Arab News, Saturday, May 22, 2021 | Shawwal 10, 1442
Dubai property mania is back as Nakheel sells 800m dirhams of villas in 4 hours
Emirates:
Worries about the coronavirus pandemic appeared to be the last thing on property
investors’ minds on Thursday as they snapped up 800 million dirhams ($218
million) of villas at Nakheel’s Murooj Al Furjan community in just 4 hours.
The Dubai-based property developer released 217 four- and five-bedroom villas
for sale on an off-plan basis with construction expected to start this year and
complete in 2024, Nakheel said. The cheapest villas were 2.9 million dirhams
each.
The development will eventually comprise 418 villas spread over 5 million square
feet. The villas are no more than 4,042 square feet.
Dubai luxury
real estate sales jumped 25 percent in Q1 even as prices declined,
Luxhabitat Sotheby’s said today, citing Dubai Land Department data.