Latest news with #PalmJebelAli
Arabian Business
05-08-2025
- Business
- Arabian Business
Dubai AED 10mn+ off-plan sales surge 240% as renovated villas, branded residences drive luxury market
Off-plan villa sales in Dubai's AED 10 million-plus segment have surged by 240 per cent over the past two years, reflecting a profound shift in buyer appetite and investor confidence, according to new data from Savills Middle East. The number of off-plan transactions in this ultra-prime bracket rose from 952 in 2022 to 3,223 by the end of 2024. In the first half of 2025 alone, AED 10 million-plus property deals reached 3,731 — already 15 per cent higher than the full-year total for 2024. Off-plan properties now make up 69 per cent of all AED 10 million-plus transactions, a dramatic increase from just two years ago. Dubai's ultra-prime market booms 'Dubai is no longer a stopover market,' said Andrew Cummings, Head of Residential Agency at Savills Middle East. 'Buyers entering the prime space today are globally mobile, long-term focused, and looking to anchor their wealth in a city that offers both quality of life and asset strength.' Cummings added that the spike in luxury sales 'speaks to a structural shift in demand' and is 'a testament to global capital's attraction to Dubai real estate.' Key off-plan developments fueling this growth include Palm Jebel Ali, District One West, and The Acres. These mega-projects, backed by major developers and positioned in high-demand zones, are helping Dubai cement its status as a hub for premium real estate investment. Meanwhile, ready (secondary) villa transactions in the AED 10 million-plus market have remained consistent at approximately 1,500 deals per year, indicating that while resale interest remains stable, investor momentum is increasingly shifting toward new builds. Renovated communities break price ceilings The revival of older communities is also drawing attention. In Jumeirah Islands, just 8 properties exceeded AED 10 million in 2021. By 2024, that number jumped to 89. As of mid-2025, more than 90 per cent of sales in the community have been above AED 10 million — and notably, 40 per cent surpassed the AED 20 million mark. Jumeirah Islands has even eclipsed pricing benchmarks in Dubai's traditionally top-tier enclave, Emirates Hills, with a record AED 6,375 per square foot. Branded residences gain global momentum Branded residences have emerged as a major force in Dubai's high-end market, accounting for approximately 30 per cent of AED 10 million-plus apartment sales. According to Savills, Dubai now ranks as the most active branded residential market in the world. Projects like The Lana Residences, Bvlgari Residences, and One&Only One Za'abeel are commanding prices upwards of AED 10,000 per square foot and drawing interest from ultra-high-net-worth individuals seeking exclusivity and design pedigree. Savills forecasts that Dubai will represent 40 per cent of all branded residential developments in the Middle East and Africa by 2031, underlining its growing dominance in the global luxury landscape.
Arabian Business
01-07-2025
- Business
- Arabian Business
Dubai Holding signs new deal with Select Group for Palm Jebel Ali development
Dubai Holding and Select Group have entered a new agreement to develop projects at Palm Jebel Ali and Dubai Design District (d3). The deal marks Dubai Holding's first strategic land sale with a third-party developer at Palm Jebel Ali. The partnership involves Emirates Strategic Investments Company LLC (ESIC) as Select Group's joint venture partner, the Dubai Media Office said in a statement. Dubai Holding, Select Group forge strategic deal Dubai Holding operates as a diversified global investment company with investments in more than 30 countries, while Select Group functions as a multi-discipline real estate development and investment group. Select Group will develop two large-scale developments under the agreement. At Palm Jebel Ali, the company will create residential and hospitality offerings for waterfront lifestyles. The d3 project will serve as a mixed-use community that combines culture, innovation and urban living in Dubai's creative hub. Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate, said: 'Palm Jebel Ali is an iconic development poised to elevate Dubai's global reputation as a premier waterfront destination. By joining forces with Select Group, we are delivering on the leadership's vision of creating a world-class coastal destination that sets new standards in luxury residential and hospitality experiences. This partnership reaffirms our commitment to consolidating the emirate's position as a globally renowned lifestyle and investment destination.' Rahail Aslam, Chairman of Select Group, added: 'Dubai continues to cement its position as a global destination for investment, innovation, and quality living. This acquisition represents an important step in our ongoing strategy to deliver exceptional developments in key growth corridors. We are incredibly excited about what we will be bringing to market in both Palm Jebel Ali and d3 – two unique locations that align perfectly with our brand ethos of waterfront location, quality, sophistication and long-term value creation.' The deal continues Select Group's expansion into design-forward projects that target global residents and investors seeking environments beyond conventional definitions of luxury. Each development will contribute to Dubai's urban identity evolution. Select Group's portfolio includes Six Senses Residences The Palm, Dubai, Peninsula in Business Bay and Six Senses Residences Dubai Marina. The company has established its position as one of the UAE's private developers through the delivery of destinations. Palm Jebel Ali spans seven islands across 13.4 kilometres and features 16 fronds and over 90 kilometres of beachfront. The development marks the beginning of a growth corridor in the Jebel Ali area, supporting the emirate's expansion under the Dubai 2040 Urban Master Plan and the Dubai Economic Agenda D33. The development includes mixed-use pedestrian-friendly neighbourhoods with views of the Arabian Gulf. Dubai Design District (d3) operates as a global creative ecosystem and destination for design talent worldwide. The district offers views of the Dubai skyline including Burj Khalifa and reinforces Dubai's status as the first city in the Middle East to receive UNESCO Creative City of Design designation.
Zawya
01-07-2025
- Business
- Zawya
Dubai Holding enters strategic agreement with Select Group to develop landmark projects at Palm Jebel Ali, Dubai Design District
Dubai Holding and Select Group, a leading multi-discipline real estate development and investment group along with its long-standing JV partner Emirates Strategic Investments Company LLC (ESIC), have entered a strategic agreement to develop landmark projects at two of the most iconic locations in Dubai, Palm Jebel Ali and Dubai Design District (d3). The milestone agreement marks Dubai Holding's first strategic land sale with a third-party developer at Palm Jebel Ali, underscoring its commitment to unlocking long-term value across its world-class master developments. This landmark transaction reinforces a shared vision to create dynamic communities that strengthen Dubai's position as a global destination of choice. Select Group will develop and deliver two transformative large-scale developments. At Palm Jebel Ali, the Group will create upscale residential and hospitality offerings that establish new benchmarks for luxury waterfront lifestyles in this world-class destination. Meanwhile, the d3 project will serve as a vibrant mixed-use community, seamlessly blending culture, innovation and contemporary urban living in one of Dubai's most creative hubs. Commenting on the partnership, Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate, said, 'Palm Jebel Ali is an iconic development poised to elevate Dubai's global reputation as a premier waterfront destination. By joining forces with Select Group, we are delivering on the leadership's vision of creating a world-class coastal destination that sets new standards in luxury residential and hospitality experiences. This partnership reaffirms our commitment to consolidating the emirate's position as a globally renowned lifestyle and investment destination.' Rahail Aslam, Chairman of Select Group, added, 'Dubai continues to cement its position as a global destination for investment, innovation, and quality living. This acquisition represents an important step in our ongoing strategy to deliver exceptional developments in key growth corridors. We are incredibly excited about what we will be bringing to market in both Palm Jebel Ali and d3 – two unique locations that align perfectly with our brand ethos of waterfront location, quality, sophistication and long-term value creation.'
Khaleej Times
01-07-2025
- Business
- Khaleej Times
Dubai: Palm Jebel Ali to get more residential, hospitality units
Palm Jebel Ali will get upscale residential and hospitality offerings, in Dubai Holding's first land sale with a third-party developer at the iconic destination. A large-scale project will also be developed at Dubai Design District (d3), with the area serving as a vibrant mixed-use community, seamlessly blending culture, innovation and contemporary urban living. This comes as part of a strategic agreement between Dubai Holding and Select Group, along with its long-standing JV partner Emirates Strategic Investments Company LLC (ESIC). Design and planning phases for both projects are underway, with further details regarding project specifics and timelines to be announced soon. Palm Jebel Ali's seven islands span 13.4km and feature 16 fronds and over 90 kilometres of beachfront, marking the beginning of a new growth corridor in the Jebel Ali area. The landmark development is designed with several mixed-use pedestrian-friendly neighbourhoods offering panoramic views of the Arabian Gulf. d3 is a global creative ecosystem and the destination of choice for design talent from around the world. Offering stunning views of the Dubai skyline including the iconic Burj Khalifa, d3 reinforces Dubai's status as the first city in the Middle East to be designated a UNESCO Creative City of Design. Khalid Al Malik, CEO of Dubai Holding Real Estate, said: 'Palm Jebel Ali is an iconic development poised to elevate Dubai's global reputation as a premier waterfront destination. By joining forces with Select Group, we are delivering on the leadership's vision of creating a world-class coastal destination that sets new standards in luxury residential and hospitality experiences." Rahail Aslam, Chairman of Select Group, added: 'We are incredibly excited about what we will be bringing to market in both Palm Jebel Ali and d3 – two unique locations that align perfectly with our brand ethos of waterfront location, quality, sophistication and long-term value creation.' This strategic deal forms a continuation of Select Group's deliberate expansion into high-impact, design-forward projects that meet the needs of a new generation of global residents and investors seeking immersive environments that go beyond the conventional definitions of luxury. Select Group has a distinguished track record that includes The Palm, Dubai, Peninsula in Business Bay and the newly launched Six Senses Residences Dubai Marina.
Gulf Business
01-07-2025
- Business
- Gulf Business
Dubai Holding, Select Group ink development deal for Palm Jebel Ali, d3
Image: Nakheel/ For illustrative purposes Dubai Holding has entered into a strategic agreement with Select Group and its joint venture partner Emirates Strategic Investments Company (ESIC) to develop large-scale projects at Palm Jebel Ali and Dubai Design District (d3), marking a milestone in the emirate's ongoing urban expansion. The deal represents Dubai Holding's first strategic land sale at Palm Jebel Ali to a third-party developer. The agreement reflects a shared ambition to transform two of Dubai's key locations into prominent residential and mixed-use destinations, enhancing the city's global positioning as a lifestyle and investment hub. Image: Supplied Dubai Holding-Select Group partnership key to leadership's vision 'Palm Jebel Ali is an iconic development poised to elevate Dubai's global reputation as a premier waterfront destination,' said Khalid Al Malik, CEO of Dubai Holding Real Estate. 'By joining forces with Select Group, we are delivering on the leadership's vision of creating a world-class coastal destination.' Select Group chairman Rahail Aslam said the projects reflect the company's long-term strategy. 'This acquisition represents an important step in our ongoing strategy to deliver exceptional developments in key growth corridors,' he said. 'We are incredibly excited about what we will be bringing to market in both Palm Jebel Ali and d3.' The agreement aligns with Palm Jebel Ali comprises seven islands, 16 fronds, and more than 90 kilometres of waterfront, and is seen as a key growth corridor in the Jebel Ali area. Meanwhile, d3 has emerged as a global creative hub and is part of Dubai's designation as a UNESCO Creative City of Design. Design and planning for both projects are currently underway, with additional details on project scope and timelines to follow.
