Following the success of Palm Jumeirah, the recently announced Palm Jebel Ali is expected to host several iconic and ultra-luxury hospitality and residential projects that will draw more affluent people and major international retail and hospitality companies to the emirate.
Real estate analysts and players predict that this new master complex already draws significant interest from regional and local developers. It is also anticipated to give a high return on investment (RoI), if not higher, than other premier projects in Dubai.
His Majesty, The launch of Palm Jebel Ali, which will be twice the size of Palm Jumeirah and feature beaches that extend up to 110km, over 80 hotels, and a lengthy stretch of prime waterfront development, was recently announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the United Arab Emirates and Ruler of Dubai.
A-list Bollywood and Hollywood celebrities call Palm Jumeirah their home, elevating the emirate’s real estate to the world’s ultra-luxury developments. Some renowned constructions, like Atlantis The Palm, Anantara, The Royal, Five Hotel, Zabeel Saray, Raffles, and many others, are already located there.
As a result, the Palm Jebel Ali announcement came at a perfect time, and the development will be ideally positioned to improve the performance of the residential and commercial real estate markets in the future, according to Swapnil Pillai, associate director for research at Savills Middle East.
She pointed out that beachfront properties are prized in many major cities worldwide, and Dubai is no different.
“They are attractive to a broad range of occupiers, from investors to end-users, and the pandemic has, in part, increased demand for coastal constructions. The riverfront houses some of the city’s most recognizable and sought-after real estate developments. Among other things, lifestyle pursuits centered around nautical activities fuel investments in such initiatives, according to Pillai.
The Palm Jebel Ali project, according to Phil Sheridan, CEO of Berkshire Hathaway HomeServices Gulf Properties, will enhance the emirate’s standing as one of the most significant investment locations in the fields of tourism and real estate, particularly luxury real estate, on the global competitive map.
We will see an increase in the number of visitors, tourists, and people looking to live and invest since this massive project will draw investment firms worldwide in various areas.
Large ROI
Palm Jebel Ali will provide and attract high-net-worth (HNWIs) and ultra-high-net-worth individuals (UHNWIs) with a new luxury investment avenue, on par with — and even beyond — Dubai’s extraordinarily great return on investment, according to Farhad Azizi, CEO of Azizi Developments, a significant private developer.
This new vision will significantly benefit the hospitality industry, as coastal hotels and resorts are the most popular. The tourism industry is particularly noticeable in this area, with Dubai consistently ranking as the most popular travel destination in the world and receiving a sizable flood of tourists yearly, he continued.
Director of Dubai-based Capitol Real Estate Dilip Daswani stated that the Palm Jebel Ali project demonstrates that there is still a strong demand for Dubai around the world.
“We look forward to seeing many more billionaires and millionaires coming to buy their holiday homes here and lifting the image of Dubai as a fantastic place to enjoy their lives, and seeing many more personalities rubbing shoulders with you at the malls and restaurants,” added Daswani.
The intersection of major corridors
According to Imran Farooq, CEO of Samana Developers, after the phenomenal success of Palm Jumeirah, developers from the region, particularly those from Dubai, see Palm Jebel Ali as an intriguing possibility.
Palm Jebel Ali is introducing a brand-new group and market segment of consumers. The Palm Jebel Ali is in the same commercial district as Al Maktoum International Airport and Dubai South. Road, sea, and air transportation in Dubai will all be connected by this corridor, making it the city’s largest logistics and transportation center, the official continued.
He also said that since there is little land left after the success of Palm Jumeirah, developers will have another choice for the waterfront project.
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