Dubai’s Palm Jebel Ali: Introduction

  • 9 months ago
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Real estate industry experts and analysts are anticipating strong interest from both local and regional developers in the new master development of Palm Jebel Ali. This anticipation stems from the project’s potential to offer a high return on investment (ROI). Similar to or even surpassing other prime projects in Dubai.

Recently announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum. Who is the Vice President and Prime Minister of the UAE and Ruler of Dubai. Palm Jebel Ali is expected to be twice the size of Palm Jumeirah. It will feature an impressive stretch of beaches spanning 110 kilometers. And more than 80 hotels and a vast waterfront development area.

Palm Jumeirah has already established Dubai real estate among the world’s ultra-luxury projects. And is home to A-list Bollywood and Hollywood celebrities. It boasts iconic developments like Atlantis The Palm, Anantara, Atlantis The Royal, Five Hotel, Zabeel Saray, Raffles, and many more.

Savills, a global real estate consultancy, has observed a significant increase in inquiries for waterfront properties in Dubai over the past few years. According to Swapnil Pillai, Associate Director for Research at Savills Middle East, the announcement of Palm Jebel Ali comes at an opportune time and expecting to contribute positively to the future performance of Dubai’s residential and commercial real estate markets.

“This type of giant project will attract investment companies from all over the world in various fields, and thus we will witness an increase in the number of visitors, tourists, and those wishing to reside and invest.”

High RoI: Palm Jebel Ali

Savills, a global real estate consultancy, has observed a significant increase in inquiries for waterfront properties in Dubai. According to Swapnil Pillai, Associate Director for Research at Savills Middle East,

the announcement of Palm Jebel Ali comes at an opportune time and is expected to contribute positively to the future performance of Dubai’s residential and commercial real estate market.

Waterfront developments are highly sought after in many global cities, and Dubai is no exception. Pillai notes that such developments appeal to a wide range of occupants, from investors to end-users. The pandemic has even fueled demand for waterfront properties to some extent. Some of Dubai’s most coveted and popular real estate developments are situated along the waterfront, and investments in these areas are often driven by the appeal of nautical activities and a desirable lifestyle.

Phil Sheridan, CEO of Berkshire Hathaway HomeServices Gulf Properties, believes that the Palm Jebel Ali project will bolster Dubai’s global standing as a premier investment destination in tourism and luxury real estate. He expects the project to attract investment companies worldwide and lead to an increase in visitors, tourists, residents, and investors.

Important More Notes For Palm Jebel

Farhad Azizi, CEO of Azizi Developments, a prominent private developer. Who predicts that Palm Jebel Ali will offer a new avenue for luxury investments, attracting high-net-worth individuals (HNWIs). And ultra-high-net-worth individuals (UHNWIs) with its potential for outstanding returns. Azizi also highlights the significant benefits for the hospitality sector, especially with the high demand for seaside hotels and resorts. He emphasizes that the tourism sector, with Dubai’s consistent popularity as a top global destination, will greatly influence by developments.

Dilip Daswani, director of Capitol Real Estate in Dubai, asserts that this project reflects the ongoing demand and appetite for Dubai worldwide. He looks forward to witnessing more billionaires and millionaires purchasing holiday homes in Dubai, further enhancing the city’s image as a fantastic place to live and enjoy life.

Imran Farooq, CEO of Samana Developers, highlights the excitement among regional developers, particularly those from Dubai. Who view Palm Jebel Ali as a significant opportunity and a milestone following the remarkable success of Palm Jumeirah. Farooq notes that Palm Jebel Ali is strategically located in a key business corridor. Which includes Dubai South and Al Maktoum International Airport. This corridor is set to become Dubai’s largest transportation and logistics hub, connecting all three modes of transportation: road, sea, and air.

Developers, facing limited land availability in Palm Jumeirah, will now have another option for waterfront projects with the introduction of Palm Jebel Ali. This opportunity is a new hope to attract a new set of buyers to the market.

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