Dubai’s Palm Jebel Ali is poised to make a significant impact on the city’s real estate landscape as it prepares to introduce its forthcoming off-plan residences, which are rumored to set new records for luxury and price.
Recent official figures reveal that within less than 40 days of releasing units at Palm Jebel Ali, total sales have exceeded a staggering Dh5.4 billion. Notably, a substantial 20 percent of these sales have already been secured through down payments, aligning with the stringent regulations governing off-plan sales in the area.
In a recent report by Reidin-GCP, it’s estimated that the actual total sales value, considering these down payments, is closer to Dh1 billion, all achieved in less than two months since the project’s relaunch. Impressively, more than 10 percent of all property sales in Dubai, valued at over Dh18 million, have originated from Palm Jebel Ali. This is particularly remarkable given the slowdown in sales typically witnessed in luxury communities, highlighting Palm Jebel Ali’s exceptional market debut.
Presently, around 1,200 houses have been introduced on Dubai’s second Palm Island, with transactions underway to document the sales of most of these units.
Looking ahead, market insiders anticipate the unveiling of “sea-front mansions” with private beaches, potentially pushing launch prices beyond Dh50 million. The price range for Palm Jebel Ali properties had previously been between Dh18 million and Dh45 million, with the developer cautiously gauging demand for these ultra-luxury residences. The introduction of these “mansions” is expected to elevate pricing possibilities even further.
With the UAE’s spotlight firmly on hosting COP28, real estate experts predict a surge in demand between now and December 15. Dubai and Abu Dhabi’s real estate markets, particularly in the high-end segment, will be closely observed.
According to the Reidin-GCP report, Palm Jebel Ali’s transaction data indicates that it is joining the ranks of Palm Jumeirah and Bluewaters Island as one of Dubai’s premier luxury residential destinations. All transactions to date have involved five-, six-, or seven-bedroom villas priced at Dh18 million or higher, with some reaching as high as Dh45 million.
As for delivery timelines, the payment plans for Palm Jebel Ali homes consider the initial handovers starting in late 2027. Apart from the 20% down payment, the remaining amount is structured as 10% installments throughout the project, with the final 20% payable upon handover.
“The developer is maintaining a tight construction schedule – and it helps that 20 percent is already going into escrow. As new releases come in, Palm Jebel Ali will continue to dominate the top end of the Dubai property market. It will be difficult to break that hold,” notes an estate agent.
