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Dubai’s Palm Jebel Ali Island record-breaking success gives a positive indication that the island will continually capture & dominate the Dubai property market. According to official data, the island’s sales surpassed Dh5.4 billion just under 40 days after the sales units were released in Palm Jebel Ali. Due to strict requirements governing PJA (Plam Jebel Ali) off-plan sales, 20% of them have been already reserved by paying a down payment from the investors’ side.
According to Reidin-GCP, the sales value in PJA was already close to Dh1 billion in less than 2 months when the project was launched. This means that the actual total sales value is closer to Dh1 billion’ in less than 2 months since the project was relaunched, according to a new report by Reidin-GCP.
Not just that, ‘more than 10 per cent of all property sales in Dubai with values over Dh18 million have come from Palm Jebel Ali. This is likely due in large part to declining sales seen in the luxury communities that typically see heavier volumes, which makes Palm Jebel Ali’s strong debut all the more impressive.”
12,00 homes have been launched in Palm Jebel Ali Island as of now and sales transactions of those units have been recorded in the Land Department transactions.
Why Property demands are soaring in Plam Jebel Ali?
The demands for waterfront homes are always surging in Dubai and Plam Jebel Ali is the right destination where investors will exactly get what they require. according to sources Palm Jebel Ali is giving residents as well as investors the opportunity to buy their dream abode by unveiling sea-front mansions with private beaches which will surely boost the property demands.
Although, property prices in Plam Jebel Ali range between Dh 18M to Dh45, there is the probability that the property prices would soar high. Because the islands provide uber luxury homes with grandeur lifestyle and leisure amenities.
“The composition of Palm Jebel Ali’s transactions so far reveals that it will join the likes of Palm Jumeirah and Bluewaters Island in the highest class of Dubai’s luxury residential offerings,” says the Reidin-GCP report. “All transactions have been five-, six- or seven-bedroom villas in excess of Dh18 million, reaching as high as Dh45 million.” According to real estate ex-pats, the property demand would increase in Plam Jebel Ali between now to December 15 as UAE is going to host COP28, which would glean worldwide attention. These properties would be handed over in 2027 Hence, it is quite an opportune time to consider buying property over there.