Dubai is seeing a boom in offplan real estate debuts, but there are also “islands.”
“Damac Islands,” a project in the works, is situated in Dubailand and is only 15 to 20 minutes away from clusters like Sports City and Dubai Investments Park.
Damac, the developer, has now set the starting price for townhouses with four bedrooms and 2,208 square feet of built-up area at Dh2.25 million. The homes, which are 4,440 square feet in size and include six bedrooms, cost Dh6.3 million.
What the launch does, say property industry sources, is open up ‘island living’ pricing options in Dubai. “Investors looking to Dubai will see anything from over Dh2 million (on Damac Islands) to the Dh19 million plus homes on Palm Jebel Ali,” said an estate agent. “All these waterfront-based offplan options coming together have opened up new possibilities for investors in Dubai. Where earlier they could only look at super-premiums that similar homes command on Palm Jumeirah or Jumeira Bay.”
Additionally, Nakheel offers “Dubai Islands,” while Majid Al Futtaim’s Tilal Al Ghaf will feature two “island” hubs. (In actuality, prices for some of the island residences at Tilal Al Ghaf have been breaking records.)
Sobha just started selling villas at “Siniya Island” in Umm Al Quwain, with prices starting at Dh10.5 million and apartments at Dh1.18 million. With the Wynn hotel and other highly awaited developments in the United Arab Emirates currently taking place in the Al Marjan, Ras Al Khaimah is experiencing its own island moment.
There are many more options for new residences and islands if you visit Abu Dhabi. During its most recent Q3-24 financial results meeting, Aldar stated that plans were underway to establish two new islands off the coasts of Yas and Saadiyat. Additionally, Al Fahid Island will offer more ultra-luxurious housing options, while new developments at the ongoing Saadiyat Island master-development will continue to attract new investors for Aldar.
It is evident that the UAE real estate market is experiencing a full-scale “island” resurgence.
“This project embodies our vision of creating spaces where residents can find both escape and connection—an oasis that feels exclusive and warm,” said Hussain Sajwani, founder and Chairman of Damac Properties at the new islands launch.
High-profile celebrities including Bollywood’s Amitabh Bachchan and Ranveer Singh, boxing champion Amir Khan, and Lebanese actor Nadine Njeim were invited by Damac to emphasize that point.
One of Damac’s first off-plan initiatives since the Covid phase in 2020 was the Lagoons project, which was introduced in 2021. At a time when the Dubai real estate boom was ready to pick up steam again, it ended up being one of the developer’s biggest hits.
“When you are creating a lagoon themed development, you can then aspire for an ‘island’ project,” said a real estate consultant. “That’s what’s happening with Damac Islands. There continues to be demand for waterfront living options in Dubai – it’s a demand far from drying up.”