Staff Writer: Khaleej Times
September 21, 2023
Dubai’s latest waterfront project, the Palm Jebel Ali, has generated quite a buzz. Hundreds of real estate agents and potential buyers queued up outside master developer Nakheel’s head office on Wednesday, with some camping overnight at the venue.
Agent Jeff from Positive Properties stood, sat and laid down on the lawn in front of the office in Sufouh from 8pm on Tuesday as he waited for 13 hours for the doors to open. His friends brought him food during the long wait. “I got in the queue with seven other friends … last night,” he said. “When the doors opened at 9am, people rushed in. Luckily for me, I was able to get a villa for my client. However, my friends were not that lucky.”
He was referring to fellow agents who camped overnight along with him but did not manage to book a unit.
Videos shared with Khaleej Times by property agents showed hundreds of real estate agents and potential buyers thronging the office on Wednesday.
Others posted on social media showed crowds inside the office. All available units were sold out within hours, according to property agents. “Only some plots were remaining by the time I left the Nakheel offices at 4pm,” said Tina Angelo from A1 Properties. “However, there was a long queue for it, so I am sure even those (would have) sold out.”
Units on four fronds of the project — M, N, O and P — were available for sale. Each frond features between 109 and 165 villas. According to real estate agents, prices of villas on the palm-shaped man-made island begin from Dh18 million, with units expected to be delivered starting 2027.
According to Tina, the highest demand was for the 7-bedroom units starting from Dh30 million. “They are great value for money,” she said. “It is a G+2 unit and a similar apartment in Palm Jumeirah will easily cost above Dh50 million.”
Extremely High Interest
It was earlier this week that Nakheel announced the launch of the first villas that are available to purchase on the Palm Jebel Ali. The villas are on four fronds and will feature floor-to-ceiling windows that offer a panoramic view of the private beaches.
Property agents say the interest in the property has been intense. “There are several reasons for it,” said Jeff. “The island is larger than Palm Jumeirah, there is a longer coastline and it will have a lot more international brands. I think the Palm Jebel Ali will increase the prices of all the property in that area including Dubai South and Jebel Ali hills. In about 7 to 8 years, the value of these villas will increase exponentially.”
Tina said it has been a long-awaited property. “The villas here are all made with a much more modern design as opposed to the traditional designs of Palm Jumeirah,” she said. “That is what people want. In fact, I have heard rumors that entire fronds have been bought out.”
Spanning a total area of 13.4sq km, the island is twice the size of the Palm Jumeirah. It boasts the longest coastline of any destination in Dubai. When completed, it will feature seven islands and 16 fronds, adding a total of 91km with three access points to the island.
According to agents, more villa units will be released in the coming weeks. “We can’t say for sure when they will be released,” said Tina. “But with such high interest, I think Nakheel will release them sooner rather than later”
It will house over 80 hotels and resorts as well as several unique retail and dining experiences.
Long queues of property buyers in Dubai were a common sight before the Covid-19 hit. With the property market bouncing back to pre-pandemic levels, the city is yet again seeing investors and buyers queuing up for a slice of the robust real estate action.