Watch: Over 500 property brokers queue up overnight in Dubai to buy Palm Jebel Ali villas

Nakheel Properties launched the second phase of Palm Jebel Ali villas on Wednesday, which again saw a massive demand from real estate brokers and investors, with hundreds of people turning up a night before the launch.

Dubai’s master developer said on its social media account on Tuesday that it would release “a limited collection of Phase 2 villas” on the upcoming Palm Jebel Ali on Wednesday.

The first phase of the villas was rolled out a week ago, which saw hundreds of real estate brokers crowding the developer’s sales office ahead of its launch. The properties were sold out within a few hours of the launch, and soon, they were trading in the secondary market at a much higher premium.

Priced at Dh18 million, investors and real estate brokers were attracted by villa prices of phase one, which is much cheaper than the current prices of the same properties at Palm Jumeirah.

Scenes were quite similar at the launch of phase 2 on Tuesday evening and Wednesday morning as property investors and agents camped outside the developer’s sales office to grab the deals in the early morning.

Videos shared on social media showed long queues of investors and real estate brokers in Nakheel’s sales office in Al Sufouh to buy the prized assets.

Avinash Sharma, a real estate broker, said people started arriving at Nakheel’s Sales Centre on Tuesday afternoon not to miss the deal.

“Investors and brokers started arriving at 7.30 pm on Tuesday with more than 500 people standing in the queue by around 9 pm,” said Sharma. Here is a video he took:

Villa prices

Farooq Syed, CEO of Springfield Properties in Dubai, said Nakheel launched K and L fronds with prices for 5-6 bedrooms between Dh18.5 million to Dh23 million while 7-bedroom villas were sold between Dh30 million to Dh40 million.

Another leading brokerage firm also confirmed that 7-bedroom villas were sold for Dh40 million for the second phase villas. In total, 294 units were put on sale on K and L fronds.

Penthouse.ae, a luxury division of Metropolitan Premium Properties, said they sold three villas for Dh120 million of the phase two project.

Farooq Syed added that plots were sold between Dh39 million to Dh62 million.

Based on the demand Palm Jebel Ali villas are witnessing, it is expected that the entire phase 2 inventory will be sold in the first couple of hours.

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