Hotel residences breathe life into Palm property
Words by Sophie McKinley in Neighbourhoods · Mar. 30th, 2014
As the only place in Dubai offering true beachside living in luxurious style, The Palm will always be a big draw for buyers and renters, whether for long-term primary homes, secondary or holiday homes, or short-term lets for holidays or special occasions such as weddings, magazine photo shoots or filming commercials.
It's wonderful that Palm properties remain in such high demand, but the flip side is that once people move in, they don't want to leave. The result is little movement in the market, with very few high-end villas either for sale or for rent. This is keeping prices around the AED19-25 million mark, edging higher as you get further down the fronds. Until new developments such as Palma Residences begin to welcome dwellers, we don't anticipate huge developments in the market.
This makes the hotel residences an even more exciting proposition. We're certainly seeing increased interest in villa-style hotel residences, and it's easy to see why.
Take the five-bedroom villas at the Kempinski, for example. Arranged over three floors, these stunning properties typically rent out for around AED1 million per year, and for that you'll enjoy a spacious living and dining area and beautifully equipped kitchen, a large terrace, large bedrooms with ensuite bathrooms, a basement games room or gym and a rooftop pool, Jacuzzi and terrace with spectacular views of the beach and the city skyline.
The beauty of properties like these and similar villas on the Palm is that tenants have their own space, can come and go as they please, entertain at home, hang out in their own garden and, with the wonderfully secluded location, escape the hubbub of the city. Close to the beach, these villas are furnished to the highest of standards, right down to the linens and cutlery (but with a little freedom to create your own homely feeling if you wish) and contain everything required to run a family home, including maid's quarters. On the other hand, they benefit from being linked to some of the best hotels in the world and all the perks that brings (think community pool, fitness facilities, top-class restaurants where you can dine in or have dinner delivered to your villa, and top-class security and maintenance).
The Kempinski villas are just one option. Jumeirah Zabeel Saray also has a collection of five-bedroom villas, the impressive Fairmont, of which we recently enjoyed a sneak peek, is set to unveil its residential apartments shortly, and Sofitel Resort & Spa, a Polynesian-style resort that is due to be up and running by February, will also have its own villas for rent. The Kingdom of Sheba promises to be particularly exciting, with a development featuring 34 palatial four- and five-bedroom villas and 28 elegant townhouses - all with their own private pools - as well as duplex penthouses and apartments with their own communal amenities. It looks like there are exciting times ahead for the Palm.