A significant new development project, valued at AED 7 billion, has been unveiled in Dubai’s Al Wasl District, focusing on the construction of luxury villas and mansions.
At the forefront of this transformation is the AED 1 billion Nordic by fäm development, comprising 17 villas and mansions strategically located near Dubai’s Central Business District (CBD) and prominent lifestyle landmarks. This area has earned the title “Downtown Villas of Dubai,” reflecting its prime location and exclusive offerings of freehold homes in the heart of the city.
Unique Offering in the Dubai Real Estate Market
Firas Al Msaddi, CEO of fäm, highlighted the distinctiveness of this project: “The Al Wasl District stands out with its unique supply of freehold villas, situated within immediate proximity to downtown, the CBD, and Jumeirah Beach. Unlike other luxury waterfront villas in Dubai, of which there are over 10,000, only 140 new luxury villas are available in Al Wasl, offering unparalleled accessibility to the city’s core. Additionally, this district is the sole area currently allowing foreign ownership of villas.”
This development phase has garnered significant interest, particularly from affluent expatriates in Dubai who recognize the value of owning property in such a prime location.
Pricing and Property Features in Al Wasl District
The newly constructed properties in the Al Wasl District are priced between AED 40 million and AED 150 million, influenced by factors such as plot size, built-up area, design, and finishes. The Nordic by fäm villas, on average, are priced at AED 76 million, with the most recent sale recorded at AED 61.5 million.
These villas offer exclusive living spaces, with an average built-up area of 20,000 square feet, compared to the 8,000 square foot penthouses in City Walk, which recently sold for AED 35 million. Unlike penthouse buyers, villa owners also acquire the land along with the property.
The Nordic by fäm villas are designed with luxury in mind, featuring private cinemas, spas, gyms, and both indoor and outdoor gardens, catering to the highest standards of entertainment and relaxation. Design elements include frameless motorized sliding doors, glass panels, and high ceilings, offering a modern and sophisticated living experience.
Buyers have the option to choose bespoke design elements for their villas, with flexible payment plans available for move-in-ready furnished homes or under-construction properties.
