Nakheel, Announced Re-launch of Palm Jebel Ali
Facts
- Re-launch of mega project Palm Jebel Ali could further reinvigorate Dubai realty market.
- Megaproject halted in 2009 set for relaunch as value of beachfront properties rise 300 % in two years.
Connection
The Palm Jebel Ali is located a 15 minute drive away from the Dubai Marina.
Dubai: Experiencing A Significant Housing Boom
Properties in Palm Jumeirah and Jumeirah Bay Island have seen price increases of about 30% during the past two years.
A modernised beachfront five-bedroom property on the Palm’s Kingdom of Sheba enclave is offered at Dh45 million, while a 6,928 square foot, five-bedroom six-bathroom villa at Jumeirah Bay Island is now on the market for AED 38 million.
Dubai Property Prices Expected To Rise in 2023
Due to the fact that more individuals are eager to relocate to the UAE following its effective management of the Covid-19 pandemic and golden visa programme.
Reassessing Palm Jebel Ali might mark a crucial turning point in the emirate’s development, according to Faisal Durrani.
He quoted the pandemic outbreak triggered Dubai’s third freehold residential cycle. This has translated into incredible demand for beachfront properties in Dubai, which has led to historic price increases, such as 50% for villas on The Palm Jumeirah in the past year.
The Palm Jebel Ali will need to prioritise community infrastructure and place-making to entice foreign buyers just the way they did with The Palm Jumeirah.
Palm Jebel Ali Meets City Demand
The Palm Jebel Ali will need to prioritise community infrastructure and place-making to entice foreign buyers just the way they did with The Palm Jumeirah.
Palm Jebel Ali is one and a half time times the size of the popular Palm Jumeirah, completing construction of the mega project could meet the city’s demand as some reports claim that up to 1,700 beach villas and 6,000 apartments could become available.
The New Master Plan
Nakheel has created a new master plan for the previous Deira Islands project. The waterfront region, now known as Dubai Islands, will consist of five islands spread across 17 square kilometres to meet the requirements of the Dubai 2040 Urban Master Plan to increase green space and coastal development.
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