Dubai’s Property Boom has taken Center Stage, with buyers Lined up to Purchase Multi-million Dollar Homes.

Dubai’s Property Boom has taken Center Stage, with buyers Lined up to Purchase Multi-million Dollar Homes.

Hundreds of buyers gather overnight for the chance to buy a luxury waterfront home in one of the world’s most lucrative property markets.

Government-backed Nakheel PJSC has sold all available homes in the first two phases of its Bay Villas development in just a few hours. The project on Dubai Island includes approximately 500 homes, with prices starting at $1.2 million each. The most expensive homes cost up to $4 million.

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Demand for property in Dubai has increased in recent years due to an influx of individuals from around the world. That has helped the city bounce back from years of decline, with prices near records even as mortgage rates are at their highest in 20 years.

The new releases, some of which sold out fast, also show this upward trend. Moreover, Nakheel, widely known for creating Dubai’s artificial palm-shaped island, launched the project last year, with buyers lining up in 100°F (38°C) heat to take advantage of the $5 million property.

Read More: Dubai’s Population Grows Faster Than Property Supply

Rising demand limited the comeback of Nakheel, which was at the center of the real estate disaster that nearly bankrupted Dubai in 2009, but has since streamlined operations and cut costs. For Nakheel’s latest project, a large crowd of brokers and investors formed outside the sales office overnight, prompting authorities to involve them and deploy patrol vehicles in the area. Only brokers who received tokens were allowed to return in the morning.

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