#TOPPED OUT: EMERALD PALACE RESIDENCES, 49m, 7F Res (Palm Jumeirah) - Page 7 - SkyscraperCity
 

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Old August 31st, 2018, 09:19 PM   #121
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Old September 19th, 2018, 06:54 AM   #122
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Originally Posted by Sam111sam View Post
You should be VERY careful before making any investment in this property..

The prices in the neighboring original Kempinski are falling very quickly. They are now around Dhs 1500-1600 per ft which is almost half of the price on the new Emerald under construction.

You may also look at the rental return.. The 2 bedroom apt 2000 sq ft is now going for annual rent of Dhs200k only out of which you need to pay community service charge of Dhs 75k (rate is now Dhs 50/ft on net area)
You are only left with Dhs 125k which is hardly 4% return if you manage to rent 100% of the time. If you want to put your unit in the rental pool, they would demand one time charge of Dhs 150,000. They you will get about 5% return ..but when you consider the one time charge , You are getting much less

I expect the Emerald prices to fall 30-40% from the current offer price.. There are already 10% down over the past year.

I think you should compare with other similar properties like the very nice Anantara which has also fallen 15% and continue to fall further.. Again, the 1 bedroom units there which is 1150 sq ft were sold at Dhs 3.0, now trading at Dhs 2.5m and the rent has dropped to Dhs 150-160k, out of which you need to pay Dhs 40k service charge... again hardly 4% return

You may have a look at the new project, The 8 ... It is almost ready selling for Dhs 1900 per sq ft.. The W Hotel and Alef residence are also selling now ...

There area now 4 additional projects coming shortly on the Palm, so the rents will drop further... and value will drop further

Do NOT believe the 8% return for 5 yrs.. verify the documents... This can be a scam..like the Grandeur residence where the hotel was never build and the units were never allowed to rent on weekly basis .. the value dropped 40%

My post above was in 2013.

This hotel was supposed to open in 2nd Q, 2016 , it is not open yet !
It looks finished from outside now. I guess it will be open by Nov- Dec

In the meantime, property prices as well as rental rates in the Palm Crescent dropped a lot..

Now the 2 Bedroom in the older Kemepinski is renting for 150-160k
You could see many transactions on Propertymonitor.ae at Dhs 1200 per ft
These units were originally sold at Dhs 3000 per ft in 2006 !

The same goes for Anantara , rental rate for 1 bedroom is now 120k, selling price direct from developer is now Dhs 1500 per ft !!!
For the past 5 yrs, the developer maintained the selling price at 3000 per ft

I'm very eager to see price of the Emrald Palace units once they are handed over and offered on the secondary market ?
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Old December 12th, 2018, 12:28 PM   #123
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Old April 10th, 2019, 12:32 PM   #124
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