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Golden Mile

Buying Property in Golden Mile

About the project

Golden Mile is a complex of residential and commercial real estate consisting of 11 towers. It is located on the waterfront Palm Jumeirah, an artificial island in the form of a palm tree. The project was implemented in 2009 by Nakheel. In 2015, the site was completed with a new 37,161 sq. m (400,000 sq. ft) Galleria retail and office center. It is designed to serve 2,500 people at a time.

Residential properties at Golden Mile include 1, 2 and 3-bedroom apartments, as well as townhouses and penthouses. The properties are located in 10-story buildings of the same style. The lower floors are surrounded by a podium and there are transitions between the buildings. The facade is decorated with arched windows, carved balconies and mezzanines similar to the ancient towers on the city walls.

The apartment layout includes a living room, a kitchen, and bedrooms and bathrooms. The interior is complete with built-in closets. On the upper floors there are duplex penthouses with terraces. From the panoramic windows there is a beautiful sea view.

The sizeof the homes varies from 120 to 474.7 sq. m (1294-5110 sq. ft). The minimum price for a one-bedroom apartment is AED 1,450,000 (USD 394,778).

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Location

Golden Mile is located on the outskirts of Palm Jumeirah, surrounded by residential buildings. Nearby is the park Al Ittihad. The complex is advantageous in having its own shopping center. There are 70 stores, cafes, restaurants, sports and medical centers in the shopping center. The popular family entertainment spots, Aquaventure and The Lost Chambers Aquarium, are within 12 minutes’ walking distance. The observation deck, which overlooks the man-made island, is a 10-minute walk away.

Residents of the apartments and townhomes at Golden Mile have access to the following amenities:

  • pools;
  • a playground for children;
  • parking;
  • spas;
  • a business center;
  • multifunctional rooms for events and conferences;
  • barbecue areas;
  • a private beach area at Palace Beach;
  • water sports;
  • a 24-hour concierge service.

The area has well-developed social infrastructure. Nearby are a secondary school, kindergartens and medical clinics. From the Golden Mile the mainland can be reached by a bridge. It takes 14 minutes to reach the city center. Al Maktoum Airport is a 35 minute drive away.

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The payback

The average return on investment in Golden Mile apartments can reach 5.55%. Property in the unique man-made island Palm Jumeirah is in steady demand from both the local population and tourists. Revenue can be derived from rents or from the subsequent sale of a purchased property. The average cost of renting an apartment for the year is AED 200,000 (USD 54,452).

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