Megaproject halted in 2009 set for relaunch as value of beachfront properties rise 300 per cent in two years
The relaunch of the Palm Jebel Ali megaproject could further turbocharge Dubai’s housing market as real estate agents report a 300 per cent rise in the value of some waterside properties.
Dean Charter, the founder of Paragon Properties, said demand for beachfront homes far outweighs current stock, which has led to a huge spike in prices.
“There is such high demand for beachfront property now in Dubai,” he said.
“People want prime location, with water-facing properties which carry a huge increase in price.
“In the last two years, homes in Palm Jumeirah and Jumeirah Bay Island have increased by around 300 per cent in price.
“Some places on the water have doubled in price, others have tripled.”