In the highly anticipated Palm Jebel Ali sales relaunch, experts believe that this moment could redefine the thriving Dubai property market for the year ahead and usher in a new era of growth for the Palm Dubai development.
Premium Villas at Attractive Prices
Multiple real estate agents have confirmed that the pricing for villas will commence at AED 18M, offering spacious built-up areas ranging from 7,000 to 20,000 square feet. As affluent investors eagerly seek out prime beachside locations, the initial villa releases are expected to generate intense demand.
Situated on an island where substantial infrastructure is already in place, the new Palm will extend the Dubai coastline by an impressive 110 kilometers, making it twice the size of its predecessor, Palm Jumeirah. Additionally, the new Palm will feature mid-rise apartment buildings, with sales expected to follow the demand for premium villa spots.
Real estate agents in Dubai have been actively presenting various options to their clients in recent days, urging buyers to act swiftly and seize this unique opportunity. Many prospective buyers are eager to “sign on the dotted line immediately,” according to estate agents.
A Long-Awaited Return
Earlier this year, Dubai unveiled a revised masterplan for Palm Jebel Ali, which originally launched in the mid-2000s but was halted during the 2008 Global Financial Crisis. However, the timing is now perfect for the return of the new Palm, as land availability on Palm Jumeirah is scarce, and numerous investors are eager to secure beachfront property in Dubai.
Industry sources predict that the sales of the new Palm will significantly bolster the luxury segment of Dubai’s property market, which has experienced limited new launches due to the scarcity of available land.
With a strong demand for properties on Palm Jumeirah, known for record-breaking deals like a AED 600M sale in recent years, the new homes are expected to command a premium. Buyers in this category prioritize quality over cost, as the CEO of one of the city’s leading luxury brokerages noted.
Impressive Market Performance
For perspective, Palm Jumeirah villa deals are currently averaging AED 25.5M this year, representing nearly a 40 percent increase in value from the previous year. The median price per square foot has also surged by nearly 40 percent year-on-year, reaching AED 3,638. In the coming weeks, more project launches and sales are anticipated on the first Palm, including the highly anticipated Armani-branded venture in Dubai.
The acute shortage of super-luxury villas available for sale in Dubai is another compelling factor in favor of P. Knight Frank’s recent market update highlighted this gap, which has forced investors to either wait or explore other options.
Visit us for more such News