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Dubai records sale of first properties on Palm Jebel Ali; plot price revealed

Launch of villas on the island saw property agents queue up overnight to buy units for their clients

Published: Wed 4 Oct 2023, 9:44 AM

Updated: Wed 4 Oct 2023, 6:13 PM

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Dubai Land Department has recorded the sale of the first properties of Palm Jebel Ali, which will set another benchmark in upscale living in the emirate and another prized address for millionaires and billionaires from around the world.

The master developer Nakheel Properties launched the sale of villas and plots on the Palm around mid-September, which witnessed an unprecedented demand from property brokers and investors as the first set of residential villas were sold out within hours of the launch. The company launched the second phase of villas on September 26.

Spanning a total area of 13.4 sqkm and occupying an area twice the size of Palm Jumeirah, the brand new Palm Jebel Ali will mark a major new milestone in Dubai’s real estate growth. It will also host more than 80 hotels and resorts.

The Dubai Land Department website showed a listing of two commercial lands of Palm Jebel Ali on Tuesday, October 3, 2023. These were the first-ever listings of the Palm Jebel Ali. Both lands were located on Frond N.

The first plot is spread over 685.11 sqm, priced at Dh28,431 per sqm and a total value of Dh19.478 million.

The second commercial plot spread over 1,216 sqm was sold for Dh30.328 million on Palm Jebel Ali. It was priced at Dh24,940 per sqm.

Farooq Syed, chief executive of Springfield Properties, earlier said that residential plots were sold between Dh39 million to Dh62 million.

The emirate’s property market has recorded a massive increase in transactions.

According to the latest data, August saw 11,818 real estate transactions, recording a 25 per cent increase in volume compared to 9,450 in August 2022.

The value of the transactions witnessed a sharp hike of 43 per cent compared to the same month last year, reaching Dh33.7 billion. This marks by far the highest transaction volume and value for the month of August in a decade. The market broadly followed the previous month’s trends in property preferences for owners and tenants alike, it said.

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