A Plot of Land on Palm Jumeirah Sold for AED 190 Million

On Dubai's Palm Jumeirah, a plot of land has been sold for AED190m ($51.7m).

The prestigious plot was successfully acquired by the real estate company JLL. It is one of the biggest land sales in Dubai this year with the $51.7 million deal.

The land will house a mixed-use development with residential, retail, and F&B spaces, covering an area of 56,295 sq ft with 120,000 sq ft of built-up area.

Palm Jumeirah continues to be one of Dubai's most sought-after neighborhoods as the city's real estate market continues to flourish.

According to figures from the Dubai Land Department, it represented 7.5% of all real estate transactions in Dubai in 2023, exceeding other regions in terms of sales value.

With 210 land deals worth AED4.2 billion ($1.1 billion) completed in the first half of this year, Palm Jumeirah, one of the city's most desirable communities, continued to dominate the preferences of discerning investors and homeowners seeking prestigious locations and significant long-term returns. This represents a significant increase from the 137 deals worth AED3.4 billion ($926 million) completed in the same period last year.

Head of Residential, MEA, JLL, Will McKintosh said,  “The successful facilitation of the AED190m land acquisition on Palm Jumeirah exemplifies our commitment to shaping landmark real estate opportunities."

 “The successful facilitation of the AED190m land acquisition on Palm Jumeirah exemplifies our commitment to shaping landmark real estate opportunities.