Dubai: As more super-luxury homes release on Palm Jebel Ali, property buyers are homing in on one price advantage compared to what it would cost them for a Palm Jumeirah home. According to data from fam Properties, the average per square foot (psf) for a waterfront home on Dubai’s second Palm would be around Dh2,500 compared to the current average of Dh8,000 psf on Palm Jumeirah. Which means there is plenty of room for Palm Jebel Ali investors to see the value of their properties grow by.
“In the past three years alone, Palm Jumeirah has seen villa values surge over 50%,” said Firas Al Msaddi, CEO of fam. “In markets like Dubai, waterfront homes often command 30% to 50% premiums over similar inland homes. This is simply because demand far outstrips the limited supply.
” It was late 2023 that Dubai relaunched the PJA with a completely new masterplan, with the island destination being more than twice the size of Palm Jumeirah. Since then, the master-developer Nakheel has come up with regular releases of more homes on the PJA, with top-line ones currently in the market for upwards of Dh30 million. “With the final phase of ultra-luxury villas about to be introduced, this is the last opportunity to acquire six and seven-bedroom waterfront residences directly from the (master)-developer,” said Al Msaddi.
According to industry sources, private developers have been buying land for future projects. Once they launch, that too will set new pricing benchmarks on the PJA..
