NAKHEEL SELLS AED 55.4 MILLION WORTH OF VILLA PLOTS WITHIN TWO HOURS
Jumeirah Islands plots sell out at auction
Dubai, 12 December 2012 … Nakheel today sold more than AED55.4 million worth of villa plots at Jumeirah Islands, with all available plots snapped up in two hours.
The plots were 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.
Tomorrow (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 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 tomorrow. Recently we sold two plots of land at Palm Jumeirah for a combined price of AED419 million and 122 residential villa plots in Jumeirah Village Circle for a total AED113 million. There is no doubt that investor confidence is back.”
Nakheel also cited a recent report by CBRE on increases in property rents as further evidence that Palm Jumeirah, its flagship development, is one of Dubai’s most highly sought-after locations to live.
“This report confirms what we have been saying for some time: Palm Jumeirah prices continue to rise,” added the spokesman.