A new phase of development is underway in Dubai’s Al Wasl District, with AED7 billion worth of villas and mansions being constructed.

The area is titled as the ‘Downtown Villas of Dubai’, offering freehold homes in the city centre.

The AED1 billion Nordic by fäm development is at the heart of this transformation, featuring 17 villas and mansions near Dubai’s Central Business District (CBD) and lifestyle landmarks.

“The supply of freehold villas with immediate proximity to downtown, the CBD and Jumeirah Beach is essentially exclusive to the Al Wasl District,” Firas Al Msaddi, CEO of fäm Properties said.

“While Dubai boasts over 10,000 waterfront luxury villas, there are only 140 new luxury villas available in Al Wasl, offering unmatched accessibility to the heart of the city within minutes. Nowhere else in the area currently allows foreign ownership of villas.

“The new phase of development has already attracted significant investment interest, particularly from wealthy Dubai expatriates who know the value of owning land, or a standalone villa, in one of the city’s prime locations,” he added.

The new properties in the Wasl District are priced between AED40 million and AED150 million, depending on various factors such as plot size, built-up area, design and finishes.

Nordic by fäm villas average AED76 million, with the most recent sale at AED61.5 million.