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Palm Jebel Ali: A haven for HNWIs and UHNWIs

Discover why Palm Jebel Ali’s exclusive island living, luxury amenities, and promising investment potential are capturing the interest of wealthy property buyers worldwide

Palm Jebel Ali: A haven for HNWIs and UHNWIs

Last year, a bunch of videos became incredibly popular, capturing the excitement of both real estate agents and potential buyers as they lined up outside Nakheel’s head office eagerly looking to secure their dream home on Palm Jebel Ali.

So, what got the buyers so intrigued? What exactly does Palm Jebel Ali have to offer that has captured the imagination of the wealthy and famous? Read on to uncover the answers to these questions and more.

A ground-breaking project

The idea of Palm Jebel Ali was born as part of Dubai’s plan to diversify its economy and bring in more tourism and investments in the real estate industry. It all started in the early 2000s as a part of the grand Palm Island project, but unfortunately, it got put on hold in 2008 during the financial crisis in the UAE. However, His Highness Sheikh Mohammed, didn’t give up on this dream and last year revived the project. This luxurious development perfectly aligns with Dubai’s 2040 Urban Master Plan, aiming to cater to the needs of the growing population while enhancing the quality of life and happiness of residents.

What does Palm Jebel Ali have to offer?

Palm Jebel Ali, is the world’s largest man-made island in the shape of a palm tree, spanning 41.5 square kilometres and double the size of Palm Jumeirah. It is planned to offer exclusivity, luxury, and sustainability to its residents. The island boasts of 16 villa projects, divided into beach and coral themes, with an average size of 9,000 square feet, ranging from 5- to 7-bedroom properties with a starting price of $4.9 million, fulfilling the needs of HNWIs and UHNWIs.

Speaking exclusively to CW Property Middle East, Shrinivas Rao, FRICS, CEO, Vestian says that with 68 miles of beachfront, each “frond” will offer its own theme and amenities. Targeting HNWIs and UHNWIs, the project focuses on ultra-luxury residential development.

“The first phase of the project sold out within hours of the commencement of bookings. Investors are showing significant interest in the project due to its promising Return on Investment (ROI), potential for capital appreciation, modern facilities, and luxurious amenities. Dubai’s robust demand for luxury property rentals further enhances investors’ interest in this segment. The island’s connectivity and exclusivity and a proven track record with the success of the Palm Jumeirah project, have positively influenced investor sentiment and captured the interest of a wider audience,” mentions Rao.

He further adds, “Moreover, various town centres will be established to accommodate thriving businesses. For those seeking opulent experiences, there will be exquisite luxury hotels, resorts, and upscale restaurants specifically designed to meet the discerning tastes of the ultra-rich. Furthermore, the island will offer an array of entertainment and leisure options including beach clubs, theme parks, trendy shopping malls, recreational parks, yacht and marina clubs, as well as commercial properties and a vibrant celebration village located at the island’s tip.”

A feather in one’s cap

This project offers a unique chance for affluent individuals to experience waterfront living, which is quite rare in Dubai. Moreover, it comes with attractive price points and fills the gap in the market where such options are limited.

Liam Chase, Senior Developer Sales Consultant at Allsopp & Allsopp Group

“To add to that, there’s a sense of urgency associated with this project, akin to the success witnessed on Palm Jumeirah, where substantial profits were made over time. The appeal of these properties and the success seen from them extends to those seeking a more contemporary living experience, as Palm Jumeirah is gradually aging. Investing in such a project becomes a statement for some individuals, signalling a desire for newer, modern living spaces. The appeal is further heightened by the range of modern amenities and the comprehensive planning of the community, offering a well-rounded opportunity for potential investors,” explains Liam Chase, Senior Developer Sales Consultant at Allsopp & Allsopp Group.

The area surrounding Palm Jebel Ali holds immense potential as Dubai expands in the south direction. With developments such as the new Al Maktoum Airport and Expo City slated to be key components of the 2040 plan, the region is poised for substantial growth.

Peter Smithson, Sales Director at Belleview.

“The real estate market in Dubai is poised for continuous growth in the next 15-20 years. The economy is currently at its strongest, and the tourism industry is thriving like never before. With that in mind, the Palm Jebel Ali is an absolute gem. It’s the final impressive land reclamation project and offers a unique chance to invest in prime residential coastal land. Hence, it’s no surprise that wealthy property buyers are lining up to purchase one,” concludes Peter Smithson, Sales Director at Belleview