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Following the success of Palm Jumeirah, the newly-announced Palm Jebel Ali is set to witness some iconic and ultra-luxury hospitality and residential projects that will attract more high-net-worth individuals and global retail and hospitality brands into the emirate.
Real estate industry analysts and players expect that this new master development is already attracting strong interest not just from local but from regional developers as well as it is expected to offer a high return on investment (RoI) as other prime projects in Dubai, if not more.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, recently announced the launch of Palm Jebel Ali, which will be twice the size of Palm Jumeirah with beaches stretched up to 110km, housing over 80 hotels and a wide stretch of prime waterfront development.
Palm Jumeirah has positioned the emirate’s real estate among the world’s ultra-luxury projects and is home to A-class Bollywood and Hollywood celebrities. It is already home to some iconic projects such as Atlantis The Palm, Anantara, Atlantis The Royal, Five Hotel, Zabeel Saray, Raffles and many others.
Global real estate consultancy Savills said over the last few years, there has been a significant increase in inquiries for waterfront properties in Dubai.
“The Palm Jebel Ali announcement has therefore come at a very opportune time, and the development will be well placed to contribute to the residential and commercial real estate market’s performance in the future,” said Swapnil Pillai, associate director for research, Savills Middle East.
She added that waterfront developments are considered prime real estate across many global cities and have seen exceptionally high demand in Dubai as well.
“They appeal to a wide occupier base from investors to end-users, and the pandemic, to a certain extent, has further fuelled demand for waterfront developments. Some of the city’s most iconic and in-demand real estate developments are located on the waterfront. Among other factors, investments across such developments are driven by lifestyle pursuits around nautical activities,” said Pillai.
Phil Sheridan, CEO, Berkshire Hathaway HomeServices Gulf Properties, stated that Palm Jebel Ali project would strengthen the emirate’s position on the global competition map as one of the most important investment destinations in the fields of tourism and real estate, especially luxury real estate.
“This type of giant project will attract investment companies from all over the world in various fields, and thus we will witness an increase in the number of visitors, tourists, and those wishing to reside and invest.”
Farhad Azizi, CEO of Azizi Developments, a major private developer, said Palm Jebel Ali will offer and attract high-net-worth (HNWIs) and ultra-high-net-worth individuals (UHNWIs) a new luxury investment avenue, on par with - and even exceeding - Dubai’s remarkably outstanding return on investment.
“With seaside hotels and resorts being the most in-demand, the hospitality sector will also benefit substantially from this new masterplan. The tourism sector is especially pronounced here with Dubai seeing a substantial influx of visitors year after year and continuing to be crowned as the number one most popular destination in the world,” he added.
"As a developer entering the hospitality sector, we have an interest in this new prime land,” Azizi added.
Dilip Daswani, director of Dubai-based Capitol Real Estate, added that Palm Jebel Ali project shows that the world’s appetite for Dubai is not over but very much in full demand.
“We look forward to seeing many more billionaires and millionaires coming to buy their holiday homes here and lift the image of Dubai as a fantastic place to enjoy their lives and see many more personalities rubbing shoulders with you at the malls and restaurants,” said Daswani.
Imran Farooq, CEO, Samana Developers, regional developers, especially from Dubai, find Palm Jebel Ali an exciting opportunity that will be another Dubai milestone after the super success of Palm Jumeirah.
“Palm Jebel Ali is bringing a new set and segment of buyers to the market… Palm Jebel Ali is the in the same business corridor where Dubai South and Al Maktoum International Airport are located. This corridor is going to be the biggest transportation and logistics hub connecting all the three modes of transportation in Dubai – road, sea and air transportation,” he added.
He added that backed by the success of Palm Jumeirah where there is hardly any land available, developers will get another option to get waterfront projects.
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