In the midst of a rush for luxury real estate in the city, homebuyers lined up from 3 a.m. on Wednesday to be among the first to purchase property on Dubai’s Palm Jebel Ali.
To purchase the first properties on the artificial island, which is located 20 kilometers south of Palm Jumeirah, a queue of at least hundreds of people formed outside the sales center of developer Nakheel.
This week has seen a spike in demand for premium properties, which led to the announcement of the waterfront villa project.
Two different types of villas will be available in the project, which will be centered around four island fronds: coral villas and beach villas.
Real estate agents estimated that the first homes would 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.”
According to Mr. Solomon, villas up to 8,000 square feet in size sold on Wednesday for about Dh20 million ($5.4 million).
Additionally, 12,000 square-foot villas sold for between Dh30 and Dh35 million, and plots sold for between Dh25 and Dh30 million.
He claimed that those seeking contemporary luxury would be drawn to the residences.
“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.”
The project, which was started earlier this week, comes after Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, unveiled a new master plan for the Palm Jebel Ali development 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 utilizing smart city technology to streamline transportation management”.
The company added that the island will feature more than 80 hotels and resorts in addition to a variety of distinctive shopping and dining options.