The Palm has long-been a haven for attracting investors and this hasn't changed even with growth slowing down across the city.
Muraba Properties, which is developing a decidedly premium apartment block there, has confirmed that more than 25% of the 46 units have been snapped up since they were offered in January. The UAE and Gulf investors represent the majority in these transactions, and there have been buyers from the UK and Russia, in spite of the rouble wobble. The units are going for AED2,700 a square foot and over.
“You certainly don’t see the wealthy not buying new cars, watches or taking a vacation,” said Ebrahim Al Ghurair, founder of Muraba Properties, for whom this is his first real estate venture in an individual capacity. “There’s this same attitude when it comes to buying property on the Palm. With this project, we only want to target the end user and not a speculator who might want to use the asset as a hedge.”
The master-developer Nakheel has been keeping the Palm pipeline busy with its own projects, including those launched at Cityscape last September. There have also been those from Omniyat and other private developers. A few more could be on the way at, for instance, the seven plots adjacent to where Muraba is building its project.