A Dubai-based real estate agent, Craig Brown from The Luxury Collection, has achieved a remarkable feat by selling a massive 23,000 square feet plot on the highly anticipated Palm Jebel Ali project for an astounding Dh42.5 million. The plot, located on Frond M, is one of the largest and enjoys a prime position at the tip.
Craig explains, “My client, a High Net Worth Individual (HNWI), had exclusive pre-sales access to select their preferred plot from this prestigious collection.”
This transaction showcases the significant surge in property prices in the UAE, particularly since the COVID-19 pandemic, attracting numerous HNWIs to the region. Earlier this year, a record-breaking sale of a 24,500 square feet plot on Jumeirah Bay Island in Dubai for Dh125 million made history as the most expensive land plot ever sold in the UAE.
The Palm Jebel Ali project has been highly anticipated, evident from the overnight queues of property agents outside Nakheel offices, eagerly vying for a piece of this sought-after island. Videos circulating showed hundreds of potential buyers thronging the office, resulting in the swift sale of all released villas and plots on the very first day.
The project encompasses four fronds (M, N, O, and P), each featuring between 109 and 165 villas. Villa prices on this palm-shaped man-made island start at Dh18 million, with deliveries expected to commence in 2027.
Craig remarks, “The interest in Palm Jebel Ali has been nothing short of astounding. The majority of buyers are investing for the long term, considering that construction will span four years.”
Spanning a vast 13.4 square kilometers, Palm Jebel Ali is double the size of the iconic Palm Jumeirah, boasting the longest coastline in Dubai. Upon completion, it will comprise seven islands and 16 fronds, extending a total of 91 kilometers with three access points.
Craig, who recently returned to the UAE, has witnessed the dynamic changes in the Dubai market during his absence, with soaring property prices and frequent new property launches. He anticipates the release of the next set of Nakheel villas in the coming weeks.
Summing up his insights, Craig believes that the Middle East is evolving into a new economic powerhouse akin to Europe, with its appeal as a safe haven for investments and the exceptional lifestyle Dubai offers. The region continues to attract substantial investment, with a promising future ahead.
