Property Agents Camped Outside Nakheel Offices Overnight On Wednesday, Eager To Secure A Property On The Highly Anticipated Island.
A Dubai-based real estate agent, Craig Brown of The Luxury Collection, achieved a remarkable sale by securing a 23,000 sq. ft. plot on frond M of the highly anticipated Palm Jebel Ali project for an astounding Dh42.5 million. The buyer, a UAE resident who is a High Net Worth Individual (HNWI), was granted exclusive pre-sales privileges, enabling them to select the most suitable plot. Brown noted that this particular plot is one of the largest on the Frond and boasts a prime location at the tip.
In the wake of the COVID-19 pandemic, property prices in the UAE have experienced a sharp ascent, drawing the attention of numerous High Net Worth Individuals (HNWIs) to the country. Earlier this year, an extraordinary transaction took place. As a 24,500 sq. ft. sandy plot on Dubai’s Jumeirah Bay Island was sold for a historic Dh125 million. That is establishing a new record as the most expensive land plot ever sold in the UAE’s history.
Highly Anticipated Project
A highly anticipated real estate project witnessed a surge in demand as property agents eagerly camped outside Nakheel offices in anticipation of securing properties on the long-awaited island. Videos shared on Khaleej Times displayed hundreds of potential buyers crowding the office. That resulting in a swift sell-out of all released villas and plots on the very first day, as confirmed by multiple agents.
This project comprised units located on four fronds—M, N, O, and P—each hosting approximately 109 to 165 villas. Real estate experts noted that villa prices on this palm-shaped, man-made island started at Dh18 million, with unit deliveries scheduled to commence in 2027.
Craig, a real estate professional, expressed an overwhelming interest in Palm Jebel Ali. Along with the top three investors actively seeking property investments in this location. Most buyers were driven by investment prospects, as the project’s construction timeline spans four years.
Spanning a vast expanse of 13.4 square kilometers, this island surpasses the size of the renowned Palm Jumeirah, featuring the longest coastline of any destination in Dubai. Upon completion, it will encompass 7 islands and 16 fronds, extending a total of 91 kilometers with three access points to the island.
First Week Back
Craig, who resided in Dubai for a year, returned to his hometown of Dublin in 2021 for a personal project. Earlier this month, he made his way back to the UAE and successfully closed a property sale within his first week back in the country.
Reflecting on his return, Craig noted the remarkable transformations in the Dubai property market during his absence. Prices have surged significantly, and new property launches have become a frequent occurrence. Craig anticipates the imminent release of Nakheel villas in the coming weeks.
He remains optimistic about the ongoing upward trajectory of property prices in the region. Craig believes that the Middle East is steadily evolving into a new European equivalent due to conflicts in various places and high taxes in Europe. This shift positions the Middle East as a secure haven for many individuals. Coupled with Dubai’s appealing lifestyle, the country continues to attract substantial investment.