The launch of villas on the island has resulted in property agents queuing up overnight to purchase units for their clients. However, the Dubai Land Department has recently recorded the sale of the first properties of Palm Jebel Ali, which will establish a new benchmark in upscale living in the emirate and become a highly sought-after address for millionaires and billionaires from around the world. The master developer, Nakheel Properties, initiated the sale of villas and plots on the Palm in mid-September, which witnessed an unprecedented demand from property brokers and investors. The first set of residential villas were sold out within hours of the launch, prompting the company to launch 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 significant milestone in Dubai's real estate growth. It will also host more than 80 hotels and resorts. The Dubai Land Department website recently listed two commercial lands of Palm Jebel Ali on Tuesday, October 3, 2023, which were the first-ever listings of the Palm Jebel Ali. Both lands were located on Frond N.The initial parcel of land spans an area of 685.11 square meters and is priced at Dh28,431 per square meter, resulting in a total value of Dh19.478 million. The second commercial plot, which covers an area of 1,216 square meters, was sold for Dh30.328 million on Palm Jebel Ali, with a price of Dh24,940 per square meter.
Mr. Farooq Syed, the CEO of Springfield Properties, previously stated that residential plots were sold for prices ranging from Dh39 million to Dh62 million. The real estate market in the emirate has experienced a significant increase in transactions. According to the latest data, there were 11,818 real estate transactions in August, representing a 25% increase in volume compared to 9,450 in August 2022. The value of these transactions saw a sharp increase of 43% compared to the same month last year, reaching Dh33.7 billion. This marks the highest transaction volume and value for the month of August in a decade. The market has broadly followed the previous month's trends in property preferences for both owners and tenants.