News | Khaleej Times: Sale of first property on Palm Jumeirah, price of plot revealed

The launch of villas on the island has generated a buzz among real estate agents, who camped out overnight to purchase units for their clients.

The Dubai Land Department has registered the sale of the first property on Palm Jebel Ali, which will become a new benchmark for luxury living in the emirate, as well as an attractive address for billionaires from around the world.

The developer company Nakheel Properties launched the sale of villas and plots on the Palm in mid-September, which sparked unprecedented demand among brokers and investors, as the first set of residential villas was sold out within hours of the launch. The second phase of villas was launched on September 26.

The new Palm Jebel Ali, covering a total area of 13.4 square kilometers and twice the size of Palm Jumeirah, will be an important milestone in the development of Dubai's real estate. It will also include more than 80 hotels and resorts.

The Dubai Land Department's website has published two commercial plots on Palm Jebel Ali. Both plots are located on Frond N. The first plot, measuring 685.11 square meters, was priced at 28,431 dirhams per square meter, with a total cost of 19.478 million dirhams.

The head of Springfield Properties, Faruk Syeed, previously stated that the prices for residential plots range from 39 to 62 million dirhams.

The real estate market in the emirate has recorded significant growth in transactions. According to the latest data, there were 11,818 real estate transactions in August, which is 25 percent more than in August 2022. The total value of transactions increased by 43 percent compared to last year, reaching 33.7 billion dirhams. This is a record high for the past ten years.

The market as a whole followed the preferences of owners and tenants established in the previous month.

Also read: Camping chairs, portable chargers: what real estate agents in Dubai bring to property presentations. Dubai: a real estate project worth 30 billion dirhams has been announced; it will include 30,000 residential units and the city's second opera house.