A parcel of land located on Dubai’s Palm Jumeirah has been purchased for AED190 million ($51.7 million). The real estate company JLL skillfully facilitated the acquisition of this prestigious land plot.
This transaction, amounting to AED190 million, stands out as one of the most significant land deals documented in Dubai during the current year.
Covering a vast expanse of 56,295 square feet and featuring a built-up area of 120,000 square feet, this land parcel is slated to transform into a diverse development encompassing residential, retail, and food and beverage spaces.
Amid Dubai’s flourishing real estate sector, Palm Jumeirah remains entrenched as one of the most sought-after districts in the city. In the year 2023, it commanded a significant role, constituting 7.5% of the total real estate sales in Dubai. This performance in terms of sales value outshined other regions, as evidenced by data sourced from the Dubai Land Department.
Mirroring a similar trend, the residential sector observed a significant 16% 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 this year.
Attracting investors
Palm Jumeirah, as one of the most sought-after communities in the city, continued to dominate the preference of discerning investors and homeowners seeking prestigious locations and substantial long-term returns, with 210 land deals worth AED4.2bn ($1.1bn) completed in the first six months of this year, marking a sharp increase from the 137 deals worth AED3.4bn ($926m) concluded in the same period last year.
Will McKintosh, Head of Residential, MEA, JLL, said: “The successful facilitation of the AED190m land acquisition on Palm Jumeirah exemplifies our commitment to shaping landmark real estate opportunities.
“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.
“Looking ahead, the island community will continue to essay the role of an investor magnet, on the back of its growing appeal amid the expanding network of high-net-worth individuals.”
