The long queues of estate agents at the launch of Nakheel's villas at The Palm Jebel Ali last week reminded us of a similar scene during the first property boom in Dubai in 2008-09 before the global financial crisis hit. This proves that Dubai's property market has not lost momentum and the current uptrend will continue for a long time to come.

It's not just high ROI or capital appreciation that appeals to the rich of the rich - owning property on The Palm Jebel Ali also carries a certain prestige, as it is associated with luxury, exclusivity and large plots of land. It is therefore a win-win game for both investors and end-users in the short and long term.

Earlier this year, the Dubai government unveiled the masterplan for The Palm Jebel Ali, which will add 110 kilometres of coastline and accommodate more than 80 hotels and resorts. It will be twice the size of Palm Jumeirah.

The upcoming Palm Island will cover a whopping 13.4 square kilometres and will incorporate expansive green spaces, luxury hotels, five-star restaurants and a host of other facilities and features. It will also feature the latest smart city technology to streamline mobility and sustainable development techniques in line with the Dubai City Masterplan 2040, all of which further enhances its attractiveness to investors.

Looking ahead, private developers and investors will also be jumping on the bandwagon, launching new projects in a number of sectors, including hospitality and tourism. The first hotel on the Palm of Jebel Ali is set to open earlier this week.

Currently, all indications are that Dubai's luxury residential market will continue to grow over the next 5-7 years. The luxury residential market has outperformed the overall performance of Dubai's property market, which has been experiencing double-digit growth.

Dubai has a reputation for luxury real estate and the Palm Jebel Ali development is no exception. Owning a property on The Palm Jebel Ali carries a certain prestige as it is associated with luxury and exclusivity. This is an important factor for high net worth individuals seeking to 'make a statement' in their property portfolios.

The scarcity of ultra-luxury villas for sale in Dubai underlines the irresistible allure of The Palm Jebel Ali. The desire for sophisticated, high-quality homes and an unrivalled lifestyle has never been more apparent. This presents a once-in-a-lifetime opportunity for the renaissance of Jebel Ali Palm, especially given the limited availability of land in Palm Jumeirah. As a result, numerous potential investors are actively seeking beachfront property in Dubai.

Petri Mannila, head of luxury at Penthouse.ae, the luxury arm of Metropolitan Premium Properties, said the response to the launch of The Palm Jebel Ali has been phenomenal, with demand far exceeding expectations.

Investors see Palm Jebel Ali as good value for money, and given the continued growth of Dubai's property market, they don't want to miss out on this opportunity. Today, almost all of the high-end developments are selling out quickly.

Farooq Syed, CEO of Springfield Properties Dubai, believes that demand for high-end property is strong and shows signs of further growth." This buying frenzy was vividly evidenced this week when prospective owners and investors alike lined up outside Nakheel's sales centre, desperate to secure a luxury beachfront villa."

Although Jebel Ali Palm is positioned as a high-end residential and lifestyle destination, property prices here are relatively affordable compared to neighbouring Palm Jumeirah. This affordability factor makes it an attractive option for investors looking for a potentially lucrative return on investment.

The main developer, Nakheel, has launched three sizes of villas - 5-bedroom, 6-bedroom and 7-bedroom - with a choice of 16 stunning designs.

According to Elysee Estates, the average price of a five-bedroom villa at Palm Jumeirah is around Dh48 million, while the price at Palm Jebel Ali is just Dh17.5 million - 174 per cent cheaper. On average, industry insiders expect double-digit returns in the short to medium term and triple-digit returns in the long term.

According to Farooq Syed, investors eyeing the opportunity at Jebel Ali Palm Island can expect a significant return on their investment.

"The intrinsic value of the project is expected to appreciate as it develops, thus providing investors with the opportunity to capitalise on the escalating demand for one-of-a-kind, upscale living. With its prime location, The Palm Jebel Ali is a beacon of luxury in the property market, offering an attractive investment opportunity for those looking for a lucrative return on their investment," said the CEO of Springfield Properties.

The price per square foot for ultra-luxury property in Dubai is lower than other international cities such as New York, London and Singapore.

The launch price for a 5-7 bedroom villa at The Palm Jebel Ali is Dh18 million or Dh2,500 per square foot, almost a third or a quarter of the price of a comparable property at The Palm Jumeirah.

The highest demand is for seven-bedroom units starting at Dh30 million, says Petri Mannila.

The demand for quality sea/water view property in Dubai is very high and the supply is very limited," he added. These properties on The Palm Jebel Ali are one of the few on the market at the moment where investors can expect prices to double from current levels, he added.

We have seen some of the properties launched last week commanding premiums of up to 25 per cent on the secondary market, he added.

Industry insiders expect a similar rush for flats in Dubai's most sought-after developments once they are launched. Homebuyers and investors will undoubtedly recognise the huge potential of owning prime real estate in this in-demand waterfront area.

Mannila added that while it is difficult to predict when the flats at Jebel Ali Palms will be launched, there has been a lot of interest from end-users and investors in the first phase of the launch.

He expects end users and investors to take a keen interest in all types of properties on Jebel Ali Palm.

Echoing Manila's comments, Farooq Syed said there was no official timetable yet, but he expected an announcement to be made soon after the successful launch of the villas.

We expect the flats to attract a wide range of local, regional and international house hunters and investors eager to buy into the elevated lifestyle and luxury living experience that Jebel Ali Palms promises to offer.

While flat transaction prices have not risen as fast as those of villas, certain areas in the city's most sought-after locations have seen significant price increases.The pricing strategy for the Palm Jebel Ali flats is expected to reflect the high reliability of the area and overall market dynamics.

The exact launch price will be influenced by factors such as size, views, amenities and unique features of each flat, Saeed said.

However, the developer is likely to adopt a competitive pricing strategy to attract prospective buyers while ensuring that the value of this iconic destination is fully realised in the market.