In less than two months, residential properties totalling AED 5.4B (USD 1.5B) have been sold on Dubai's newest and most highly anticipated island

No more than 40 days have passed since the launch of Dubai's newest island project, with nearly 1.2K residences being launched in total. Property sales on Palm Jebel Ali are well underway and most of these residences are already at the registration stage with the Dubai Land Department.

According to official figures, the total value of transactions for this incredible project are around AED 5.4B (USD 1.5B). Following the off-plan sales regulations, the down payment upon the purchase of properties amounted to 20%, which means that the developer already holds about AED 1B (USD 272M) for the further progress of the project. Palm Jebel Ali is preparing to launch the next phase of properties, which are expected to be the most expensive so far.

The next boom in Dubai's high-end property market could be driven by the introduction of the island's first beachfront mansions. The cost of these ultra-luxury homes with a private beach could reach AED 50M (USD 13.6M), while the first phase featured 5–7 bedroom villas in the price range of AED 18M to 45M (USD 5M – 12M).

The scope of already completed deals and the expected addition of new developments on Palm Jebel Ali will elevate the project to a new level and put the island in line with projects such as Palm Jumeirah and Bluewaters Island. Palm Jebel Ali, which has contributed to more than 10% of luxury property sales in Dubai, has already made an impact on the emirate's real estate market. Further development of the island will strengthen its position in the upscale real estate niche.