Prime plot of land on Palm Jumeirah sold for AED 87 million

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60,000 sqft plot on Palm Jumeirah Pointe, opposite Atlantis bought for AED 1,450 per sq ft

Nakheel has sold a prime plot of land on Palm Jumeirah for AED 87 million, the company announced today (Tuesday, 17 April).

The 60,000 sqft plot – on Palm Jumeirah Pointe, opposite Atlantis – was bought for AED 1,450 per sq ft.

A Nakheel spokesman said: “There are clear signs of renewed investor confidence in Dubai real estate and in particular for unique products such as those offered on Palm Jumeirah. We have seen a very healthy demand in the first quarter of 2012, and this looks set to continue for the year.”

Residential plot prices in some parts of The Palm – notably Frond N – have increased by 30 per cent in the last year, said Nakheel. To date 74 (out of a total of 105) plots have been sold with a total sales value of over AED 657 million.

“Land and properties on Palm Jumeirah are in big demand thanks to its unique design, location and ever-increasing range of amenities, including new hotels and resorts, public parks, our forthcoming Pointe recreation and retail development and more facilities to be announced soon.”

Nakheel’s latest residential development on The Palm, Palma Residences, went on sale successfully on 2 April.

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