For AED190m ($51.7m), a piece of land on Dubai’s Palm Jumeirah was sold.
The prestigious plot was successfully acquired thanks to the real estate company JLL.
One of the largest land sales in Dubai this year was the AED190m deal.
Sale of land in Palm Jumeirah
The land, which is 56,295 square feet in size and has 120,000 square feet of built-up area, will house a mixed-use project with apartments, shops, and food and beverage establishments.
Palm Jumeirah continues to be one of Dubai’s most sought-after communities as the city’s real estate market continues to flourish. Check out the Best Beaches in Palm Jumeirah for a closer look at what this luxurious community has to offer.
According to figures from the Dubai Land Department, it represented 7.5% of all real estate transactions in Dubai in 2023, outpacing other regions in terms of sales value.
The residential sector had a dramatic 16% increase in sale prices in the second quarter of 2023, following a similar pattern. Residential stock increased to 700,000 units, and another 21,000 units are expected to be delivered in the second half of this year.
With 210 land deals worth AED4.2 billion ($1.1 billion) completed in the first half of this year, Palm Jumeirah, one of the city’s most sought-after communities, continued to dominate the preferences of discerning investors and homeowners seeking prestigious locations and significant long-term returns. This represents a significant increase from the 137 deals worth AED3.4 billion ($926 million) completed in the same period last year.
The successful facilitation of the AED190 million land acquisition on the Palm Jumeirah shows our commitment to defining landmark real estate opportunities, according to Will McKintosh, Head of Residential, MEA, JLL.
The strength of Palm Jumeirah in promoting significant sales within the city’s residential sector is also highlighted by this high-value transaction, which also highlights the resilience of Dubai’s real estate market.
The island community will continue to play the role of an investor magnet in the future thanks to the growing attractiveness it has among the developing network of high-net-worth individuals, according to the report.
