Palm Jumeirah’s $52m plot to house high-end residences

Wam

A new high-end residential project is slated to be built on Dubai’s Palm Jumeirah following the sale of a plot of land on the man-made, palm-shaped island.

The plot was sold for AED190 million ($51.73 million), one of the highest land deals recorded in Dubai in 2023, said global property consultancy JLL, who arranged the deal for an unnamed client.

The plot covers an area of 56,295 sq ft with 120,000 sq ft of built-up area.

• Dubai real estate market bats off interest rate hits
• Meraas appoints main contractor for Jumeirah project
• Dubai businessman ready to take on The World

“This parcel of land will witness the emergence of an ‘extraordinary’ residential development entailing retail and F&B spaces,” JLL said in a statement.

Palm Jumeirah holds its position as one of the city’s most prime communities, accounting for 7.5 percent of Dubai’s total real estate sales in 2023, according to data from the Dubai Land Department.

The residential sector reported a 16 percent upsurge in sale prices in the second quarter of 2023, as residential stocks rose to 700,000 units, with an additional 21,000 units scheduled to be handed over in the second half of the year.

Palm Jumeirah continued to dominate, with 210 land deals worth AED4.2 billion completed in the first six months of this year, compared to 137 deals worth AED3.4 billion a year ago.

Will McKintosh, head of residential, Middle East and Africa at JLL, said: “This high-value transaction not only underscores the tenacity of Dubai’s real estate market but also Palm Jumeirah’s strong play in driving large-scale sales within the city’s residential sector.”

In October 2022, India’s Reliance Industries chairman Mukesh Ambani purchased a luxurious mansion for $163 million (AED598.72 million) on Palm Jumeirah, Bloomberg reported.

Ambani bought the mansion from the family of Kuwaiti tycoon Mohammed Alshaya.

In June, the revamped master plan for Palm Jebel Ali was approved, helping to meet demand for prime, residential, beachfront properties.

The 13.4 sq km mega-project – twice the size of Palm Jumeirah – will add 110 km of coastline to the emirate and provide real estate for approximately 35,000 families.