Dubai Land Department has officially recorded the sale of the first properties on Palm Jebel Ali. This development promises to redefine upscale living in the emirate and become a sought-after address for millionaires and billionaires worldwide.
Nakheel Properties Launches Sale with Tremendous Demand:
Master developer Nakheel Properties launched the sale of villas and plots on Palm Jebel Ali in mid-September, triggering an unprecedented surge in demand from property brokers and investors.
The initial residential villas sold out within hours of the launch, prompting Nakheel to release the second phase on September 26.
Spanning a sprawling 13.4 square kilometers, Palm Jebel Ali is twice the size of Palm Jumeirah, marking a significant milestone in Dubai’s real estate expansion.
The development is set to feature over 80 hotels and resorts, further enhancing Dubai’s appeal as a global destination.
Commercial Lands on Palm Jebel Ali:
The Dubai Land Department website listed two commercial lands on Palm Jebel Ali for the first time on Tuesday, October 3, 2023. Both of these lands are located on Frond N.
- The first plot spans 685.11 square meters, priced at Dh28,431 per square meter, with a total value of Dh19.478 million.
- The second commercial plot covered 1,216 square meters and was sold for Dh30.328 million on Palm Jebel Ali. It was priced at Dh24,940 per square meter.
Farooq Syed, Chief Executive of Springfield Properties, previously revealed that residential plots on Palm Jebel Ali were sold from Dh39 million to Dh62 million.
Dubai’s Robust Real Estate Market:
Dubai’s property market has experienced a substantial increase in transactions. August alone witnessed 11,818 real estate transactions, marking a 25 percent increase in volume compared to the same period in 2022.
The value of these transactions surged by 43 percent, reaching Dh33.7 billion. This represents August’s highest transaction volume and value in a decade, indicating strong market performance and continued growth.
The success of Palm Jebel Ali’s initial sales reflects Dubai’s real estate market’s enduring appeal, attracting local and international investors.
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