Dubai's Palm Jebel Ali is recording strong buyer interest, with nearly 700 villas launched last year as part of the master development being sold out, according to analysts.
The estimates were made as developer Nakheel on Monday awarded a contract worth Dh810 million ($220 million) to complete marine works. The main road connecting the man-made island to Sheikh Zayed Road, the city's main motorway, is also under way.
“The project which is said to be roughly three times the size of the Palm Jumeirah, and comprises 16 fronds and multiple other islands, has seen strong demand from a wide mix of wealthy European and Asian investors,” said Matthew Green, head of research Mena at Global Commercial Real Estate Services.
Each villa is being sold between Dh20 million and Dh50 million ($5.4 million and $13.6 million), he added.
Dubai’s coastline is almost fully built out, so the opportunity to secure beachfront homes is understandably commanding a high level of attention from buyers
Faisal Durrani,
Knight Frank
The development came after Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, unveiled the new master plan for the project that will eventually span 13.4km, featuring 16 fronds and 91 kilometres of beachfront, aligning with the Dubai 2040 Urban Master Plan's goal of expanding public beach access.
"Buyers have been snapping up homes from the early Coral and Beach launches, which offer a mix of high-end and luxury frond units with differing architectural styles," Mr Green said.
There is a "keen interest in this Jebel Ali Development and indeed other projects in Dubai and this interest stems somewhat from the fact that on a per sq ft basis Dubai, remain the most attractive investment destination of any metropolitan city,” said Jason Hayes, chairman of Luxury Property.com, a Dubai based brokerage firm.
Buyers from countries including the UK, France, Germany, India, China, Pakistan, Saudi Arabia and Kuwait have been investing in the property at the project, he said. Detailed buyer information would probably have to come from the developer itself or the Dubai Land Department, he said.
Dubai's property market has bounced back strongly from the coronavirus-induced slowdown, helped by government initiatives such as residency permits for retired and remote workers.
Dubai's luxury home market hit record levels in 2023 as sales of $10 million-plus homes nearly doubled to $7.6 billion, performing better than London and New York, Knight Frank said this year.
Prices have also been rising at the Palm Jebel Ali, said Prathyusha Gurrapu, head of research and consulting at Cushman and Wakefield Core.
The project has been recording between 3 to 5 per cent quarter-on-quarter price increase since the fourth quarter of last year from Dh2,578 per square foot to Dh2,717 per square foot in the first quarter to Dh2,794 by the end of the second quarter, she said.
The contract for dredging, land reclamation, beach profiling and sand placement, directly supporting the construction of villas across all fronds at the project was awarded to Jan De Nul Dredging, Nakheel said.
Jan De Nul is a Belgium-based contracting company specialised in marine construction. It is expected to complete the entire scope of marine works at Palm Jebel Ali in just over two years.
“Dubai’s coastline is almost fully built out, so the opportunity to secure beachfront homes on a development like the Palm Jebel Ali is understandably commanding a high level of attention from buyers, particularly the international elite who continue to jostle for access to Dubai’s cosmopolitan and sun-sea-sand lifestyle,” said Faisal Durrani, partner and head of Middle East research at Knight Frank.
During H1 this year, "Dubai registered 190 home sales at over $10 million, with the Palm Jumeirah (60 deals) ranking as the top submarket for ultra-luxury home sales. The Palm Jebel Ali (14 sales) ranked in second place".
KILLING OF QASSEM SULEIMANI
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait this month is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
UAE’s fixtures: Fri Apr 20, UAE v Qatar; Sat Apr 21, UAE v Saudi Arabia; Mon Apr 23, UAE v Bahrain; Tue Apr 24, UAE v Maldives; Thu Apr 26, UAE v Kuwait
World T20 2020 Qualifying process:
- Sixteen teams will play at the World T20 in two years’ time.
- Australia have already qualified as hosts
- Nine places are available to the top nine ranked sides in the ICC’s T20i standings, not including Australia, on Dec 31, 2018.
- The final six teams will be decided by a 14-team World T20 Qualifier.
World T20 standings: 1 Pakistan; 2 Australia; 3 India; 4 New Zealand; 5 England; 6 South Africa; 7 West Indies; 8 Sri Lanka; 9 Afghanistan; 10 Bangladesh; 11 Scotland; 12 Zimbabwe; 13 UAE; 14 Netherlands; 15 Hong Kong; 16 Papua New Guinea; 17 Oman; 18 Ireland
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
THE%20SWIMMERS
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Salah in numbers
€39 million: Liverpool agreed a fee, including add-ons, in the region of €39m (nearly Dh176m) to sign Salah from Roma last year. The exchange rate at the time meant that cost the Reds £34.3m - a bargain given his performances since.
13: The 25-year-old player was not a complete stranger to the Premier League when he arrived at Liverpool this summer. However, during his previous stint at Chelsea, he made just 13 Premier League appearances, seven of which were off the bench, and scored only twice.
57: It was in the 57th minute of his Liverpool bow when Salah opened his account for the Reds in the 3-3 draw with Watford back in August. The Egyptian prodded the ball over the line from close range after latching onto Roberto Firmino's attempted lob.
7: Salah's best scoring streak of the season occurred between an FA Cup tie against West Brom on January 27 and a Premier League win over Newcastle on March 3. He scored for seven games running in all competitions and struck twice against Tottenham.
3: This season Salah became the first player in Premier League history to win the player of the month award three times during a term. He was voted as the division's best player in November, February and March.
40: Salah joined Roger Hunt and Ian Rush as the only players in Liverpool's history to have scored 40 times in a single season when he headed home against Bournemouth at Anfield earlier this month.
30: The goal against Bournemouth ensured the Egyptian achieved another milestone in becoming the first African player to score 30 times across one Premier League campaign.
8: As well as his fine form in England, Salah has also scored eight times in the tournament phase of this season's Champions League. Only Real Madrid's Cristiano Ronaldo, with 15 to his credit, has found the net more often in the group stages and knockout rounds of Europe's premier club competition.
Results
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If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
