Nakheel, the developer behind The Palm Jumeirah, unveiled a master plan for Dubai Islands as the emirate’s property market continues to recover amid a strong economic rebound from the coronavirus-induced slowdown.
The project, formerly known as Deira Islands, is aligned with the Dubai 2040 Urban Master Plan, the company said on Monday.
Nakheel chief executive Naaman Atallah said the project was an integral part of the “future vision for the emirate”.
“Dubai Islands will add to the Nakheel portfolio of residential, retail, hospitality and leisure developments, offering another destination within a destination,” he said.
The development has urban infrastructure and amenities, he said.
Dubai's property market has continued to rebound over the past year on the back of the UAE's broader economic recovery.
The emirate's property sales in July hit their highest level in the past 12 years, according to Property Finder data.
The market recorded 7,092 sales transactions at an overall value of Dh21 billion ($5.7bn) in July, an 88.4 per cent year-on-year surge.
The prime market has been particularly strong, with demand intensifying, according to a report by property consultancy Knight Frank.
Demand for waterfront properties is growing, with a sharp rise in the number of buyers recorded this year.
On The Palm, villa prices have increased by 51 per cent over the past 12 months and by 68 per cent since the start of the pandemic, Knight Frank data shows.
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UAE megaprojects 2022: 30 new developments in Dubai, Abu Dhabi and Northern Emirates
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The Atlantis The Royal hotel in Dubai. It is set to open in March 2023. Getty Images -
The Mohammed bin Rashid Al Maktoum Solar Park Phase 5 in Dubai. Pawan Singh / The National -
The Dubai Urban Tech District is slated to create 4,000 jobs. Photo: URB -
Nakheel, the Dubai-based master developer, has unveiled a new vision for Dubai Islands. Photo Nakheel -
Uptown Tower is a new skyscraper set to open in Dubai later this year. Victor Besa / The National -
Al Quoz Creative Zone meeting to approve the master plan. The zone is to expand on a large scale. -
The AlJurf project on the coast between Abu Dhabi and Dubai. Courtesy IMKAN -
First look at the Mohammed Bin Rashed Library in Al Jaddaf, Dubai. Chris Whiteoak / The National -
The Natural History Museum Abu Dhabi's design alludes to natural rock formations, reflecting on the its mission of engaging the public with the natural world. Photo: DCT – Abu Dhabi -
The Louvre Abu Dhabi Residences by Aldar will come with spectacular views. Photo: Aldar -
Reem Hills on Reem Island. Courtesy Q Properties -
Masaar is a 19 million square foot project in Sharjah that will include 4,000 villas and townhouses in total. Courtesy Arada -
Aldar's Saadiyat Island mixed-use development. Credit: Aldar Properties -
Al Hamra, the leading lifestyle developer and investment company in Ras Al Khaimah, has announced the launch of an exclusive freehold luxury villa project – the Falcon Island - within the award-winning Al Hamra Village residential community. Photo: Al Hamra -
Museum of The Future lights up in Dubai. Antonie Robertson / The National -
Blizzard’s Bazaar, Snowflake Garden and Flurries’ Mountain are just some of the unique attractions that will welcome visitors at Snow Abu Dhabi at Reem Mall. Wam -
The steel structure that is Al Wasl Plaza - the heart of the Expo site. Courtesy: Expo 2020 Dubai -
Groundbreaking of Meydan One Mall took place in 2017. Courtesy The Meydan Group -
A dining area at Al Qana in Abu Dhabi. The waterfront destination is was about 90 per cent complete during the early months of 2021. Courtesy: Al Barakah International Investment -
The Rixos Marina Abu Dhabi dominates the skyline out towards Marina Mall. Victor Besa / The National -
Jubail Island will eventually house 5,000 residents. -
SeaWorld AbuDhabi will include six distinct realms which tell a unified and immersive “One Ocean” story and one of the world’s largest and most progressive indoor aquariums. Courtesy Abu Dhabi Government Media Office -
Both towers of One Zaabeel in Dubai have been topped out. -
The first new hotel to have opened on Yas Island in 12 years, the Hilton Abu Dhabi Yas Island is located on Yas Bay, beside the Etihad Arena. Courtesy Hilton -
Hatta is being transformed into an attractive local and international destination for business, investment and tourism. Photo: WAM -
Ciel wil be open by 2023 and is set to be the world's tallest hotel. Courtesy The First Group -
Dubai CommerCity's first phase has been launched. Reem Mohammed / The National -
Foundation work and tunnelling is being completed at the Abu Mureikha site in Abu Dhabi of the country's first traditional Hindu stone temple. Courtesy: BAPS Hindu Mandir -
An artist's illustration of the Abrahamic Family House to be built on Saadiyat Island in Abu Dhabi. Courtesy Edelman -
The Ruler of Sharjah, Sheikh Dr Sultan bin Muhammad Al Qasimi, opened Khor Kalba Fort and also viewed plans for a new museum. Wam -
Progress at the Dibba Fujairah Sports Club Stadium project in Al Ras, Dibba Fujairah. -
Railroad laying works for the second phase of the Etihad Rail project. Wam -
The Guggenheim Abu Dhabi is on track to be completed in 2025. Photo: Guggenheim Abu Dhabi
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The strong demand for the city’s most desirable districts, combined with restricted supply, has helped to drive record price growth.
During the first six months of 2022, Knight Frank recorded 82 ultra-prime deals — homes priced at more than $10m. This compares with 93 ultra-prime deals in 2021.
The emirate this year also set a record for the most expensive home in the city at Dh280 million. The record is expected to be broken again before the end of 2022, brokers told The National.
Steps to improve the ease of doing business in Dubai — allowing it to attract foreign investors and wealthy people — and the success of the emirate's golden visa programme also bode well for big developments such as Dubai Islands.
Dubai's economy, which made a strong rebound from the coronavirus-induced slowdown last year, has carried the growth momentum into this year, supported by the resurgent real estate and tourism sectors.
The emirate’s economy grew by 6.2 per cent in 2021, according to preliminary data from the Dubai Statistics Centre.
In the first three months of this year, Dubai’s gross domestic product expanded 5.9 per cent, according to government data.
A sharp rise in the number of tourists has also supported the non-oil economic growth of the emirate.
Dubai hosted 7.12 million international visitors in the first half of 2022, about three times the 2.52 million tourists recorded in the same period last year, the emirate’s Department of Economy and Tourism said earlier this month.
Nakheel announced the redevelopment of Jebel Ali Village earlier this year and unveiled plans to build villas and town houses in the famous community.
It is not only developer encouraged by the strong economic rebound to revive expansion plans, acquire portfolios and launch projects.
Earlier this month, Damac Properties announced a range of penthouses and luxury units at three of its most upscale developments in Dubai.
Emaar, Dubai’s biggest developer by market capitalisation, said on August 11 that it was fully acquiring Dubai Creek Harbour from Dubai Holding in a Dh7.5bn cash-and-share deal that would make Dubai Holding the second largest shareholder in Emaar.
Nakheel, which has an extensive residential and commercial properties portfolio, said the Dubai Island project was designed to enhance the well-being and lifestyle of residents and visitors.
The development, comprising five islands spread over an area of 17 square kilometres, reinforces the emirate’s position as a “global destination of choice for residents, visitors and investors”.
Each island will have its own unique offerings, with cultural centres, recreational beaches and beach clubs.
The islands will be home to more than 80 resorts and hotels, including luxury and wellness resorts, and will support Dubai’s ambition to boost its tourism and hospitality sector by increasing the number of hotel rooms.
The project has more than 20km of beaches, about two square km of parks, as well as open spaces and premium golf courses overlooking the Arabian Gulf.
Located along Dubai’s northern coastline, Dubai Islands are a short distance from the Dubai International Airport, Dubai Creek, Jumeirah and Downtown Dubai.
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APARTMENT PRICES: Jumeirah: Dh2,082 per square foot — up 0.1 per cent in July, up 1.8 per cent in June, up 3.6 per cent in May, up 3.5 per cent in April. The National -
Downtown Dubai: Dh2,071 - up 1 per cent in July, up 0.3 per cent in June, up 0.5 per cent in May, up 0.7 per cent in April. Reuters -
The Palm Jumeirah: Dh1,943 per square foot — up 1.5 per cent in July, down 4.2 per cent in June, up 4.2 per cent in May, up 4 per cent in April. Antonie Robertson / The National -
DIFC: Dh1,684 per square foot — up 0.3 per cent in July, down 0.5 per cent in June, up 2.5 per cent in May, up 1.2 per cent in April. Jeff Topping / The National -
Mohammed bin Rashid City: Dh1,551 per square foot — up 1.3 per cent in July, up 1.9 per cent in June, up 2.3 per cent in May, down 0.2 per cent in April. Satish Kumar / The National -
Dubai Hills: Dh1,537 per square foot — up 1.7 per cent in July, up 1.6 per cent, up 2.7 per cent in May, up 0.3 per cent in April. Photo: Emaar Malls Management -
Business Bay: Dh1,469 per square foot — down 1.4 per cent in July, down 2.2 per cent in June, up 1.3 per cent in May, up 1.7 per cent in April. Sarah Dea / The National -
Jumeirah Beach Residence: Dh1,400 per square foot — down 0.8 per cent in July, down 2.8 per cent in June, down 1.0 per cent in May, down 2.2 per cent in April. Photo: LuxuryProperty.com -
Dubai Marina: Dh1,418 per square foot — up 2.3 per cent in July, up 1.8 per cent in June, down 0.3 per cent in May, down 0.7 per cent in April. Victor Besa / The National -
The Greens and The Views: Dh1,107 per square foot — up 2.4 per cent in July, up 1.2 per cent in June, down 2.5 per cent in May, down 0.6 per cent in April. Sarah Dea / The National -
Jumeirah Lakes Towers: Dh1,022 per square foot — up 1.7 per cent, down 0.9 per cent in June, up 3.1 per cent in May, down 1.1 per cent in April. Antonie Robertson / The National -
Damac Hills: Dh1,023 per square foot — up 2.1 per cent, up 0.4 per cent in June, up 2.1 per cent in May, down 0.7 per cent in April. Pawan Singh / The National -
Jumeirah Village Circle: Dh916 per square foot — up 0.5 per cent in July, up 1.2 per cent in June, up 0.4 per cent in May, up 0.1 per cent in April. Razan Alzayani / The National -
Town Square: Dh853 per square foot — up 0.9 per cent in July, down 1.9 per cent in June, up 0.4 per cent in May, down 1.9 per cent in April. -
Motor City: Dh641 per square foot — down 1.8 per cent in July, down 2.5 per cent in June, up 0.8 per cent in May, down 0.7 per cent in April. -
Dubai Silicon Oasis: Dh612 per square foot — up 1.8 per cent in July, up 3.6 per cent in June, down 2.9 per cent in May, down 0.7 per cent in April. Chris Whiteoak / The National -
Dubai Sports City: Dh609 per square foot — up 0.5 per cent, up 3.0 per cent in June, down 3.9 per cent in May, down 1.1 per cent in April. Reem Mohammed / The National -
Discovery Gardens: Dh511 per square foot — down 0.8 per cent in July, down 1.8 per cent in June, up 0.3 per cent in May, down 2.2 per cent in April. Pawan Singh / The National -
International City: Dh450 per square foot — up 2 per cent in July, up 0.9 per cent in June, down 0.5 per cent in May, down 0.6 per cent in April. Antonie Robertson / The National
