Palm Jumeirah, Dubai

Palm Jumeirah, Dubai: buyer questions

How much does property in Palm Jumeirah cost?

Realty Hunting lists 9 projects in Palm Jumeirah. Entry prices start at AED 2M, about Rs 5.15 Cr at Rs 25.75 to the dirham, and the most expensive project on the list starts at AED 45M. The developers are Ellington Properties, Ellington Properties (built through Northacre Ellington Development), Nakheel Properties, Nakheel, part of Dubai Holding, Omniyat (OMNIYAT Group), residences managed by Dorchester Collection and Omniyat (Omniyat Bespoke). Each project page prints the developer's payment plan, the handover date on record and whether the project is registered with the Dubai Land Department.

What does a buyer pay on top of the price in Palm Jumeirah?

The fees are Dubai's, the same in Palm Jumeirah as in any other community: a 4% Dubai Land Department transfer fee, a registration fee (the trustee office on a ready unit, Oqood on an off-plan one) and, on a resale, an agency fee that is usually 2%. On the entry price here of AED 2M, the DLD fee alone is AED 80K, about Rs 21 lakh. There is no annual property tax, no stamp duty and no capital-gains tax. Off-plan instalments go into a DLD-regulated escrow account (Law 8 of 2007), released to the developer against construction milestones. A buyer paying from India remits under the RBI's Liberalised Remittance Scheme, USD 250,000 per person per financial year.

Does buying in Palm Jumeirah qualify for the Golden Visa?

The 10-year Golden Visa needs property worth AED 2 million or more, ready or off-plan, with or without a mortgage. 8 of the 8 priced Palm Jumeirah projects here start at or above AED 2 million; in the others it takes a larger unit or two properties whose combined value crosses the line. The visa covers the buyer, spouse and children, and does not need a sponsor.

The Palm Jumeirah area guide covers rents, yields and who is buying. The Dubai buying guide walks through the purchase step by step, and every Dubai community is one page up.