Prices of super luxury Palm Jumeirah Villas in Dubai fall by 60% after Dubai world crash, attracting Indian investors
It's a 5,000 sq ft super luxury villa with a private beach, garden and a 360-degree view of the sea.
The villas are scattered on the fronds of a palm tree-shaped development and inside are all the fringe benefits that go with paying between Rs 10 crore and Rs 15 crore for the villas, including having neigbours like Shah Rukh Khan, Hollywood couple Brad Pitt and Angelina Jolie and footballer David Beckham.
But that was a few months ago, when Palm Jumeirah, Dubai's palm-shaped island development was at its zenith.
In Bandra
Today, the prices have dropped to between Rs 7 crore and Rs 8 crore. A flat, not a villa, of the same size would cost upwards of Rs 12 crore in Bandra and double that in south Mumbai.
This means, you can now dream of super opulence with a add-on premium of being SRK's neighbour in Dubai.
The area around Mannat, SRK's Bandra bungalow, costs anywhere between Rs 30,000 to 35,000 per sq ft and in some cases goes beyond Rs 40,000 per sq ft.
For a 5,000 sq ft residence (the size of his property in Palm Jumeirah) you would have to pay Rs 20 crore.
The Palm Jumeirah development is in peril, thanks to debt woes plaguing Dubai World, which has an interest in this development.
Property prices have plummeted by up to 60 per cent on the man-made islands, say sources.
The developer, called Nakheel, has $3.5bn worth of debt coming due next month and some analysts question whether it will be able to meet the commitment.
Hamir Asher, a real estate consultant from Dubai said, "There are many villas and flats that are available on the islands. The prices are down and this is the time to get the best deals."
Added Sangeet Kumar a Mumbai-based real estate consultant, "We are now seeing a reverse trend investors calling from Mumbai to invest in Dubai.
I had a client from Dubai a week ago, who wanted to invest in the Mumbai real estate market, but last week when I called him he said, he has already invested in property in Dubai and bought a plot in a prime location at a cheap rate."
Another broker said, "It will take another one or two weeks for the shift in demand to Dubai to register, as the news hasn't spread to everyone.
Did you know?
Shah Rukh Khan's villa was gifted to him
What is Palm Jumeirah?
It's the result of five years of planning and land reclamation.
The Palm Jumeirah lies just off Dubai's coastline and forms part of the Palm Islands, along with The Palm, Jebel Ali and The Palm, Deira, the world's three largest manmade islands.
The Palm Jumeirah measures five square kilometers and has added 78.6 km to the country's 72 km coastline.
At the peak of construction, 40,000 employees were working on the project each day, turning 94 million cubic metres of sand and seven million tons of rock into a leisure and lifestyle resort fit for the 21st century and beyond.
When completed in 2011, it will become home to 32 five-star beachfront hotels with 25,000 guests, 20,000 day visitors and about 60,000 residents in apartments and villas.
Its population will have five beach resorts, four marinas, a monorail and thousands of metres of retail and commercial units at their disposal.
The first phase of 4,000 villas was completed for occupation at the end of 2006 (sold out within 72 hours of release).
It's a 5,000 sq ft super luxury villa with a private beach, garden and a 360-degree view of the sea.
The villas are scattered on the fronds of a palm tree-shaped development and inside are all the fringe benefits that go with paying between Rs 10 crore and Rs 15 crore for the villas, including having neigbours like Shah Rukh Khan, Hollywood couple Brad Pitt and Angelina Jolie and footballer David Beckham.
But that was a few months ago, when Palm Jumeirah, Dubai's palm-shaped island development was at its zenith.
In Bandra
Today, the prices have dropped to between Rs 7 crore and Rs 8 crore. A flat, not a villa, of the same size would cost upwards of Rs 12 crore in Bandra and double that in south Mumbai.
This means, you can now dream of super opulence with a add-on premium of being SRK's neighbour in Dubai.
The area around Mannat, SRK's Bandra bungalow, costs anywhere between Rs 30,000 to 35,000 per sq ft and in some cases goes beyond Rs 40,000 per sq ft.
For a 5,000 sq ft residence (the size of his property in Palm Jumeirah) you would have to pay Rs 20 crore.
The Palm Jumeirah development is in peril, thanks to debt woes plaguing Dubai World, which has an interest in this development.
Property prices have plummeted by up to 60 per cent on the man-made islands, say sources.
The developer, called Nakheel, has $3.5bn worth of debt coming due next month and some analysts question whether it will be able to meet the commitment.
Hamir Asher, a real estate consultant from Dubai said, "There are many villas and flats that are available on the islands. The prices are down and this is the time to get the best deals."
Added Sangeet Kumar a Mumbai-based real estate consultant, "We are now seeing a reverse trend investors calling from Mumbai to invest in Dubai.
I had a client from Dubai a week ago, who wanted to invest in the Mumbai real estate market, but last week when I called him he said, he has already invested in property in Dubai and bought a plot in a prime location at a cheap rate."
Another broker said, "It will take another one or two weeks for the shift in demand to Dubai to register, as the news hasn't spread to everyone.
Did you know?
Shah Rukh Khan's villa was gifted to him
What is Palm Jumeirah?
It's the result of five years of planning and land reclamation.
The Palm Jumeirah lies just off Dubai's coastline and forms part of the Palm Islands, along with The Palm, Jebel Ali and The Palm, Deira, the world's three largest manmade islands.
The Palm Jumeirah measures five square kilometers and has added 78.6 km to the country's 72 km coastline.
At the peak of construction, 40,000 employees were working on the project each day, turning 94 million cubic metres of sand and seven million tons of rock into a leisure and lifestyle resort fit for the 21st century and beyond.
When completed in 2011, it will become home to 32 five-star beachfront hotels with 25,000 guests, 20,000 day visitors and about 60,000 residents in apartments and villas.
Its population will have five beach resorts, four marinas, a monorail and thousands of metres of retail and commercial units at their disposal.
The first phase of 4,000 villas was completed for occupation at the end of 2006 (sold out within 72 hours of release).
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