According to analysts, approximately 700 villas released last year as part of Dubai’s Palm Jebel Ali master development have sold out, indicating high buyer demand.

The estimations were generated after Nakheel, a developer, granted a contract worth Dh810 million ($220 million) on Monday to finish marine works. The primary route linking the man-made island to Sheikh Zayed route, the city’s principal freeway, is also under construction.

“The project, which is said to be roughly three times the size of the Palm Jumeirah and consists of 16 fronds and multiple other islands, has seen strong demand from a diverse group of wealthy European and Asian investors,” said Matthew Green, head of research Mena at Global Commercial Real Estate Services. 

Each home is priced between Dh20 million and Dh50 million ($5.4 million to $13.6 million), he noted.
The development came after Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, unveiled the new master plan for the project, which will eventually span 13.4km and include 16 fronds and 91 kilometers of beachfront, aligning with the Dubai 2040 Urban Master Plan’s goal of increasing public beach access.

“Buyers have been snapping up homes from the early Coral and Beach launches, which offer a mix of high-end and luxury frond units with differing architectural styles,” Mr. Green reported.

According to Jason Hayes, chairman of Luxury Property.com, a Dubai-based brokerage firm, there is “keen interest in this Jebel Ali Development and indeed other projects in Dubai, and this interest stems somewhat from the fact that on a per sq ft basis Dubai, remain the most attractive investment destination of any metropolitan city,”

Buyers from the United Kingdom, France, Germany, India, China, Pakistan, Saudi Arabia, and Kuwait have all invested in the project’s property, he claimed. He stated that detailed buyer information would most likely have to come from the developer or the Dubai Land Department.