Dubai: Palm Jebel Ali gains interest from long-term investors
Palm Jebel Ali is increasingly gaining interest from long-term investors, standing out as the top-performing area in Dubai in terms of last year's fourth-quarter sales.
Industry executives say that investors are selling their units at premiums of up to 10 per cent to cash in on the gains following the three-year rally in the local property market. Following the success of Palm Jumeirah, Palm Jebel Ali is billed to be one of the next big destinations sought after by millionaires and billionaires in Dubai.
Master developer Nakheel Properties began launching villas on the upcoming Palm Jebel Ali in September last year, following the relaunch of the project by the Dubai government. Later, more villas were launched by the master developer, attracting very strong demand from local and foreign investors.
Some people are considering it as a future residence, but for most, it's about potential capital appreciation given Dubai's growth. There’s a lot of hope for investors.
With areas such as Palm Jumeirah ageing, investors see newer communities as this, the next big thing in that direction.
In terms of geographical performance, Mayed Al Rashdi, research analyst at Emirates NBD Research, said Palm Jebel Ali stood out as the top-performing area in terms of sales value in Q4 2023, generating Dh14.2 billion. Dubai Marina followed in second place with Dh8.3 billion, while Business Bay came in third with Dh5.1 billion.
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