Nakheel, the developer behind iconic The Palm Jumeirah, has unveiled a new vision for Dubai Islands which will redefine the concept of waterfront living as the demand for luxury properties surged this year following a strong economic recovery.
Comprised of five islands with a total area of 17 square kilometres, Dubai Islands have been designed to enhance the well-being and lifestyles of residents and visitors, the Dubai-based world-leading master developer said in a statement on Monday.
Dubai Islands, formerly known as Deira Islands, will reinforce the emirate’s position as a global destination of choice for residents, visitors and investors. The project is aligned with Dubai 2040 Urban Master Plan.
Each island will have its own unique offerings, with innovative living experiences, cultural hubs, recreational sport beaches and beach clubs, all in one interconnected location within easy access of the city and airport.
“The islands will be home to over 80 resorts and hotels, including luxury and wellness resorts, boutique, family and eco-conscious hotels, supporting Dubai’s ambition to boost the tourism and hospitality sector by increasing the number of hotel keys,” according to Nakheel statement.
Analysts and property experts said Dubai's property market in general and luxury segment in particular staged a strong rebound over the past year on the back of the broader recovery on economic front.
“Dubai’s gross domestic product (GDP) expanded 5.9 per cent during the first three months of this year after recording a strong growth of 6.2 per cent in 2021,” according to government data.
Naaman Atallah, chief executive officer at Nakheel, said Dubai Islands are an integral part of the future vision for the emirate, focusing on enhancing the health, happiness and wellbeing of residents and visitors, as well as providing the highest standards and variety of urban infrastructure and facilities.
“Dubai Islands will add to the Nakheel portfolio of residential, retail, hospitality and leisure developments, offering another destination within a destination,” he said.
Global real estate consultancy Knight Frank said the strong demand for the city’s most desirable neighbourhoods, combined with restricted supply is helping to drive record price growth. It expects that $10 million home sales continue to intensify, with a new record likely in 2022.
Faisal Durrani, partner and head of Middle East Research at Knight Frank, said the severity of the shortage of new supply, combined with insatiable international demand has driven prime residential prices up by an extraordinary 70.3 per cent in the last 12 months.
“On the Palm Jumeirah, villa prices have grown by 51 per cent in the last 12 months and by 68 per cent since the onset of the pandemic, highlighting the extreme depth of demand for the city’s premiere homes,” Durrani said.
With over 20 kilometres of beaches, including a Blue Flag certified beach, approximately two square kilometres of parks and open spaces and premium golf courses overlooking the Arabian Gulf, Dubai Islands will increase the length of beaches and areas dedicated to public parks, Nakheel statement said.
“A well-connected network of marinas promenades and pathways for water and road transportation, walking and biking support the Dubai 2040 Urban Master Plan in developing vibrant and healthy communities,” it added.
Dubai Islands are located along Dubai’s northern coastline and are easily accessible by land and sea through road bridges and water transport. The islands are within a short distance from the Dubai International Airport, Dubai Creek, Jumeirah and Downtown Dubai.
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