is stabilising and the wealthy investors rightly see Palm as prime location for a second home.”
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