Price is one of the most important elements to consider when buying or selling a villa on Palm Jumeirah, and can vary quite a bit depending on a few key factors. The type and style of the villa makes a significant difference. As discussed in previous post, the two main types are the Signature Villas and Garden Homes, each containing a different range of exterior and interior styles.
At the time of writing (August 2018), prices for the Palm Jumeirah Signature Villas are typically in the range of AED 18m for a low number with a standard finish going up to AED 100m for a high number villa with a superior luxury finish. The majority of Signature Villas available for sale are in the AED 20m - 50m price range for a five, six or seven-bedroom villa. Prices for the Garden Homes are in a narrower valuation range, typically AED 8.5m - 20m for a three, four or five-bedroom villa.
In addition to type and style, these are what I consider to be the four most important factors that come into play when assessing villa prices on this world famous waterfront development.
As every seasoned real estate buyer and broker will know, location is always key wherever you buy in the world. On Palm Jumeirah, the higher numbered villas located on or close to the tip of a frond will generally command higher prices than those villas situated in a low number position. Certain fronds tend to be more popular than others too, usually due to additional factors such as the views, privacy and exclusivity of the frond.
The Dubai Marina skyline, Atlantis Resort and Burj Al Arab are frequently the views most desired by buyers of Palm Jumeirah villas. The villas with clear views of one or more of these iconic structures often sell for a premium in comparison to those with standard views of the sea and the other fronds. It is likely that new additions to the Dubai skyline such as the Royal Atlantis Hotel and Dubai Harbour will have a positive impact on the prices for some of the villas facing these developments in the future.
Renovations & Upgrades
Owners who have taken the time and invested money to upgrade their villas will often add value to their property. The actual increase in value will depend on the overall standard of the upgrades and quality of the materials used. Examples of renovations and upgrades made by villa owners include exterior architectural modifications, improvements to the floor plan layout, extensions to the built-up area, revamping of the interiors, new kitchens and bathrooms, professionally designed gardens and extended or custom-built swimming pools. Using the services of reputable and experienced interior designers, architects and landscape gardeners is highly recommended in order to maximise the future value of your villa.
Five fronds on Palm Jumeirah were sold as villa plots, which allowed the buyers to design and build their own bespoke villas. Factors such as the location on the frond and views will have a similar influence on the prices of these villas as on the other fronds. However, the option to be able to build a unique villa from a blank canvas definitely has its advantages over the standard villa fronds when it comes to adding value. Smart owners can research the market to understand which types of villas are most in demand and then design their homes accordingly with a future sale in mind. There are some incredible custom-built villas to be found on Palm Jumeirah and they come with high price tags due to their uniqueness and the supreme quality of their finishes. Combined plots with villas that are double or triple the size of a standard Palm Jumeirah villa are in short supply and will also be valued at the higher end of the price scale.
Experienced and professional real estate advisors are knowledgeable about the current market trends and can advise you accordingly when it comes to pricing a specific Palm Jumeirah villa. If you want to determine the best price to sell your villa or to buy a villa on Palm Jumeirah that offers you the most value for money, please get in touch.