Actualiteiten

The Palm occupancy levels at 60-75%

3 maart 2010

The Palm occupancy levels at 60-75%

by Elsa Baxter

Occupancy levels on The Palm Jumeirah currently stand between 60 and 75 percent, real estate agents have said.

Villa prices on Dubai’s iconic man-made island, have risen by 17 percent since the middle of 2009, according to the report by Emirates Business.

Sales still have some way to go before they reach their peak levels, seen in the fourth quarter of 2008, Laura Adams, manager of residential sales and leasing at Better Homes told the paper.

She said new stock on the Golden Mile, Tiara Residences, Oceana and Marina Residences is keeping apartment prices down, and would do for “some time”.

"Occupancy for villas is about 60 per cent while for the Shoreline Apartments, it is currently about 75 per cent," she told the paper.

“Only about 30 per cent of the people who were living on the Palm moved out because of the economic crisis."

Mohanad Alwadiya, managing director of Harbor Real Estate, told the paper: "According to our estimates, 70 to 75 per cent of the new handovers that happened last year are occupied. We estimate that about 70 to 75 per cent of all the villas and apartments are occupied as well."

"The Palm Jumeirah is one of the few projects in Dubai that managed to weather the economic crisis well, though villa prices witnessed a drastic decrease in the first and second quarters of 2009.”

Meanwhile, developer Nakheel told the paper more than 12,000 people currently lived on The Palm.