In Dubai, buyers eagerly lined up overnight outside a developer’s office, hoping to secure luxurious waterfront residences, underscoring the intense real estate activity in one of the world’s hottest markets.
Nakheel, backed by the government, swiftly sold out all available homes in the initial phases of its Bay Villas development, priced from $1.2 million each. Situated on Dubai Islands, the project comprises over 500 residences, with top-tier properties exceeding $4 million.
Driven partly by a global population surge, Dubai has witnessed a surge in real estate demand, rebounding from a prolonged downturn. Despite mortgage rates hitting two-decade highs, prices are nearing record levels.
This resilience is evident in recent launches, some of which have sold out rapidly. Last year, Nakheel’s project featuring $5 million homes saw buyers enduring scorching 38-degree heat.
The surge in demand signals Nakheel’s recovery from the 2009 real estate collapse, which nearly crippled Dubai. Since then, the company has streamlined operations and cut costs.
The lengthy queues outside Nakheel’s sales office prompted police intervention, with patrol cars stationed nearby. Only brokers with tokens were allowed entry the next morning.