A plot of land on Dubai’s Palm Jumeirah has sold for AED190m ($51.7m).
Real estate firm JLL successfully orchestrated the acquisition of the prestigious plot.
The AED190m transaction is one of the highest land deals recorded in Dubai this year.
Palm Jumeirah land sale
Encompassing an area of 56,295sq ft with 120,000sq ft of built-up area, the land will become home to a mixed-use development with residential, retail and F&B spaces.
With Dubai’s real estate market continuing to thrive, Palm Jumeirah maintains its position as one of the city’s most coveted neighbourhoods.
It accounted for 7.5 per cent of Dubai’s total real estate sales in 2023, outperforming other areas in sales value, according to data from the Dubai Land Department.
Mirroring a similar trend, the residential sector observed a significant 16 per cent 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.
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”.
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