Business | Property
Palm's secondary market beginning to take shape
The secondary market for units on the Palm Jumeirah is beginning to gather momentum after a slow start, say officials at Nakheel.
- By Robert Ditcham, Staff Reporter
- Published: 00:00 March 1, 2007
- Image Credit:
- The Palm Jumeirah gears up for the 4,000 families who will start a new life on the man-made waterfront development.
Dubai: The secondary market for units on the Palm Jumeirah is beginning to gather momentum after a slow start, say officials at Nakheel.
The company says units in phase one - represented by 1,400 villas and 2,500 apartments, have been sold out since 2002 and have seen dramatic appreciation in value since handover started late last year.
Five- and six-bedroom "signature villas", which were sold off plan for Dh4.6 million, are now going for more than Dh12 million and as much as Dh20 million on the tips of the palm fronds. Meanwhile sea-facing Shoreline Apartments have jumped by 120 per cent in value since sales started.
Celebrity residents include several past and present members of the England football team.
The next phase of sales will start on March 11, when the first batch of 1,200 apartments in the Marina Residences buildings hit the market. Units are scheduled for completion in December 2008. Nakheel refused to reveal starting prices.
Business Editor's choice
-
China breaks West's solar monopoly
Some countries in the world, especially Germany and the United States, have made considerable efforts to invest in developing solar energy cells
-
Burberry store spree will cut profit
Trenchcoat maker forges ahead with investment strategy targeting emerging markets
-
Laws needed to spur region bond markets
UAE Central Bank calls for creation of a centralised Sharia board to facilitate the sale of sukuk
