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Prices for real estate on Dubai’s Palm Jumeirah Island have fallen significantly over the few quarters, with some dropping by as much as 40 percent. For instance, a four bedroom villa on the Palm is now on the market for AED10 million Dirhams, or approximately $2.6 million USD. This is down from AED15 million Dirhams or approximately $4 million USD in September.

The Palm Jumeirah is the largest man-made island in the world and is the first of three such projects being undertaken in the waters off Dubai.  The developer of these islands has noted a general slowdown in the rate of property sales on all three islands proving that all that glitters isn’t necessarily gold!

Simon Turner

FYI:  Read related articles on Dubai; or Islands; or Luxury Homes

A little-known island, 130,000-square-meter island called Nurai, located northeast of Abu Dhabi, is the site of an amazing new residential resort. Consisting of one boutique hotel resort with 60 suites, 31 beachfront estates and 36 water villas, the project is a partnership between New York based Dror Benshetrit and the Paris-based firm AW2.

The multi-story water villas alone will span 515 square metres each, comprise three bedrooms, four bathrooms, a private rooftop terrace featuring a spa pool, private infinity pool, multiple decks, outdoor barbeque area, gourmet kitchen and concealed service quarters.

The private Ocean-side residences will feature five-bedroom and six-bathroom estates spanning between 3,000 and 6,050 square meters. These will include a private beach and terrace, rooftop garden with spa pool, infinity swimming pool, indoor reflecting pools, concealed service quarters, entertainment patios, outdoor dining areas, chef and show kitchens, and outdoor showers. The residences are on the market for in the vicinity of $US25 million.

Simon Turner

FYI: See related articles on Islands; Luxury Homes; and Homes of the Rich and Famous

Even in difficult global economic times, property in the Caribbean is unsurprising still sought after: the sun, the sand, and the opportunity are the pick of the Northern Hemisphere any time of year.

The change, however, are the buyer’s of Caribbean property: this time last year it was the British baby-boomers who were flocking to the region whereas now it’s the Canadians.

The Canadian market has been the largest increase in Caribbean real estate purchases this past year, with their desire for a second home being driven by the Canadian Boomers’ desire to re-model their retirement lifestyles. Unsurprisingly – and Australian’s can no doubt appreciate this – they are looking to leave the cold behind and follow the sun.

From Aruba to the Dominican Republic, this year 42% of the Canadian buyers of Jim Walberg of Caribbean Island Realty, our Caribbean luxury real estate partner, have been paying ALL CASH for their real estate purchases, such is their desire to secure their place in the sun.

Here are some interesting statistics:

  • 14% of the Canadian population own recreational real estate asset.
  • 57% of owners are sole recreational property owners.
  • 36% of those who are sole owners purchased their property prior to 1990.
  • 59% increase in second home ownership among Canadians since 1990.
  • 30% of the total population indicated that they are interested in a recreational property asset.
  • 48% prefer to be very close to the beach.
  • 46% want retail facilities nearby.

Marquette Turner Luxury Homes is the luxury agency of the Southern Hemisphere with properties for sale in Australia, as well as Tahiti, the Philippines and Vanuatu available very soon. For the Northern Hemisphere contact Caribbean Island Realty for endless sun!

Simon Turner

FYI: See more Caribbean Island Property, or Overseas Investors in Australian Property or Luxury Properties

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