Palm Jebel Ali Surpasses Dh5.4 Billion in Home Sales within Two Months of Launch

The real estate landscape in Dubai is experiencing a seismic shift as Palm Jebel Ali gears up for the sale of its highly anticipated off-plan residences, rumored to be the city's most expensive to date.

Official figures reveal that the total sales of units released on Palm Jebel Ali within a mere 40 days have exceeded Dh5.4 billion. Remarkably, 20% of these transactions represent down payments, as stipulated by the stringent regulations governing Palm Jebel Ali's off-plan sales. A recent report by Reidin-GCP suggests that the actual total sales value, factoring in the down payments, approaches Dh1 billion within just two months of the project's relaunch.

Furthermore, Palm Jebel Ali is making waves in the luxury real estate sector, contributing over 10% to all property sales in Dubai with values exceeding Dh18 million. This success is notable against the backdrop of declining sales in other high-end communities, emphasizing Palm Jebel Ali's strong market entry.

With approximately 1,200 houses already launched on Dubai's second Palm Island, transactions with the Land Department are underway for the majority of these units. Market insiders predict the unveiling of "sea-front mansions" with private beaches, potentially pushing launch costs beyond Dh50 million. Previously priced between Dh18 million and Dh45 million, Palm Jebel Ali's upcoming luxury offerings are set to redefine the upper echelons of Dubai's residential market.

As global attention converges on the UAE during COP28, real estate agents anticipate a surge in demand by December 15, particularly in Dubai and Abu Dhabi's upscale property segments. The Reidin-GCP report indicates that Palm Jebel Ali is poised to join the ranks of Palm Jumeirah and Bluewaters Island, solidifying its status among Dubai's elite residential offerings.

Payment plans for Palm Jebel Ali homes factor in the first set of handovers expected to commence in late 2027. Apart from the 20% down payment, the remaining amount is structured as 10% installments throughout the project, with the final 20% due at handover. Notably, there are no post-handover payment options for Palm Jebel Ali island home sales, reflecting the developer's commitment to a rigorous construction schedule.

Estate agents assert that as new releases unfold, Palm Jebel Ali will continue to dominate the upper echelons of the Dubai property market, maintaining a stronghold that will be challenging to break.