Dubai Property Frenzy Sees Buyers Queue for Million-Dollar Homes

Hundreds of buyers queued overnight outside a Dubai-based developer’s office for a chance to snap up luxury waterfront homes, in the latest sign of the frenzy gripping one of the world’s hottest property markets.

Government-backed Nakheel PJSC sold all houses on offer in the first two phases at the Bay Villas development within hours. In all, the project on Dubai Islands will feature more than 500 homes, with prices starting at $1.2 million apiece. The most expensive properties will cost upwards of $4 million.