Palm Jumeirah accounts for 3.6% of Dubai real estate sales

The position of the “Palm Jumeirah” area as one of the most prominent real estate areas attracting those seeking real estate investment in the Emirate of Dubai has been strengthened, after it witnessed the third most expensive “penthouse” apartment in the world, with a value of 500 million dirhams, on November 17 of last year, and until the end of transactions in the second week of this October. (about a year).

A monitoring conducted by “Emirates Today” based on indicators of the “Dubai REST” platform, affiliated with the Dubai Land Department, showed that the “Palm Jumeirah” area recorded a record start in that period, and achieved sales amounting to 14.32 billion dirhams, representing 3.6% of the emirate’s total sales. As a whole during the current year, which has reached 401.37 billion dirhams so far. The monitoring showed that the total number of properties sold from that date until the end of the week’s trading amounted to 1,179 properties with an area of ​​238.61 thousand square meters.

According to the monitoring, the “Palm Jumeirah” area ranked fourth among the attractive areas for purchasing real estate in Dubai during that period, as the Business Bay area topped that period with a value of 21.64 billion dirhams, followed by the “Jumeirah Village Circle” area with a value of 15.53 billion dirhams, then the “Burj” area. Khalifa” with a value of 14.51 billion dirhams.

In a historic deal announced on November 17 of last year, Provident Estate concluded a deal to sell the Como Residences Penthouse apartment from Nakheel for 500 million dirhams.

The penthouse apartment, located in the heart of Palm Jumeirah, officially won the title of the most expensive penthouse ever built and sold in Dubai, according to Dubai Land Department records.

Last September, Nakheel Real Estate Company awarded the contract for the construction of the Como Residences Tower project on Palm Jumeirah, worth 1.8 billion dirhams, to Alec Engineering and Contracting Company.

The residential tower is scheduled to be completed during the second quarter of 2028. It will consist of 75 floors with a total height of more than 300 metres, and is scheduled to include 81 residential units.

It is noteworthy that “penthouse” apartments are a distinctive residential unit located on the highest floors of the building, and most often feature large outdoor spaces such as balconies or rooftops.