The first homes on the Palm Jebel Ali have been sold, according to the Dubai Land Department, setting a new standard for luxurious living in the emirate and providing a desirable address for millionaires and billionaires from around the globe.
Around the middle of September, the master developer Nakheel Properties began selling villas and plots on the Palm. This sparked an unprecedented demand from real estate agents and investors, and the first set of residential villas were gone within hours of the launch. On September 26, the company showcased the second phase of villas.
The brand-new Palm Jebel Ali, which is twice the size of Palm Jumeirah and covers a total area of 13.4 sq km, will represent a significant new turning point in Dubai’s real estate development. More than 80 hotels and resorts will be located there.
On Tuesday, October 3, 2023, the Dubai Land Department’s website displayed a listing of two commercial lands on the Palm Jebel Ali. These were the Palm Jebel Ali’s first-ever listings. On Frond N, both lands may be found.
The first plot is 685.11 square meters in size, costs Dh28,431 per square meter, and is worth Dh19.478 million in total.
On Palm Jebel Ali, the second commercial site, measuring 1,216 square meters, went for Dh30.328 million. The cost per square meter was Dh24,940.
According to Farooq Syed, the chief executive of Springfield Properties, residential plots typically sell for between Dh39 million and Dh62 million.
The number of transactions in the emirate’s real estate market has greatly increased.
The most recent figures show that 11,818 real estate transactions took place in August, representing a 25% increase in volume compared to 9,450 in August 2022.
In comparison to the same month last year, the value of the transactions increased significantly by 43%, to Dh33.7 billion. The number and amount of transactions in August of this year are by far the largest in the last ten years. According to the report, the market generally followed the patterns in property preferences for both owners and tenants from the previous month.