Debut Of Palm Jebel Ali
The real estate industry eagerly awaits the highly anticipated launch of Dubai’s second Palm island, Palm Jebel Ali.
According to brokers, many high-net-worth investors are biding their time for this momentous event. Particularly those keen on securing prime locations as part of their investment strategy.
The initial pricing of the Palm Jebel Ali’s launches is of particular interest, and comparisons with the rates on the Palm Jumeirah are eagerly awaited.
Sustained Housing Development Amidst Growing Demand
Dubai’s real estate landscape is set to witness the completion of approximately 42,500 units between 2024 and 2028. This projection translates to an annual average of just 8,500 homes, marking a substantial 75% decrease from the historical rate of home construction. Shehzad Jamal, Partner and Head of Strategy & Consultancy for the Middle East & Africa at Knight Frank emphasized that this scenario is poised to apply sustained upward pressure on property prices.
This is particularly evident due to the rapidly growing population, which has recently surpassed the significant milestone of 3.5 million residents. However, Jamal noted that this perspective is subject to change in the event of further project announcements.
Around 40,000 New Residences Expected to Reach Completion in the Current Year.