Luxury Waterfront Homes Sell Out Within Hours in Hot Dubai Property Market
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Hundreds lined up overnight outside a Dubai developer's office to purchase luxury waterfront homes, indicating high demand in Dubai's hot property market.
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The Bay Villas development sold out its first two phases of over 500 homes within hours, with prices starting at $1.2 million.
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Dubai has seen a surge in property demand over the past couple years from an influx of people globally, helping reverse a years-long slump.
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Prices are approaching record highs despite high mortgage rates, reflected in rapid sellouts of new luxury developments.
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Developer Nakheel, which was at the center of Dubai's 2009 property crash, has now consolidated and launched new successful projects amidst the market resurgence.