Palm Jumeirah Owners,
2016 so far has been very active on the Palm despite the challenging economic environment. As always we like to keep our members updated with the latest facts and figures.
The Dubai Land Department has transacted a large volume of properties in the last few months, prices remain stable but offers by Buyers and Investors are around 10-15% below current asking/advertised prices.
The majority of properties being brought and sold in todays market are vacant on transfer and are being purchased by end users.
Please see below a breakdown of transactions (Transfers) in the Land Department over the period 20th April - 19th May 2016 for some of the Palm developments.
Palm Jumeriah Golden Mile : 1 transaction - AED1,281 sq ft - AED 1,650,000
Palm Jumeirah Shoreline : 13 transactions - average AED1,427 per sq ft - Total Sales AED 36.33 million
Palm Jumeirah Marina Residences : 8 transactions - average AED1,282 per sq ft - Total Sales AED 22,39 million
Palm Jumeirah Villas: 1 transaction - Garden Villa - AED 13,250,000
This gives you a snapshot of where the market currently is, and now with Ramadan and summer fast approaching it will be interesting to see how the next 3 months will go.
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Fine and Country International Realty UAE