Oceana Residences is a gated, beachfront development in Palm Jumeirah. The project was implemented from 2005 to 2009 by the construction company Seven Tides Real Estate. The 13-story buildings house 644 properties. Each building is named after the sea or the ocean. The complex consists of six residential buildings and one five-star hotel. There are 1, 2 and 3 bedroom apartments and penthouses available for sale. All real estate in Oceana Residences is managed by Movenpick, a Swiss hotel and restaurant chain.
The interior of the apartments is designed in a high-tech style. Plenty of natural light fills the apartments through the panoramic windows. The living room has access to a balcony. The first floor apartment has a separate entrance. Natural materials such as stone, wood and steel are used in the decor. All facilities are equipped with a “smart home” system, central air conditioning and free internet access. The kitchens are furnished and the bathrooms are fitted.
Apartments range in size from 124.3 to 226.68 sq. m (1,338-2,440 sq. ft). Penthouses average 492.6 sq. m (5,303 sq. ft). The starting price for the one-bedroom apartments is AED 2,400,000 (USD 653,400).
Oceana Residences is built on an artificial island, The Palm Jumeirah. Nearby is the Golden Mile with cafes and boutiques. Three kilometers away is the famous hotel, Atlantis The Palm. The complex area is guarded and closed to the public. Owners and tenants can use the private beach with its sun loungers and umbrellas.
Profit from the purchase of real estate is 5.44% per annum. It is profitable to buy apartments for rent. The average yield is AED 150,000 (USD 40,000) per year.
The complex has been in operation for more than ten years. It has become popular with guests due to its proximity to the sea and hotel services from a prestigious brand. The return on investment in real estate is evidenced by the experience of investors.