Palm Jebel Ali, Dubai’s hottest new project, sold out within hours after hundreds of prospective buyers lined up outside developer Nakheel’s sales office to snatch up the luxury real estate. Located approximately 12.5 miles south of Palm Jumeirah, the artificial island sparked major interest from those wishing to invest in luxury waterfront property.

The project will be spread out over four fronds of the palm-shaped island and consist of two types of villas: Coral Villas and Beach VIllas. The expected completion date of the first phase of this phenomenal development is 2027.

With buyers lined up since the wee hours of launch day, it is evident that luxury waterfront real estate is in high demand and will most likely continue to grow. Villas and land plots that were sold ranged in size from 8,000 to 12,000 square feet and with prices from AED 20M (USD 5.4M) to AED 35M (USD 9.5M).

Traditional-style villas are a thing of the past so Palm Jebel Ali promises the most sophisticated, contemporary and technologically-advanced properties to date, something that greatly appeals to investors and homeowners alike. Plenty of green spaces and people-oriented living, round out the attraction of these waterfront properties.