Dubai: The announcement of the leading construction company ‘Nakheel’ has awakened the property market in the emirate, which is coming back strongly after Covid. Nakheel, who is at the helm of ‘Palm Jumeirah’ among others, revealed the huge ‘Dubai Islands’ project which consists of five islands the other day. The project which was earlier known as ‘Dera Islands’ has been presented with specifications. The project area is 17 square kilometers and is being implemented in conjunction with the Dubai 2040 Urban Master Plan.
The project is being implemented considering the high demand for buildings in coastal areas. 20 km part of the project area will be the beach. Nakheel Chief Executive Naaman Atallah said the project is an integral part of Dubai’s future. The project consists of residences, retail business systems, hotel hospitality establishments and entertainment industry ventures. Nakheel plans to build each island with its own characteristics. These will have a total of more than 80 resorts and hotels. Nakheel’s biggest project announcement after 2019-20 has also come out.
Nakheel’s announcement is being evaluated with anticipation as more investors arrive in Dubai. Dubai’s property market recorded its biggest growth in 12 years last June. The demand for waterfront properties is increasing every month. Villa prices in Palm Jumeirah have increased by 51 per cent in 12 months. Nakheel announced the redevelopment of Jebel Ali Village earlier this year.