The initial properties on Palm Jebel Ali have been sold in Dubai, unveiling the plot price.

The Dubai Land Department has reported the sale of the first residences on Palm Jebel Ali, marking a new pinnacle of luxury living in the emirate and attracting the attention of millionaires and billionaires worldwide.

In mid-September, Nakheel Properties, the master developer, initiated sales of villas and plots on the expansive Palm Jebel Ali. This move generated an unprecedented demand from real estate agents and investors, leading to the rapid sale of the initial set of residential villas within hours of the launch. On September 26, the company unveiled the second phase of villas.

Palm Jebel Ali, a sprawling development twice the size of Palm Jumeirah, covering a vast 13.4 sq km area, signifies a significant milestone in Dubai's real estate landscape. It is set to host over 80 hotels and resorts, further enhancing its allure.

On October 3, 2023, the Dubai Land Department's website listed two commercial lands on Palm Jebel Ali, marking the first such listings for the development. These parcels are situated on Frond N.

The first plot spans 685.11 square meters, priced at Dh28,431 per square meter, with a total value of Dh19.478 million.

The second commercial site on Palm Jebel Ali covers 1,216 square meters and sold for Dh30.328 million, at a cost of Dh24,940 per square meter.

According to Farooq Syed, the CEO of Springfield Properties, residential plots in the area typically range from Dh39 million to Dh62 million.

The real estate market in the emirate has witnessed a significant surge in transactions. Recent data reveals a total of 11,818 real estate transactions in August, representing a 25% increase in volume compared to August 2022, and a substantial 43% growth in transaction value, amounting to Dh33.7 billion. These figures mark the highest transaction volume and value in the past decade. The market trends continue to align with property preferences observed in the previous month for both property owners and tenants.