One of Dubai’s most desirable residential neighborhoods is undergoing a historic phase of development that is drawing investors with an incredible AED7 billion ($1.9 billion) collection of ultra-luxury villas and mansions, according to real estate experts.
This new community, which is developing in the Al Wasl District and is becoming known as the “Downtown Villas of Dubai,” provides end users and investors with the unique opportunity to purchase opulent freehold homes right in the center of the city.
The AED 1 billion Nordic by fäm development, a luxurious collection of 17 villas and mansions close to Dubai’s Central Business District and prestigious lifestyle landmarks, is the development’s center piece.
“The supply of freehold villas with immediate proximity to downtown, the CBD and Jumeirah Beach is essentially exclusive to the Al Wasl district,” said Firas Al Msaddi, CEO of fäm Properties
“While Dubai boasts over 10,000 waterfront luxury villas, there are only 140 new luxury villas available in Al Wasl, offering unmatched accessibility to the heart of the city within minutes. Nowhere else in the area currently allows foreign ownership of villas.
“The new phase of development has already attracted significant investment interest, particularly from wealthy Dubai expatriates who know the value of owning land, or a standalone villa, in one of the city’s prime locations.”
The contemporary luxury villas and mansions in the new Wasl District properties showcase elegant yet understated designs. Depending on the built-up area, design, finishes, and size of the plot, prices can range from AED 40 million to AED 150 million.
With fully furnished mansions and villas that evoke a Scandinavian spirit, Nordic by fäm is a prime example of minimalist design, with prices averaging AED 76 million. The price of the most recent villa sale was AED 61.5 million.
With a built-up area of 20,000 square feet, villas priced at an average of AED 75 million offer great value. This is twice the area of the most recent 8,000-square-foot penthouses in City Walk, which sold for AED 35 million.
These villas are an even more alluring investment because, in contrast to penthouse purchasers, villa owners also become the owners of the land.
“Villas boast private cinemas, spas, gyms, and indoor and outdoor gardens for optimal entertainment and relaxation. High-end finishes include frameless motorized sliding doors, expansive glass panels, and soaring ceilings,” said Al Msaddi.
Each villa or mansion can have bespoke design options by Nordic by fam, he continued. There are options for move-in ready, fully furnished homes or villas that are still under construction, with flexible payment plans.
