Staff Report
Dubai, UAE
Jones Lang LaSalle (JLL), real estate advisory, said it has helped the acquisition of a plot of land for Dh190 million on the Palm Jumeirah.
Encompassing an expansive area of 56,295 square feet with 120,000 square feet of built-up area, this parcel of land will witness the emergence of an extraordinary residential development entailing retail and F&B spaces, the company said in a statement.
With Dubai’s real estate market continuing to thrive, Palm Jumeirah maintains its position as one of the city’s most coveted neighbourhoods accounting for 7.5 percent of Dubai’s total real estate sales in 2023, outperforming other areas in sales value, according to data from the Dubai Land Department.
Mirroring a similar trend, the residential sector observed a significant 16 percent upsurge in sale prices in the second quarter of 2023, as residential stocks rose to 700,000 units, with an additional 21,000 units scheduled to be handed over in the second half of this year. Palm Jumeirah, as one of the most sought-after communities in the city, continued to dominate the preference of discerning investors and homeowners seeking prestigious locations and substantial long-term returns, with 210 land deals worth Dh4.2 billion completed in the first six months of this year, marking a sharp increase from the 137 deals worth Dh3.4 billion concluded in the same period last year.
Will McKintosh, Head of Residential, MEA, JLL, said, “The successful facilitation of the Dh190 million land acquisition on Palm Jumeirah exemplifies our commitment to shaping landmark real estate opportunities. This high-value transaction not only underscores the tenacity of Dubai’s real estate market but also Palm Jumeirah’s strong play in driving large-scale sales within the city’s residential sector. Looking ahead, the island community will continue to essay the role of an investor magnet, on the back of its growing appeal amid the expanding network of high-net-worth individuals”.
This esteemed project signifies a big milestone for JLL’s residential enterprise, which since its establishment in 2020 has been on a steady upward growth trajectory, steering the success of an array of high-profile ventures in the UAE. Beyond its proven track record, the company’s advancement in the sector has been further propelled by the market’s continued strength characterised by a substantial inflow of investments from both domestic and international players, looking to make the UAE their home.
Ends
