UAE - 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 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. Here is a video he took:
“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.
Nakheel announced the launch of phase 2 of the villas on its social media account but did not disclose the number of units and their prizes.
However, Sharma added that phase 2 villas were launched at Dh20 million, nearly 10 per cent higher than phase 1 villa prices.
“In the phase 1, four fronds were launched. Today, two more fronds of 400 villas were rolled out in the market,” he said.
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.
Copyright © 2022 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).