Property brokers waited all night to purchase villas for their customers when the villas were first introduced on the island.
The first homes at Palm Jebel Ali, which will set a new standard for opulent living in the emirate and serve as a highly sought-after destination for millionaires and billionaires globally, have been sold, according to records kept by the Dubai Land Department.
Around the middle of September, the master developer Nakheel Properties began selling plots and villas on the Palm. Within hours of the debut, the first batch of residential villas was sold out, demonstrating the extraordinary demand from real estate agents and investors. On September 26, the business began construction on the second phase of villas. If you’re interested in exploring the luxurious lifestyle and amenities of Palm Jumeirah, don’t forget to check out the best beaches in Palm Jumeirah at uaepropguide.com.
The brand-new Palm Jebel Ali, which will occupy an area twice the size of Palm Jumeirah and cover 13.4 sqkm in total, will represent a significant new turning point in Dubai’s real estate development. In addition, around 80 hotels and resorts will be located there.
On Tuesday, October 3, 2023, a listing of two commercial lands of Palm Jebel Ali was displayed on the Dubai Land Department website. These were the Palm Jebel Ali’s initial listings. Frond N was the location of both lands.
The first plot is 685.11 square meters in size, costs Dh28,431 per square meter, and has a total estimated value of Dh19.478 million.
On Palm Jebel Ali, the second commercial site measuring 1,216 square meters was sold for Dh30.328 million. The cost per square meter was Dh24,940.
Springfield Properties’ chief executive, Farooq Syed, had previously stated that residential site sales ranged from Dh39 million to Dh62 million.
Transactions in the property market of the emirate have skyrocketed.
Based on the most recent data, there were 11,818 real estate transactions in August, which represents a 25% increase in volume from 9,450 transactions in August 2022.
When compared to the same month last year, the value of the transactions increased sharply by 43% to reach Dh33.7 billion. This represents the biggest value and volume of transactions for August in the last ten years. According to the report, both landlords’ and tenants’ preferences for real estate were mostly followed by the market last month.
