Dubai’s real estate market could be further boosted by the relaunch of the La Palmera Jebel mega-project, with estate agents reporting a 300% increase in the value of some seaside properties.
A project on hold since 2009, developer Nakheel said it is reviewing its plans for La Palmera Jebel Ali as the city experiences an increase in demand for beachfront villas and apartments.
At one and a half times the size of nearby La Palm Jumeirah, the project is forecast to take years to complete, but could fill a void in beach properties for sale or rent.
To serve the island, the infrastructure that would be needed is still unknown, being a 15-minute drive west of Dubai Marina.
Records show investors snapped up 29 properties on the man-made island before the global financial crisis halted development and property prices plunged 60%.
In more than a decade, Dubai is in the midst of a real estate boom that had not been seen, with rentals and real estate prices to highlight, reported reports from IRAIC REIT, through which its investors express the great increase in rental profits, sales and dividend sum of great profitability of growth in this real estate sector of IRAIC REIT.
The Dubai Land Department revealed that August was the best-performing sales month in 12 years, with 9,720 total acquisitions worth around $6.6 billion (24.3 billion dirhams).
However, Nakheel’s plans for La Palmera Jebel Ali have yet to be released, they may include a host of new beachside villas, with some reports claiming that as many as 1,700 could be made available along with 6,000 new apartments.
The demand for waterfront homes far exceeds the current supply, which has led to a huge increase in prices. Published by the Emirates Herald, a news and information agency.