By dredging sand from the sea beds of both the Persian and Arabian Gulfs, compacting it into shape and surrounding it by millions of tons of rocks, Dubai is creating a series of fabulous man-made islands.
The Palm Jumeirah is currently the world’s largest man-made island. It is comprised of a two-kilometre long trunk, a crown made up of 17 fronds and a surrounding crescent. The island features beachfront properties, including waterfront apartments, villas, restaurants and hotels, all with spectacular views of the sea. The residential areas are located on the trunk and fronds of the island while hotels are located on the Crescent that surrounds The Palm.
Luxury Property’s managing director, Andrew Cummings, says, “Dubai is a city that has grown out of the sand, so how fitting it is that some of its finest homes sit on sand reclaimed from the sea. Dubai has led the world in the creation of man-made islands such as Palm Jumeirah and Jumeirah Bay Island, and continues to chart new ground (quite literally), with new developments such as Dubai Harbour and The World Islands.
“The residential offerings in these island communities offer everything you expect from Dubai, from stunning penthouses at One Palm and The Alef to decadent homes in designer locations such as Bulgari Residences. And, of course, there is nothing more iconic and prestigious than owning your own luxury mansion on one of the Palm’s fronds, where prices range from AED 11 million up to AED 200 million ($3 million to $54 million).”
International Demand
Kalpesh Sampat, managing partner of Gulf Sotheby’s International Realty, also reports that demand comes from far and wide for a home on the famous Palm Jumeirah Island. “In the last six months I have dealt with several nationalities who were Russian, Indian, Kazakhstani, British, American, Bulgarian and Chinese clientele. Residents of the Palm are all HNWI, CEOs, celebrities and other figures. All are lured to Dubai by the offering of a conservative and safe lifestyle close to their home countries with zero income tax, easy visa availability and, compared to other cities with the same calibre of life as Dubai, it is cheaper for property.
“The Palm Jumeirah stands out as one of the most desirable addresses in Dubai due to the uniqueness of the development. It is also the only freehold beach lifestyle available. The various offerings it gives to its residences range from five-star restaurants and hotels, beach clubs, shopping malls and much more. I compare the Palm to a mini Miami especially now with many new spec homes coming up and being completed from award-winning international architects which is changing the face of the Palm. I believe the prices of the Palm will stabilise, hold and appreciate with time due to its continued development and as the population grows. New developments will never be able to rival it. The Palm Jumeirah Island is truly a prime blue chip international address.”
