Homebuyers lined up from 3 a.m. on Wednesday to be among the first to buy property on Dubai’s Palm Jebel Ali, amid a demand for luxury real estate in the city.
A line of at least hundreds of people formed outside the developer Nakheel’s sales center to acquire the first residences on the man-made island, which is situated 20 kilometers south of the Palm Jumeirah.
Demand for upscale residences has increased recently, which prompted the unveiling of the waterfront villa project.
There will be coral villas and beach villas available in the development, which will be built around four island fronds.
According to real estate agents, the first homes should be delivered in 2027.
“People were queuing up from 3 am in the morning,” said Matthew Solomon, sales team manager with estate agents Haus & Haus.
“The demand for these sorts 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.”
Mr. Solomon claims that on Wednesday, villas up to 8,000 square feet in size sold for roughly Dh20 million ($5.4 million).
Additionally, plots sold for between Dh25 and Dh30 million and 12,000 square foot mansions sold for between Dh30 and Dh35 million.
He asserted that the houses will appeal to individuals looking for modern luxury.
“You see a lot of people buying those kinds 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.”
After Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced a revised master plan for the Palm Jebel Ali development in June, the project was launched earlier this week.
“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 utilizing smart city technology to streamline transportation management”.
According to the firm, the island will have more than 80 hotels and resorts in addition to a wide range of unique dining and shopping possibilities.
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