Passo is the scarcity end of Beyond's book. The west crescent has very few undeveloped plots left, and a site with sea on both sides and its own 250m beachfront cannot be reproduced on the Palm at any price. That is the whole case, and it is a land argument rather than a building one.

Pricing reflects it. RCA works to a band of AED 4,500 to 6,000 per sq ft here, against a benchmark of about AED 3,400 on Beyond's Maritime City stock. You are paying roughly a third to three quarters more per foot for the address, and the resale market on the Palm is the deepest in Dubai for exactly that reason.

Within the scheme, the rare stock is genuinely rare: three penthouses and three beach mansions against 268 apartments in Bella. Where a collection is that small, the unit decides the return, not the project. Anything else is an apartment in a well-located tower and should be underwritten as one.

The honest position. Handover runs to Q4 2029, which is a long hold, and Beyond has completed nothing anywhere, so the covenant being underwritten is Omniyat's record rather than Beyond's. The Palm's strength is that it has repriced through every Dubai cycle since 2009; the risk is that you are buying at the top of the most watched market in the emirate.