There seems to be a frenzy for luxury real estate in Dubai and this was evident from the fact that house hunters queued on Wednesday from 3 a.m. for buying property on Palm Jebel Ali as soon as possible.
Located at a distance of 20 kilometers in the south of Palm Jumeirah, people were eager to snap up the first properties available on the man-made island.
Hundreds of people were waiting outside the sales center of developer Nakheel. Earlier this week, the waterfront villa project had been unveiled amidst a high demand for luxury homes in the emirate.
Focusing on four fronts of the island, the project is offering two types of villas, which are beach villas and coral villas.
According to real estate agents, they expect the first properties to be handed over to the owners in 2027.
Sales team manager with Haus&Haus, Matthew Solomon said that people had started queuing up from 3 a.m.
He went on to say that there was growing demand for such high-end properties. He said that the frenzy was proof that there was high demand for luxury real estate.
Mr. Solomon also disclosed that the sales that took place on Wednesday also included villas of about 8,000 square feet, which had a value of Dh20 million, or $5.4 million.
There were 12-square foot villas also included in the sales, which had a fees of somewhere between Dh30 million and Dh35 million.
Meanwhile, the plots were sold for Dh25 million to Dh30 million. He stated that people looking for modern luxury were scooping up the properties.
Mr. Solomon said that a lot of people purchase villas on Palm Jumeirah and then renovate them to give them a contemporary touch.
As for the properties of Palm Jebel Ali, the master plan shows that they will have a more modern touch, similar to the style of Beverly Hills.
He said that people no longer want traditional style villas these days.
Launched last week, the launch comes after Ruler and Vice President of Dubai, Sheikh Mohammed Bin Rashid had unveiled a new master plan for the development of Palm Jebel Ali in June.
On Monday, Nakheel’schief commercial officer, Rasha Hasan, said that they were excited to bring the Palm Jebel Ali and the island would play a transformative role in shaping the future of Dubai, establishing a new benchmark in terms of waterfront living globally.
According to Nakheel’s website, the properties on the island will provide people-oriented mobility, extensive green spaces and enhanced waterfront living.
Moreover, it will also streamline the process of transport management with the use of smart city technology.
The company also added that there would be more than 80 resorts and hotels on the island and they would also add some unique dining and retail experiences.