The most recent announcement by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is revitalizing and expanding this neighbourhood.
The Shiekh is looking to make Palm Jebel Ali twice the size of Palm Jumeirah as well as install another 110 kilometres of beaches. This is all part of the Dubai 2040 Urban Master Plan, which is being used to double the Dubai economy by 2033.
The ultimate goal is to make Dubai the most beautiful city in the world. This is an ambitious plan and undertaking which brings in 80+ hotels and resorts just for tourists to enjoy.
Right at the moment, there is no property for sale in this new neighbourhood. The announcement to revive this neighbourhood project only came in the past month or so, and developers are waiting for the release of the Master Plan.
It is also being said that properties will not be available until the master developer, Nakheel, begins its signature property development. Once that takes place, then the rush to develop the area will begin.
The Master Plan calls for 80+ hotels and or resorts to be part of the development. Then there should be villas, homes, and apartments for 35,000 families.
When the original project was cancelled, the trunk, crescent, and fronds were already built. Plus, some original investors had already invested money in the project.
Some of those investors traded their Palm Jebel Ali property for other Nakheel properties. Some took refunds, while others went to court to block a judgment that cancelled the project.
The original court order stated that Nakheel only had to refund the amount of money collected from these investors and did not include the payment of interest or other penalties.
What has fueled this revival is the high demand for waterfront property which has fueled a record increase in home values in Palm Jumeirah.
In Jebel Ali Village, which is separate from the Palm Jebel Ali development, prices seem to be very reasonable when comparing similar homes in Dubai. They are also going to be considered cheap once new construction begins on Palm Jebel Ali.
Just for a residential lot, you are looking at paying between 1.5 million to 2,000,000 AED in this village. Townhouses and villas already built are reaching the 3,000,000 AED mark, with most in the lower 2,00,000 AED range.
The best deal with be the available apartments. They are not selling this time over 1,000,000 AED with prices somewhere between 600,000 and 950,000 AED approx.
It is possible to say that it is a buyer;’s market in this village, but that may change as property values continue to rise in Dubai. Of course, as the number of bedrooms increases in these villas, townhouses, and apartments, the prices will go higher than has been reported here.
There is no word on the cost of property for the Palm Jebel Ali development. All that has been said is that developers are lining up to purchase tracts of land, with some of these developers already submitting expressions of interest in this property.
One thing is for sure when the government is ready to sell the land, and the price is not going to be affordable for the average person. Also, the world’s millionaires and billionaires are lining up to buy property on this island.
They are looking for a second chance to own property in Dubai, which is next to Palm Jumeirah.
There are Dubai and other international real estate agencies advertising properties for sale on this island. But they are not advertising specific properties they have listings on.
These companies are only advertising what is about to take place, as their information blogs just talk about the Master Plan and the objective of this development.
Some agencies seem to be taking advantage of the confusion between the Jebel Ali Village and the Palm Jebel Ali development and advertising properties in the former and not the latter neighbourhoods.
Since the announcement has come in the past two months and that Nikheel has not started its signature project, actual property for sale for those approximately 35,000 families is yet to be determined or put on the market.
What is known at this time is that the island is supposed to be self-sufficient when it comes to energy needs. Part of that efficiency comes from 30% of the power supplied by renewable sources.
Since the announcement came, there has been little information about the specifics of this property. But enough information has been leaked to make sure that developers and private property buyers have their interest piqued and line up to get a piece of the action. Here is what is known:
If you are interested in investing in this revived project, then give our estate firm a call. Our company has over ten years of real estate investment experience in both London and Dubai.
Our experienced professional Dubai estate agents can help you enter the competition for this newly revived project and help you navigate the legal issues involved in international investments.
The best thing to do for this or any Dubai property is to call us today. Our agents will be happy to inform you of all investment opportunities in Dubai, including Palm Jebel Ali.
Call today so you do not miss out.
A step by step guide to acquiring your property in Dubai. Speak to one of our Dubai experts if you need more information.Learn More
A step by step guide to selling your property in Dubai. Speak to one of our Dubai experts if you need more information.Learn More
Here are our area guides that will allow you to choose the most suitable neighbourhood for your tastes. Speak to one of our Dubai experts if you need more information.Learn More
Here are our development guides that will allow you to choose the most suitable development for your tastes. Speak to one of our Dubai experts if you need more information.Learn More
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site analytics and advertising efforts.