Property in Palm Jumeirah with residence permit
Properties in Palm Jumeirah, UAE, offer a wide range of options, from apartments with stunning views of the Persian Gulf to exclusive villas along the coastline. The opportunity to buy property in Palm Jumeirah and get a residence permit makes local housing a popular choice for investors globally.
The famous artificial island, shaped like a palm tree, is divided into several clusters:
- ‘Trunk’ - The central part of the archipelago, which connects to the mainland. Large complexes, hotels, restaurants and shopping centres, including the renowned Nakheel Mall, are concentrated here;
- ‘Leaves’ – This area features neighbourhoods with villas, each offering direct access to the beach. It’s one of the most exclusive and expensive areas of the community;
- ‘Crescent’ - The outer semicircle that protects the island from the waves.
The minimum cost of property in Palm Jumeirah depends on the type of real estate and its location. The following property types are available for purchase:
- Apartments and penthouses: The units are suitable for both living and short-term rentals offering a stable income. The cost of 12 bedroom apartments in UAE in the neighbourhood ranges from AED 1.8 million to AED 11 million (USD 490,000 to USD 3 million), depending on factors such as sea view, infrastructure and finishing;
- Villas: Located on the ‘branches’ of the palm tree, these properties have direct access to the beach and often feature private pools and garden areas. The average cost of villas starts from AED 7.5 million (USD 2 million) for a small 3-bedroom villa, with prices potentially rising to AED 250 million (USD 68 million);
- Hotel units: These typically cost between AED 5.5 million and AED 22 million (USD 1.5 million to USD 6 million) or more.
Residence permit in UAE by buying property in Palm Jumeirah
Foreign buyers can apply for residence permits in the UAE through property investment on the island. The resident permit grants the right to live, conduct business and open a bank account in the country.
The basic conditions are as follows:
- The minimum property price is AED 750,000 (USD 204,000) for a two-year visa;
- The full threshold must be paid with the buyer’s funds;
- A five-year visa is available for purchasing a property worth AED 2 million (USD 544,500) or more.
To obtain a residence permit, the buyer must meet the requirements, including completing the transaction and registering the property ownership. The procedure takes several weeks and requires the submission of documents such as proof of financial sources and passports.
UAE residents can benefit from the local infrastructure, open a business and access banking services. Residency also allows free movement within the Gulf and facilitates entry to other states.
Golden visa holders can live in the country for five years without the need to renew their visa, making it an ideal option for those planning long stays or business ventures. Additionally, the golden visa allows holders to sponsor family members, including spouses and children of any age (unlike the standard visa, which imposes age restrictions on sons). The visa can also be extended indefinitely as long as the property is still owned. This status offers greater flexibility for travel and provides opportunities to participate in programmes that promote business growth and innovation in the country.
Investment real estate in Palm Jumeirah
The area offers high potential for investors:
- High return on investment: The average return on property in Palm Jumeirah ranges from 57% per annum, which is considered strong for the emirate. Small studios can yield up to 7.7% or more. Rental rates have increased by 1922% over the past year;
- Resale: Property values in the community are steadily rising, providing owners with a profitable resale opportunity;
- Rental advantages: The island is a popular tourist destination, ensuring high occupancy rates for local apartments and villas in the UAE.
Thus, purchasing properties in Palm Jumeirah for investment will provide long-term capital appreciation and generate a steady rental income.
Yes, foreigners are free to purchase freehold property in Palm Jumeirah.
You must purchase property for sale in Palm Jumeirah worth at least AED 750,000 (USD 204,000).
The minimum price is AED 750,000 (USD 204,000).
Properties with sea views are expected to be the most profitable. Villas are ideally purchased on the "leaves," while prime apartments are located on the "trunk" and "crescent."