After being dormant for over a decade, Developer Nakheel have announced that the Palm Jebel Ali mega project in Dubai is being relaunched due to the high demand for beachfront villas and apartments.
The Palm Jebel Ali is located a 15 minute drive away from the Dubai Marina.
Investors had purchased 29 properties on the partially completed artificial island before construction was put on hold in 2009 due to the global financial crash which caused property prices to fall by 60 percent.
This year, it’s a different story as Dubai is currently in the midst of a housing boom as property prices and rent charges are sky high right now. Real estate agents have reported a 300 percent rise in the value of some waterfront properties.
According to Paragon Properties founder, Dean Charter, the demand for these waterfront homes far outweighs the current stock.
In August, the Dubai Land Department stated that it was the best performing sales month in 12 years as 9,720 worth around AED 24.3 billion were recorded.
“There is such high demand for beachfront property now in Dubai” he stated.
Nakheel have recently unveiled a new campaign which is focused on enhancing waterfront living in the emirate.
Palm Jebel Ali could meet city demand
Being that the Palm Jebel Ali is one and a half time times the size of the popular Palm Jumeirah, completing construction of the mega project could meet the city’s demand as some reports claim that up to 1,700 beach villas and 6,000 apartments could become available.
“The Palm Jebel Ali master plan is being revisited. Further details will be released in due course”. says Nakheel.
The specific details of Nakheel’s plan have yet to be announced, but sources have told Arabian Business that the Palm Jebel Ali will be renamed.
In addition to the Palm Jebel Ali and the Palm Jumeirah, there was a third Palm island called the Palm Deira which was re-branded as the Deira Islands and now earlier this year, it was renamed the Dubai Islands. We’ll have to wait and see what Nakheel has in mind for the no longer dormant Jebel Ali mega project.