Deira Islands
Nakheel has gone in for an extensive reworking of the 'Deira Islands' concept and come up with a strategy for 'Dubai Islands'. The move is paying off, as the first villa launches find an immediate buyer response. Image Credit: Supplied

Dubai: After Palm Jebel Ali, Nakheel is opening up another new destination for waterfront villas and mansions, this time at Dubai Islands (formerly known as ‘Deira Islands’).

And as with the Palm Jebel Ali launches to date, the response to the offplan launch of the Dubai Islands’ homes was overwhelming, according to buyers and property agents who had queued up to get first pick of the releases.

The new releases start at Dh4 million for 3- and 4-bedroom townhouses, and the priciest options – 5-bedroom waterfront villas – are at Dh13.8 million. Down payment would be 15 per cent, the estate agents confirm, with the full payment to be split 80:20, with the 20 per cent being on handover.

It was October last that Nakheel launched sales at the Palm Jebel Ali under an extensively re-done masterplan.

“With Dubai Island launches happening, Nakheel now has two of the most coveted emerging waterside locations in the city,” said an estate agent. “The pricing too is just right for this market as it stands now.”

The Palm Jebel Ali villas started at Dh18 million and with the most expensive ones to date hittin Dh55 million.

Opening a new ‘waterfront’

Dubai Islands is off the Deira coastline, and close to the city’s legacy and new anchor points such as the Deira Gold Souq and the Gold Souq Ext., the Corniche, Al Shindagha Tunnel, and more. Then there is the Waterfront Market (built as part of the Deira Enrichment Project, which is also leading the way with new residential apartment blocks for rental needs.)

As ‘Deira Islands’, extensive land reclamation, infrastructure and road access systems had been built in. The initial plan was for the master-development to feature hotels and resorts and residential buildings for rental.

The latest Nakheel launch caters to a resilient demand for high-end Dubai property

- Daria Mazolevskaya of Investment Experts

Switch to new masterplan strategy

Then, in August 2022, the developer confirmed that it would be going for a makeover of the project to suit the evolving needs of the property market. That meant an emphasis on high-end residential options along with creating lifestyle destinations for future residents there.

“With burgeoning demand for waterfront properties and for villas, Dubai master-developers have responded with gusto,” said Daria Mazolevskaya of Investment Experts. “The new Nakheel launch caters to a resilient demand for high-end Dubai property despite the external geopolitical headwinds.”

Nakheel’s stance in opening up ‘traditional’ Dubai to freehold offers new investors an opportunity to own and live there

- Eima Najmuddin of GCP Properties

Industry sources confirm that January 2024 offered more buoyant property sales, and specifically for luxury apartment/penthouse and villa/mansion launches. A slew of developers – Emaar, Meraas, Omniyat, Damac and Sobha – have added to the options in the luxury home space. Plus, of course, NAkheel with PJA and, now, Dubai Islands.

“Nakheel’s stance in opening up ‘traditional’ Dubai to freehold offers new investors an opportunity to own and live there,” said Eima Najmuddin of GCP Properties. “All this, while retaining the advantages of luxury settings mixed well with a heritage backdrop.”