Surging Demand: Dubai’s Palm Jebel Ali Development Sells Out Within Hours, Sparking Real Estate Frenzy.
Dubai’s Palm Jebel Ali, the latest waterfront project by master developer Nakheel, has caused a significant stir in the real estate market.
On a recent Wednesday, hundreds of real estate agents and potential buyers gathered outside Nakheel’s headquarters, some even camping overnight to secure their spot in line.
One dedicated agent, Jeff from Positive Properties, arrived at the venue at 8 pm on Tuesday and patiently waited for 13 hours until the doors opened. Friends brought him food during his extended wait.
Jeff successfully secured a villa for his client, but unfortunately, not all of his friends were as fortunate.
Videos and social media posts shared by property agents showed large crowds both inside and outside Nakheel’s office.
All available units were snapped up within hours, with only a few plots remaining by 4 pm, according to property agents.
The units in demand were primarily located on four fronds of the project (M, N, O, and P), each featuring between 109 and 165 villas.
Prices for these villas on the palm-shaped, man-made island started at Dh18 million, with deliveries expected to commence in 2027.
The highest demand was for 7-bedroom units starting from Dh30 million, which were considered excellent value for money compared to similar properties in Palm Jumeirah, where prices could exceed Dh50 million.
Interest in the Palm Jebel Ali project has been exceptionally high, driven by several factors. The island’s larger size compared to Palm Jumeirah, a longer coastline, and the promise of more international brands have all contributed to its appeal.
Property experts predict that the Palm Jebel Ali will not only raise property values in its vicinity but also in areas like Dubai South and Jebel Ali Hills. They anticipate significant appreciation in villa values over the next 7 to 8 years.
Tina Angelo from A1 Properties noted that the Palm Jebel Ali’s modern villa designs, in contrast to the traditional Palm Jumeirah designs, have been a major draw for buyers. There have even been rumors of entire fronds being bought out.
The Palm Jebel Ali, spanning a total area of 13.4 square kilometers (twice the size of Palm Jumeirah), boasts the longest coastline in Dubai. When fully completed, it will consist of seven islands and 16 fronds, offering a total of 91 kilometers of coastline with three access points to the island.
According to property agents, more villa units are expected to be released in the coming weeks due to the overwhelming interest. While the exact release date remains uncertain, the strong demand suggests that Nakheel will likely release them sooner rather than later.
The Palm Jebel Ali project also promises to host over 80 hotels and resorts, along with unique retail and dining experiences. As the property market in Dubai regains its pre-pandemic vigor, long queues of eager investors and buyers are once again becoming a common sight.