The Jumeirah Palm launched in 2001 and dubbed the eighth wonder of the world is nearing completion and all the villas should be completed by the middle of next year.
Two types of villas were launched initially known as "Garden homes" and "Signature villas", the plot sizes being 6,500 square feet and 13,000 square feet with private beach front of 65 feet and 130 feet respectively.
The villas are available in 12 different themes, Arabic, Mediterranean, European, and Contemporary being amongst them. Within each theme is a choice of up to 18 different styles such as Gallery View, Great Rotunda and Central Pool in other words something for everyone.
The Garden homes are all 4 bedrooms with 5,000 square feet of built up area and the signature villas 5, 6 or 7 bedrooms with 7,000 square feet of built up area. With the Garden homes you could pay an extra Dh200,000 for a fifth bedroom or another Dh600,000 for an extra floor.
The signature villas had no further options other than electing for a larger pool. The original prices for the standard Garden homes were Dh2.6 million and Dh4.65 million for the signatures, irrelevant of their position on the fronds.
As villas started coming onto the secondary market, it was apparent that position was very important. The further along the frond you were the more ocean there was between you and the adjacent fronds.
The highest premiums were being asked for the villas at the end and one signature villa was sold for Dh16 million in December last year. That is a clear profit of Dh11.35 million for a total investment of Dh2.325 million, as only 50 per cent had been paid at that stage.
Currently the market is commanding 80 per cent and above premiums on the Palm villas even for the very low numbers. There is very little for sale now on the Jumeirah Palm as most owners are now end-users, so if you wish to buy one, hurry as the choice is running out.
As there are so many options in the styles, it would be wise not to be too fussy about the villa type because you will struggle to find exactly what you want now.
Five-bedroomed Garden homes or ones with extra floors are like gold dust. If you want a villa on the tip, of which there are only 32, forget it I know of none currently available, and if you are lucky enough to find one expect to pay through the nose!
High premiums
Apart from the villas, town homes (also known as canal cove townhomes) were also launched at the same time. The town homes were either 3 or 4 bedrooms with 3,800 square feet and 4,100 square feet of built up area and were sited in the corners of the fronds just before the villas.
The original prices were Dh1.7 million and Dh1.9 million respectively. These are now being re-sold for around 50 per cent premiums.
In January 2003 the shoreline apartments were launched on the trunk of the palm. There were 20 towers between 10 and 12 floors in height.
These consisted of 1, 2 and 3 bedroomed apartments and 2 types of penthouses, the smallest apartment being the 1 bedroom type B at 1,184 square feet and the largest the type H penthouse at 5,563 square feet.
The original prices were from Dh600,000 for the type B to Dh2.7 million for the Penthouse. Premiums are now around 65 per cent and above. They vary due to floor height and view.
In June of last year the Marina apartments were launched at the tip of the trunk and are available in 4 types, A to D composed of either 2 or 3 bedrooms, sizes ranging from 1,764 square feet to 4,188 square feet. The apartments are available in six towers of 14 floors, and original prices were from Dh2.25 million to Dh4.86 million.
The views from these apartments are exceptional due to their location. Premiums are low at between 5 per cent and 10 per cent, and only 15 per cent deposits have been paid, with the next payment of 20 per cent not due till December 2005.
For these reasons they are a very good buy at the moment, and they have a lot of potential for growth, although there is little available on the market at present. They will not be ready till the end of 2007.
The crescent of the Palm acts not only as a breakwater, but is divided into 40 plots 500,000 square feet each and will house a variety of boutique hotels, the main one being the much talked about Atlantis Hotel.
What ever happened to the "Pinnacle"? This was the very tall tower shown in the model at the Palm offices and in some of their brochures. Nakheel have decided not to proceed with it.
The writer is managing director of Best Value Property Consultants.