Nakheel, the developer behind The Palm Jumeirah in Dubai, has launched the first waterfront villa project on the Palm Jebel Ali, amid strong demand for luxury homes in the emirate.
The project, which will be centred on four fronds of the island, will offer two types of villas – coral villas and beach villas – each of will be available for sale in eight styles, the company said on Monday.
The villas “draw inspiration from the beauty of nature” and will feature floor-to-ceiling windows with view of the private beaches, it said.
The development will offer residents an “active lifestyle with wide walkable streets, allowing for pedestrians and cyclists to access the beach through pocketed parks”.
It did not provide a timeline for the project or pricing details.
The launch of the project follows the unveiling of new master plan for the Palm Jebel Ali development by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, in June.
“We are delighted to bring Palm Jebel Ali to market at this exciting time, with the island playing a transformative role in shaping the city’s future, raising the global benchmark on waterfront living,” Rasha Hasan, chief commercial officer of Nakheel, said.
The villa project involves several international and regional architectural firms, Nakheel said.
Dubai's property market has bounced back strongly from the coronavirus-induced slowdown, helped by government initiatives such as residency permits for retired and remote workers.
Dubai's luxury residential market is expected to record the highest growth rate for any prime market globally, at 13.5 per cent in 2023, driven by a demand-supply imbalance and positive economic growth, Knight Frank said in a report in May.
The emirate's luxury home sales hit Dh6 billion ($1.63 billion) in the first quarter of 2023, with wealthy buyers snapping up 88 units valued at more than $10 million, it said.
When completed, Palm Jebel Ali will be twice as big as Palm Jumeirah and will feature seven islands and 16 fronds adding about 110km to Dubai’s coastline.
It is expected to provide 35,000 families with beachside residences, green spaces and other amenities, as well as 80 hotels and resorts.
The project also marks the beginning of a new growth corridor in the Jebel Ali area, underlining the expansion of the emirate, in line with the Dubai 2040 Urban Master Plan and the Dubai Economic Agenda D33, Nakheel said.
