Friday, March 02, 2007

Secondary sale of Palm Jumeirah units picking up

The Palm Jumeirah units secondary market is picking up momentum, after a comparatively slow beginning.

According to developer Nakheel, the phase one units constituting 2500 apartments and 1400 villas, that were sold out since 2002 has seen a dramatic rise in prices, since its handover which commenced last year.

The “signature villas” (five and six bedrooms), which were sold off for Dh.4.6 million, are now priced ranging from Dh.12 million to Dh.20million. The Shoreline Apartments, facing the sea, have witnessed a 120 percent appreciation in value after being put on sale.

Several members of past and current England football team are among the celebrity residents.

The next phase of sales is scheduled to begin on March 11th, once the 1200 apartments of the Marina Residence are completed. The units are scheduled for completion in December 2008. The initial prices of the units are yet to be revealed.

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