20 September 2023, The National News
House hunters queued from 3am on Wednesday to be among the first to buy property on Dubai’s Palm Jebel Ali, amid a frenzy for luxury real estate in the city.
At least hundreds of people lined up outside developer Nakheel’s sales centre to snap up the first available properties on the man-made island, which is 20km south of Palm Jumeirah.
The waterfront villa project was revealed earlier this week amid strong demand for luxury homes.
The project, which will be centred on four fronds of the island, will offer two types of villas – coral villas and beach villas.
The first properties were expected to be handed over in 2027, real estate agents predicted.
“People were queuing up from 3am in the morning,” said Matthew Solomon, sales team manager with estate agents Haus & Haus.
“The demand for these sort of high-end properties is continuing to grow and grow.
“The fact that a launch can cause so much frenzy says that the demand is still very high.”
Wednesday’s sales included villas of up to 8,000 sq ft which were fetching around Dh20 million ($5.4 million), according to Mr Solomon.
Other sales included 12,000 sq ft villas, which were commanding fees of Dh30-35 million, and plots were going for Dh25-30 million.
He said the properties appealed to those looking for modern luxury.
“You see a lot of people buying those kind of villas on Palm Jumeirah and renovating them to be more contemporary,” said Mr Solomon.
“The master plan for Palm Jebel Ali is showing the properties there are going to be more modern, like a Beverly Hills style.
“The days when people would be happy with a traditional-style villa are gone.”
The project, which was launched earlier this week, follows the unveiling of new master plan for the Palm Jebel Ali development by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, in June.
“We are delighted to bring Palm Jebel Ali to market at this exciting time, with the island playing a transformative role in shaping the city’s future, raising the global benchmark on waterfront living,” Rasha Hasan, chief commercial officer of Nakheel, said on Monday.
Nakheel’s website stated “the island will offer enhanced waterfront living, extensive green spaces and people-oriented mobility, while utilising smart city technology to streamline transportation management”.
The firm also said the island will offer over 80 hotels and resorts as well as several unique retail and dining experiences.