21 February, 2016
20 February, 2016
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15 February, 2016
Nakheel’s Palm Promenade on parade at Cityscape Global
8th September 2015
Developer to transform Palm Jumeirah trunk into pedestrian-friendly beach, park, retail and café complex
Nakheel will transform the entire
trunk of Palm Jumeirah into a walkable beach, park, retail and café
complex under a new project announced at Dubai’s Cityscape Global
exhibition today. The Palm Promenade will stretch 1.5 kilometres along the island’s trunk, with new walkways and road crossings connecting the area’s 30 apartment buildings with Al Ittihad Park, Palm West Beach and the growing number of retail, dining and entertainment facilities on The Palm.
Unveiling the project at Cityscape Global Dubai, Nakheel Chairman Ali Rashid Lootah said: “The Palm Promenade is all about connectivity, walkability and accessibility, and yet another example of our continued delivery of new, innovative projects at the world-famous Palm Jumeirah.
“This exciting new pedestrian-friendly facility is set to dramatically enhance the lives of thousands of people who live along Palm Jumeirah’s trunk. The project promotes a healthy lifestyle and social, environmental and economic sustainability by encouraging people to walk, cycle, meet and socialise, and will boost business in the area with easier access to the ever-expanding range of retail facilities there.”
Under the plans for the project, Nakheel will connect all elements of the Palm Jumeirah trunk with one another. Residents of the 20 Shoreline Apartments buildings and 10 Golden Mile buildings will be able to walk between Al Ittihad Park, Palm West Beach, the Golden Mile Galleria retail complex and the upcoming Nakheel Mall, currently under construction at the heart of the island. A number of new cafes will line the Shoreline buildings, complementing existing and future retail, dining and entertainment facilities at Golden Mile Galleria and Nakheel Mall.
The Palm Promenade project also includes upgrades to the design of Palm West Beach, Nakheel’s new park, dining and beach club facility for the island. New features include two children’s fountains, retail facilities and parking for 700 vehicles.
The Palm Promenade joins several other new Nakheel projects, including Nakheel Mall, The Palm Tower, The Palm Gateway and The Pointe, coming to Palm Jumeirah.
To find out more, visit the Nakheel stand S2E10 at Cityscape Global, 8-10 September 2015.
This article was published on the Nakheel website but I thought worth a read now to see how things are changing for us on the Palm.
Our new website www.dubaipalmsales.com has a great collection of Palm Jumeirah property and a good place to connect with one of our Palm Jumeirah specialist agents.
01 February, 2016
Garden Home at Palm Jumeirah For Sale
We have recently listed a lovely Garden Home on the renowned Palm Jumeirah. It is an Atrium Entry floor plan which is the most popular and upgraded by the current owners. Priced to sell at AED 13,5m.
Here is what our agent, Richard Pemberton, says about it:
We are proud to offer this stunning 5 bedroom Atrium Entry garden home exclusively to the market. Located on frond D, the property is North Westerly facing, towards the iconic Atlantis hotel, which means it benefits from having afternoon sun and sunset as well as a fresh cool breeze. The owners have lived in the villa since its handover in 2007 and maintained their home with meticulous attention to detail. The garden has been fully redesigned and landscaped with several water features, additional palm trees, granite tiling, wooden gazebo and an infinity edge, re-tiled swimming pool. The interior is equally impressive with its beautiful decor and clever redesign of the usual kitchen/lounge/dining room layout, creating an open-plan kitchen, fully equipped with Miele appliances and a large breakfast bar/island. This really a must see property for anyone looking for the “perfect” home! Viewings are fairly easy to arrange with an appointment so please call me anytime. For viewings, please coordinate with Richard Pemberton at 050 3765192
Internal Photos of the beautifully presented Atrium Entry Garden Home on Palm Jumeirah
Edwards and Towers are undoubtedly the best agents on the Palm and we carry a superb portfolio of villas and apartments on this wonderful Island.
Take a look at our bespoke Palm Jumeirah websites designed to help you find exactly what you want.
www.dubaipalmsales.com
www.dubaipalmrentals.com
30 January, 2016
Palm Jumeirah Property Sales 2016
'The Palm Jumeirah is an artificial archipelago in United Arab
Emirates, created using land reclamation by Nakheel, a company owned by
the Dubai government, and designed and developed by Helman Hurley
Charvat Peacock/Architects'
January was a reasonable start to the year at Edwards and Towers with quite a few sales being confirmed.
With all the financial and local turmoil dominating the news at the moment we are definitely hitting some head winds but the early signs are that the Dubai real estate market still has a strong pulse.
The Head Winds
1. Oil Prices
2. Russian Rouble
3. Foreign Exchange rates
4. Slowing Chinese economy
The Dubai economy is heavily dependent on Tourism dollars and all of the above 'head winds' effect the success of our hospitality industry and ultimately the amount of visitors we receive.
The Oil price is currently around 30 dollars a barrel which puts all levels of the oil industry under pressure and without doubt we will see financial cuts at all the oil and gas companies. This will have an impact on the high end rental market in Dubai ( including the Palm Jumeirah ) where previously the Oil employees were renting expensive properties such as Garden Homes and Tiara apartments on the Palm Jumeirah. This demand has reduced considerably and the question we are all asking is how long before the the Oil prices stabilise?
The Russian Rouble is also having a huge impact on the Dubai economy. I was listening to a news brief last week that said on average a Russian tourist spends 3 times more retail spend than a Chinese tourist. We are currently experiencing a drought when it comes to welcoming Boris and Olga to our shores as their exchange rate makes Dubai 3 times more expensive than it was 3 years ago. This reduces the retail spend, the hotel spend, and more importantly to us the Real Estate spend. We have seen this first hand with very few Russian sales being seen on the Palm Jumeirah. As a side note I would estimate that the Russians accounted for about 35% of our sales in 2014. Russians love a sea view and Palm Jumeirah villas and apartments were perfect for our CIS friends.
The current strength of the dollar is impacting the local economy at every level. With our currency pegged to the dollar it's current strength makes it very expensive for most tourists or investors to even consider spending here let alone buy into real estate. In the last 3 months the dollar strength has made anybody from the UK see an increase in house prices of over 15% if they were to pay for a property from overseas funds. So we have the UK and the Russians priced out of the property market at this current time. A Palm Jumeirah Garden Home has become about GBP 200,000 more expensive over the last few months for those people buying with funds from overseas.
Finally, we have to factor in the Chinese effect to our local markets as the Chinese have been a big contributor, one way or the other, to the UAE economy. The Chinese have never warmed to the Palm as a place to live and it is probably fair to say that they have been bigger renters than buyers in the Dubai property market. The problem we are facing is more macro than micro as the Chinese economy seems to be stalling which will have a bigger impact on oil prices and also retail spend here in the Emirates.
These head winds alone are enough to make the serious investors of Dubai real estate think twice at the moment and coupled with stringent mortgage regulations it is obvious why the market has slowed over the past 6 months.
With all this in mind it is interesting to see that the rental market has remained pretty solid and as a consequence the yields are now looking very attractive. Investors have noticed this and even in the head winds are making moves for well priced property that gives a good yield.
The Palm Jumeirah is now a real estate market that offers attractive yields from properties that are scarce, well located and in a built environment that is improving with developments such as the Mall and new hotels well under construction.
To discuss property matters on Palm Jumeirah contact the author, Mark Towers.
January was a reasonable start to the year at Edwards and Towers with quite a few sales being confirmed.
With all the financial and local turmoil dominating the news at the moment we are definitely hitting some head winds but the early signs are that the Dubai real estate market still has a strong pulse.
The Head Winds
1. Oil Prices
2. Russian Rouble
3. Foreign Exchange rates
4. Slowing Chinese economy
The Dubai economy is heavily dependent on Tourism dollars and all of the above 'head winds' effect the success of our hospitality industry and ultimately the amount of visitors we receive.
The Oil price is currently around 30 dollars a barrel which puts all levels of the oil industry under pressure and without doubt we will see financial cuts at all the oil and gas companies. This will have an impact on the high end rental market in Dubai ( including the Palm Jumeirah ) where previously the Oil employees were renting expensive properties such as Garden Homes and Tiara apartments on the Palm Jumeirah. This demand has reduced considerably and the question we are all asking is how long before the the Oil prices stabilise?
The Russian Rouble is also having a huge impact on the Dubai economy. I was listening to a news brief last week that said on average a Russian tourist spends 3 times more retail spend than a Chinese tourist. We are currently experiencing a drought when it comes to welcoming Boris and Olga to our shores as their exchange rate makes Dubai 3 times more expensive than it was 3 years ago. This reduces the retail spend, the hotel spend, and more importantly to us the Real Estate spend. We have seen this first hand with very few Russian sales being seen on the Palm Jumeirah. As a side note I would estimate that the Russians accounted for about 35% of our sales in 2014. Russians love a sea view and Palm Jumeirah villas and apartments were perfect for our CIS friends.
The current strength of the dollar is impacting the local economy at every level. With our currency pegged to the dollar it's current strength makes it very expensive for most tourists or investors to even consider spending here let alone buy into real estate. In the last 3 months the dollar strength has made anybody from the UK see an increase in house prices of over 15% if they were to pay for a property from overseas funds. So we have the UK and the Russians priced out of the property market at this current time. A Palm Jumeirah Garden Home has become about GBP 200,000 more expensive over the last few months for those people buying with funds from overseas.
Finally, we have to factor in the Chinese effect to our local markets as the Chinese have been a big contributor, one way or the other, to the UAE economy. The Chinese have never warmed to the Palm as a place to live and it is probably fair to say that they have been bigger renters than buyers in the Dubai property market. The problem we are facing is more macro than micro as the Chinese economy seems to be stalling which will have a bigger impact on oil prices and also retail spend here in the Emirates.
These head winds alone are enough to make the serious investors of Dubai real estate think twice at the moment and coupled with stringent mortgage regulations it is obvious why the market has slowed over the past 6 months.
With all this in mind it is interesting to see that the rental market has remained pretty solid and as a consequence the yields are now looking very attractive. Investors have noticed this and even in the head winds are making moves for well priced property that gives a good yield.
The Palm Jumeirah is now a real estate market that offers attractive yields from properties that are scarce, well located and in a built environment that is improving with developments such as the Mall and new hotels well under construction.
To discuss property matters on Palm Jumeirah contact the author, Mark Towers.
28 January, 2016
New dedicated Website for Palm Jumeirah property
Following the success of our www.dubaipalmrentals.com site which allows tenants and landlords to find each other more easily we have now launched the equivalent site for Palm Jumeirah sales.
www.dubaipalmsales.com is 100% dedicated to offering only Palm Jumeirah property that is for sale.
It is the perfect platform for all owners to advertise their property for free and reach an audience that is looking for palm jumeirah apartments , palm jumeirah villas, and palm jumeirah plots of land.
The website is very user friendly and we hope you will enjoy looking for Palm Jumeirah property through this new channel.
Whether you are looking for Garden Homes, Signature Villas or plots of land on the Palm Island in Dubai you are sure to find what you are looking for.
Edwards and Towers specializes in Palm Jumeirah and has a convenient office for all our customers to drop into. We are located at Shoreline building 10.
Bookmark the new site and track Palm Jumeirah property throughout 2016.
Following the success of our www.dubaipalmrentals.com site which allows tenants and landlords to find each other more easily we have now launched the equivalent site for Palm Jumeirah sales.
www.dubaipalmsales.com is 100% dedicated to offering only Palm Jumeirah property that is for sale.
It is the perfect platform for all owners to advertise their property for free and reach an audience that is looking for palm jumeirah apartments , palm jumeirah villas, and palm jumeirah plots of land.
The website is very user friendly and we hope you will enjoy looking for Palm Jumeirah property through this new channel.
Whether you are looking for Garden Homes, Signature Villas or plots of land on the Palm Island in Dubai you are sure to find what you are looking for.
Edwards and Towers specializes in Palm Jumeirah and has a convenient office for all our customers to drop into. We are located at Shoreline building 10.
Bookmark the new site and track Palm Jumeirah property throughout 2016.
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