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DUBAI PALM
The Palm Island Dubai will officially be handed over at the end of May 2007. The much anticipated delivery has been wrought with speculation as to the reasoning for its many delays.
The delays have resulted from such an ambitious project being completed in an initial timeframe that was more based on hope than on engineering possibilities.
Although the delays have no doubt caused concern for the 2,700 homeowners the trade off has been offset in the Palm Villa appreciation prices which have seen rises from 150-200%.
Early estimates point to annual leases for Garden Homes on the Palm starting at 450,000 AED per year or what would now be an 8% yield or a 17% yield on initial purchase prices. Signature Villas are projected to rent at 700,000 a 16% yield on initial purchase price.
The Palm has yet to handover any villas and therefore the jury is still out on the quality of construction and finishing. Initial homeowner feedback from those who have visited their properties is that finishing is of greater quality than villas in Jumeirah Island delivered by the same developer Nakheel.
As delivery dates are a few months away many homeowners will be looking to capitalize on their tremendous investment. Many of those will sell and pocket 3-4 million dirhams off of their initial investment.
Other options include long-term rentals as discussed above or short-term rentals which will capitalize on one of the most desirable landmarks in what is one of the fastest growing tourist destinations in the world. Whatever you decide to do the Dubai Palm has exceeded expectations and even has another 3 years of construction remaining for some of the bigger hotel projects.
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