(MENAFN- GetNews)
Jumeirah Islands, a quiet waterfront community in Dubai's southern stretch that was established in 2004, has existed without much fanfare for the better part of 20 years. Its neighbours include the illustrious Emirates Hills and the bustling mixed-use area known as Jumeirah Lakes Towers, both of which were more prominent in the public eye. As Dubai's Real estate market went through a period of re-appraisal amongst both buyers and tenants in the wake of the pandemic, Jumeirah Islands was one of the areas that started to see a surge in demand. The community has consistently had some solid transactions over the past year, and just last month, Jumeirah Islands broke the record for the highest price per square foot in a sales transaction.
Darren Jarvis, Associate Director at award-winning Dubai brokerage Luxury Property and a specialist in super prime villa sales, was the listing agent for the villa and closed the deal. The villa in question is an Entertainment Foyer (one of the 3 basic villa types available) and is part of a bespoke lineup of properties in Jumeirah Islands known as The Miami Collection.
“LA and Miami are very much on trend, when it comes to home design,” according to Darren.“Crisp white facades, clean lines and flowing open spaces hold a lot of appeal for buyers, and we can see this style becoming prevalent in communities like Jumeirah Islands and Al Barari. The villas in the Miami Collection are also well-positioned near one of the community lakes, allowing the lucky owners of those homes to enjoy stunning views of the water and the surrounding greenery.”
Darren further adds that what makes this villa quite unique is that, despite all of the upgrades that have been done to it, it retains its standard Entertainment Foyer layout. That particular layout style features two foyers – one on the ground level and one on the first floor, which adds to the openness of the design and provides beautiful views from both floors. Many homeowners in Jumeirah Islands have taken to completely redesigning their properties from the ground up, which includes modifications to the layout as well. For a home with a standard layout to fetch a premium sale price is no small feat, though it does highlight the value proposition that Jumeirah Islands has to offer.
“I believe Jumeirah Islands is one of the most undervalued communities in Dubai,“ says Darren.“If we take an average villa price of AED 25 million ($6.8 million), you get larger plot sizes, better amenities and greater proximity to the coastline than within comparable neighborhoods.”
“It's also a community with a much lower population density. You find a lot more open green spaces here than you find in most other Dubai communities, as they tend to have a larger concentration of villas in a single cluster.”
Buyers are starting to recognize the value, however.“I think it started, to some extent, with the rental market,“says Mark Castley, CEO of Luxury Property.“Two years ago, Jumeirah Islands started to become a rental hotspot, and we began to routinely close rental deals in excess of AED1 million ($270,000), which was unheard of at the time.”
“This spurred many homeowners to upgrade their properties in order to attract more interest. Investors also began coming into the community, buying homes with the purpose of renovating and flipping them for a profit. At the same time, Nakheel, the master developer of Jumeirah Islands, decided to upgrade the entire community, adding in more green spaces, water features, and a brand new community clubhouse. All of that work is now paying off as more luxury buyers are gravitating towards the area.”
Darren expects interest in Jumeirah Islands to keep building over the next few months, which will likely result in more record deals.“If you're a buyer, you're getting a well-designed home in a peaceful and green community with access to excellent amenities. If you're an investor, you can get yields as high as 9% or 10% with an upgraded property. In both cases, Jumeirah Islands offers a winning proposition for buyers.”
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