Indians are in a race to buy luxury homes at 10 times the price under a revived project on Dubai’s Palm Islands, says a Bloomberg report.
In September, investors and brokers were spotted outside the sales centre of Nakheel PJSC where five-to-seven bedroom villas are being sold on the yet-undeveloped Palm Jebel Ali. Luxury homes here start at 18.7 million dirhams ($5.1 million), which is an estimated Rs 42.21 crore. The cheapest plots of land are available at about 40 million dirhams (Rs 90.30 crore approx).
The media report said that luxury real estate has revived tremendously even as Dubai became the number 1 in global rankings in the second quarter for transactions of homes valued at $10 million or above, according to real estate consultancy Knight Frank.
The report added that buyers will have to pay 20% of the villa’s value upfront and another 40% during construction. The remaining amount is to be paid when the properties are complete in 2027.
In 2003, Nakheel began selling residential properties on the Palm Jebel Ali for between 1.8 million dirhams (Rs 4.06 crore approx) and 5.6 million dirhams (Rs 12.64 crore approx). While these properties were resold many times later, not a single house was constructed.