Dubai: The stage is set for the Palm Jebel Ali sales relaunch, with suggestions that this would be the defining moment for the booming Dubai property market this year. And creating a brand new chapter of the Palm Dubai story for the decade to come.
Multiple real estate agents confirm that pricing of the Palm Jebel Ali villas on sale would start from Dh18 million, with built up areas of 7,000-20,000 square feet. The rush for the initial villa releases will be ‘intense’ as wealthy investors seek out the best spots by the beachside.
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This island, where already much of the initial structure is in place, will add 110 kilometers to the Dubai coastline and be twice the size of the Palm Jumeirah. The new Palm will also have its share of mid-rise apartment buildings, and sales of which should follow those of the prime villa spots.
Estate agents have been communicating the Palm Jebel Ali options to their clients in recent days, and reduce the chances of any delays to their buying decisions. Many buyers want to ‘sign on the dotted line immediately’, the agents add.
Wealthy investors from the world over want to be among the first buyers of the revised Palm Jebel Ali. This is the biggest thing to happen in Dubai property this year
It was earlier this year that Dubai confirmed a revised masterplan for the Palm Jebel Ali, which was launched in the mid-2000s. But the project was put on hold once the 2008 Global Financial Crisis struck.
But now, “This is the ideal moment for the Palm 2 to return,” said an estate agent. “Land availability on the Palm Jumeirah is scant, and there are legions of potential investors wanting to own property/plot on the Dubai beachfront.
“Palm Jebel Ali is coming to market at the right time. We know of many investors who are holding back from buying in any other project just because they want to be among the first on the Palm Jebel Ali relaunch.”
Industry sources add that Palm Jebel Ali sales will specifically extend the momentum at the luxury end of the Dubai property space. Currently, this space has seen limited new launches because most of the available areas have already been built and sold.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the new futuristic development masterplan of Palm Jebel Ali. Part of the Dubai 2040 Urban Master Plan, Palm Jebel Ali is one of a series of visionary projects being undertaken by world-leading Dubai-based real estate master developer Nakheel. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE, and Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai, were present during the approval of the masterplan.Image Credit: WAM
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