The Dubai property market, it seems, has lost some of its fizz. While metaphors about warm tins of flat Coke may not reflect the current mood – because that at least is still sweet for everyone – it is definitely a buyer’s market. But turning interest into a sale can be a tough job right now.
One such property is an upgraded “European” Signature villa on Palm Jumeirah for Dh19.9 million. The villa has been on the market for four months, with the seller looking for offers close to the asking price.
There is only one other Signature villa available for less and that does not have the finishing or location that this villa enjoys, according to its realtors Fine & Country. The upgrade has mainly been focused on the external features with the garden redesigned to incorporate an infinity pool and seated area.
The developers, Nakheel, created four different types of Signature villas, which are larger than the Garden villas that line most of the Palm’s fronds.
This is a European-styled Signature villa with five bedrooms, all en suite with fitted wardrobes. It sits on a 13,000 square feet plot with 7,000 sq ft of built-up area.
The villa does not boast or attempt to attract attention, having been elegantly appointed with subtle, modest styling. The interior is functional with a traditional layout eschewing the current fashion for open-plan sweeping vistas incorporating kitchen, dining room and living room.
This villa is practically designed with a separate living room and dining room and also offers a library bringing an element of classical appointment to its soul.
Of course, this traditional villa is on the Palm, where tradition does not sit easily.
Meanwhile, the views from its swimming pool include your own private beach, Dubai Marina and the Burj Al Arab guaranteeing a stunning backdrop that gets better as the evening progresses into night. After dark Dubai’s twinkling skyscrapers guarantee a multicoloured starlit sky regardless of the season.
Q&A with Yasin Valimulla, associate director with Fine & Country
If this is one of the cheaper offerings in its class, why hasn’t it sold yet?
There have been offers on the property but the owner knows its worth and the offers have been beyond cheeky. The owner does not need to sell. The supply in the market has created an imbalance between buyer and seller. Also the villas built on fronds G, H, I, J and N – these were plots sold and developed independently, not by Nakheel, are just about to be completed – there are a few on frond N ready for handover. This means that newer, bigger, better developed villas are now adding to the Palm supply. Nakheel’s developments were pretty rushed so there has been issues with some of the finishing.
Are there still distressed sellers on the Palm?
There are distressed sellers but they are mainly the Shoreline Apartments, the Golden Mile and the Marina Residents. As the buyers from Russia and the CIS have dried up the business on the Palm is pretty slow, meaning those that have to sell are not in a good position.
So is real estate on the Palm in trouble?
Not at all. It is still one of – if not the – most desirable places in Dubai to live. There is a host of retail about to be delivered with Jumeirah Pointe, very high end luxury boutiques, Nakheel Mall, and the Golden Mile now has a Spinneys. It took its time but the Palm is now a genuine community.
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