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Land Sales in Island Community Reach Dh4.2 Billion in the First Half of the Year.
A premium plot of land on Palm Jumeirah has recently been acquired for a substantial sum of Dh190 million. This expansive plot spans 56,295 square feet, with plans to develop an impressive 120,000 square feet of residential space. Transforming it into a luxurious residential hub, as confirmed by a property developer on Monday.
Real Estate market in Dubai has notably showcased Palm Jumeirah as a standout jewel. Contributing to 7.5 percent of the city’s total residential sales this year, according to data from the Dubai Land Department. Additionally, the residential property sector has experienced a remarkable 16% surge in sale prices during the latter half of 2023.
During the first half of this year, the island community achieved remarkable success. Recording Dh4.2 billion in land sales through 210 transactions. Marking a substantial increase from the 137 deals witnessed last year.
Furthermore, Knight Frank’s Q1 2023 report highlights a staggering 126 percent increase in villa prices in Palm Jumeirah. Since the onset of the pandemic, with an additional 14 percent rise in Q1 2023 alone.
Notably, last year, a plot spanning 59,500 square feet with built-up portions on Frond N of the island community was sold for Dh600 million, marking a significant transaction. Following closely behind, another notable land deal on the Palm was struck at Dh206.52 million.
