Nakheel launches Palm Beach Towers 3 as Dubai property sales hit 10-year high

The market continues to rebound on the back of the UAE's broader economic recovery

Nakheel's Palm Beach Towers development on Palm Jumeirah. Photo: Nakheel

Sep 30, 2022

Dubai-based master developer Nakheel has launched a selection of luxury residences at Palm Jumeirah amid soaring property sales in the emirate, which have hit a 10-year high.

The launch of Palm Beach Towers 3 follows Palm Beach Towers 1 and 2, both of which have sold out, according to Nakheel.

The latest tower has more than 300 units with one, two and three bedrooms, which come fully furnished. Residents have access to a modern gymnasium, an outdoor yoga area, private beach access, sky lounge and infinity swimming pool.

“The launch of Palm Beach Towers 3 reiterates our commitment to offer unparalleled and elevated living experiences to the residents and visitors of Dubai,” said Rasha Hasan, chief commercial officer at Nakheel.

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Dubai’s property market recorded a total of 9,720 sales transactions in August, the highest performance in the past decade, according to Dubai Land Department.

Sales transaction volume rose by 69.57 per cent year-on-year, while total value rose 63.58 per cent year on year.

The market has continued to rebound over the past year on the back of the UAE's broader economic recovery.

An interior rendering of Nakheel's Palm Beach Towers. Courtesy Nakheel

And the strong performance is expected to continue through to the end of the year, with a further boost to come from the hosting of the football World Cup in the region.

Nakheel recently announced a rebrand with a focus on “building happiness and prosperity” for its next phase of growth.

“The rebrand is a natural evolution, whereby we will focus even more on our customers, offering exceptional brand value and creating stronger, more engaging relationships by becoming partners in their experiences,” said Nakheel chief executive Naaman Atallah.

Last month, the developer unveiled a master plan for Dubai Islands, formerly known as Deira Islands.

“Dubai Islands will add to the Nakheel portfolio of residential, retail, hospitality and leisure developments, offering another destination within a destination,” Mr Atallah said.

Nakheel is also redeveloping Jebel Ali Village, where about 290 homes dating to the 1970s will be replaced with town houses and luxury villas.

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