Developer says plots sold for higher than expected prices
Property company Nakheel has announced that it sold sold more than $15mn worth of villa plots at Jumeirah Islands, with all available plots snapped up in two hours.
The plots sold for higher-than-expected prices, hitting AED513 per square foot. The sales are yet more proof of renewed investor confidence in Dubai’s real estate market, the developer said.
Today (Thursday) Nakheel will begin sales of 90 villas at Jumeirah Village Circle. Prices for the four bedroom, 3,700 sqft homes start at less than AED3 million.
A unnamed Nakheel spokesman said: “Today’s auction was a resounding success, and we are confident of high-levels of interest in the Jumeirah Village Circle villas. Recently we sold two plots of land at Palm Jumeirah for a combined price of $114mn and 122 residential villa plots in Jumeirah Village Circle for a total $30.7mn. There is no doubt that investor confidence is back.”
A report from CBRE recently stated that although there was 47% market wide vacancy rate on average, that premiere quality properties were oversubscribed and that there were rent increases of up to 24 percent in some cases. Matthew Green of CBRE said that there was cause for cautious optimism.