Staff Writer: Khaleej Times

September 25, 2023

A Dubai-based real estate agent has sold a plot on the highly anticipated Palm Jebel Ali project for an eye-popping Dh42.5 million. Craig Brown, from property company The Luxury Collection, sold the 23,000 sq feet plot on frond M to a UAE resident buyer.

“It is one of the largest plots on the frond and is a high number plot, which means it is located at the tip,” he said. “My client, who is a High Net Worth Individual (HNWI), was given exclusive pre-sales access to the plots so that they could pick the one that suited them the best.”

Property prices in the UAE have been climbing steeply since the COVID-19 pandemic, during which several HNWIs flocked to the country. Earlier this year, a 24,500 sq ft sand plot on Jumeirah Bay Island in Dubai was sold for a record Dh125 million, making it the most expensive land plot ever sold in the history of UAE.

Highly anticipated project

On Wednesday, property agents waited overnight in front of the Nakheel offices to snag a property on the much-awaited island. Videos shared with Khaleej Times showed hundreds of potential buyers thronging the office. All the released villas and plots were sold out on the first day, according to various agents.

Units on four fronds of the project — M, N, O, and P — were available for sale, with each frond featuring roughly between 109 and 165 villas. As per real estate agents, prices of villas on the palm-shaped man-made island began from Dh18 million, with units expected to be delivered starting in 2027.

“The interest in the Palm Jebel Ali has been insane,” said Craig. “All of our top three investors have sought to buy property there. Most of those who are buying there are doing so for investment reasons because the construction will take four years to complete.”

Spanning a total area of 13.4 sq km, the island is twice the size of the Palm Jumeirah. It boasts the longest coastline of any destination in Dubai. When completed, it will feature seven islands and 16 fronds, adding a total of 91km with three access points to the island.

First week back

Craig, who was a Dubai resident for a year, left the city to go back to his hometown of Dublin in 2021 for a person project. He returned to the UAE earlier this month and finalized the sale in his first week back in the country.

“Everything about the Dubai market has changed in the time I was away,” he said. “The prices are through the roof and there are new property launches very often. I am anticipating the next set of Nakheel villas to be released in the next few weeks.”

Craig believes that this upward trend of property prices in the region will continue. “I think the Middle East is well on its way to becoming the next Europe,” he said. “There is conflict in a lot of places and in Europe, taxes are quite high. So the Middle East is a safe haven for many people. Combining that with the kind of lifestyle that Dubai offers, there is a lot of money flowing into this country.”