Rental prices for real estate in the Palm Jumeirah area have increased

According to a new study by Arabian Business, the rental costs of real estate on Palm Jumeirah soared between AED 62.4К (USD 17К) and AED 3М (USD 817К) as the Dubai market heats up. According to the data from Property Finder, the iconic development of Palm Jumeirah offers nearly 800 apartments for rent.

The lowest priced rental property in the area of Palm Jumeirah is currently just AED 62.4К per year for a studio with a living area of 548 sq. ft which is AED 114 (USD 31) per sq. ft.

The most expensive rental in the district of Palm Jumeirah constitutes AED 3М per year for a 4-bedroom penthouse in the Andaz Hotel. The living area of the penthouse constitutes only 3,133 sq. ft, which equates to AED 955 (USD 260) per sq. ft.

The rental price for another penthouse in the FIVE Hotel is priced at AED 1.752М (USD 477К) per year. The living area of only 780 sq. ft comes to a staggering AED 2,244 (USD 611) per sq. ft.

As stated by the property consultancy CBRE, the huge rental prices come as Dubai property sale prices rose in August.

The average apartment prices were 7.7% higher annually in August, while villa prices rose by 15.8% annually.

Apartment prices were up 0.5% compared with July, and villa prices rose by 0.3% on a monthly basis.

A new record was set on Palm Jumeirah for the sale of a property priced at AED 302.5 million (USD 82 million). Casa Del Sole by Alpago Properties offers eight bedrooms and 18 bathrooms. It is one of six villas by Alpago in the Palm Jumeirah area. The property is located on what is known as Billionaires’ Row.

Luxurious real estate in Dubai has attracted the attention of many investors from all over the world, due to the emirate’s liberal visa policies, including the Golden Visa scheme, the ease of doing business, and the UAE’s resilience to the pandemic. Purchasing elite real estate in the Palm Jumeirah area is a profitable investment, given the increased demand for luxury real estate in Dubai and the increase in rental prices for residences in this district. One of the latest luxury projects launched in Palm Jumeirah is the Building 3 in the Palm Beach Towers complex. The starting price for apartments in Palm Beach Tower 3 constitutes AED 2.38M (USD 648K).