Hundreds of buyers scrambled to snap up luxury homes on the largest of Dubai’s palm-shaped islands where villas are going for 10 times the price of when the project was launched — but never built — two decades ago.
Brokers and investors queued in 100° Fahrenheit heat from 6 a.m. on Wednesday outside Nakheel PJSC’s sales center where the government-backed developer is selling hundreds of five-to-seven bedroom villas on the undeveloped Palm Jebel Ali — about 50 kilometers from downtown Dubai. Homes start at 18.7 million dirhams , while the cheapest plots of land are selling for about 40 million dirhams.
After making “very good money” from two villas on Palm Jumeirah, Tamer Bazzari, founder of Dubai-based investment firm Genero Capital LLC, on Wednesday bought a 7,000 square foot property for 19 million dirhams and is planning to buy a second villa. In a sales brochure at the time, Nakheel called Palm Jebel Ali the eighth wonder of the world. At roughly the size of London’s Heathrow airport, the development has 17 palm leaves and adds 110 kilometers to the emirate’s coastline. It was meant to host marinas, a theme park, beachside villas and a thousand homes on stilts that spelled out a poem by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, according to reports at the time.
“Twenty years ago those properties were priced more competitively to make up for the inconvenience of construction and the time it would take for the entire project to complete,” said Yasin Valimulla, chief executive officer at property broker The Luxury Address, who attended a teaser session for the new Palm Jebel Ali.
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