Well Nakheel’s Palm Jumeirah is now closing in on full completion, with a number of residents already in possession of their homes. This of course will come as great news to a certain Mr Beckham, who is one of a number of footballers who is believed to have purchased here a while back. He will have Michel Owen and Simon Cowell as neighbors on the development, which has attracted a large number of high profile celebrities as well as us regular folks.
And as such a ground breaking project, is it any surprise it has proven so popular. But whilst now everything has been hailed as a success, it didn’t always look that way during the years of construction. The development of the project became someone of a soap opera with constant delays and push backs combined with redesigns, leading some to believe the island might not turn out to be a success.
But here we are in 2007 and all looks well. It might be a year or two late, but a lot of the villas and apartment do look impressive, and one thing is for sure, and that is the delays haven’t effected property prices! The Palm now contains some of the most expensive real estate in Dubai, and with the prices of signature villas you practically have to be David Beckham to afford to buy one. But with each villa individually designed, and a private pool and beach, its does offer buyers that little bit extra luxury. And gardens homes with their own pool are not exactly cheep either. Apartments here are still proving incredibly popular as well, perhaps not surprising giving the views and facilities on offer here.
Whilst the property market looks to be slowing, you do have to wonder how much this will really affect the Palm, given its international profile. Long term a bigger threat to property prices here is probably Nakheel’s second Palm project, The Palm Jebel Ali. However this isn’t looking to be complete until 2012 at the earliest. So for the time being The Palm Jumeirah looks to retain its place as some of the most exclusive and expensive freehold property in Dubai, much to the relief of its celebrity residents no doubt.