Skip to content Skip to Search
Skip navigation

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

Palm Jumeirah holds its position as one of the city’s most prime communities, accounting for 7.5% of Dubai’s total real estate sales in 2023 Wam
Palm Jumeirah holds its position as one of the city’s most prime communities, accounting for 7.5% of Dubai’s total real estate sales in 2023

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.

“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.

Latest articles

Photography, Clothing, Glove

Qatar signs 15-year urea supply pact with US company

Qatar, the world’s second-largest exporter of urea, has signed a long-term urea supply agreement with US-based Koch Fertilizer.  The 15-year agreement, starting in July, will lead to the supply of up to 0.74 million tonnes per annum (MTPA) of urea, state-backed QatarEnergy said in a statement. Locally manufactured urea will be supplied to the agricultural […]

Adnoc's Ruwais LNG project. The company has approved capital expenditure of $150 billion for 2023-2027

Adnoc to reach its 5m bpd oil target before 2027

Abu Dhabi National Oil Company (Adnoc) is likely to reach its 5 million barrel per day (bpd) oil production capacity expansion by the end of next year or early 2026, Bloomberg reported, citing people aware of the operations. The oil company announced in November 2022 that the new target was to be achieved by 2027 […]

A seller at a souq in Oman. The country has been given a stable outlook, thanks to the positive impact of budget reforms and falling debt

Oman to use budget surplus to repay nearly $3bn debt

Oman is expected to repay nearly $3 billion in external debt in the first half of 2024, driven by the budget surplus from high oil prices, Fitch Ratings said in a new report. The resulting 10 percent decline in external debt from the end of 2023 is faster than forecast last September. The rating agency affirmed the Gulf state’s […]

Landmark, Palm Islands - United Arab Emirates, Bridge

Infrastructure work to start on relaunched Palm Jebel Ali

Work is set to commence on the Palm Jebel Ali mega project with new infrastructure work contracts awarded. Among the contracts is one to build a 6 km-long public access road from Sheikh Zayed Road to the palm-shaped master development, Nakheel, the developer of the man-made Palm-shaped Island, said in a statement. DBB Contracting, a […]