Property | Gulf

Nakheel rings up sales of more than Dh419m

Lootah: High-end property market is strongly bouncing back

  • Zawya Dow Jones
  • Published: 18:00 November 19, 2012
  • Gulf News

Dubai: Nakheel said demand for high-end properties in the emirate remains strong as the builder of the city’s showpiece artificial islands ringed up sales of more than Dh419 million over the past few days.

The deals for land plots in Nakheel’s man-made Palm Jumeirah island and Jumeirah Village Circle developments were concluded in “less than a week,” the company’s chairman Ali Rashid Lootah told Zawya Dow Jones in a telephone call. “We received interest regarding some plots in Jumeirah Village, for example, last Wednesday, and concluded the negotiations with successful sales in less than a week.”

The company sold a 72,000 square foot residential villa plot for Dh104.4 million and a 155,000 sq. ft. residential plot on the Palm trunk for Dh202 million. It also sold 122 residential villa plots in Jumeirah Village Circle, with transactions there exceeding Dh113 million.

“The high-end property market is strongly bouncing back,” said Lootah adding he is “very optimistic” when it comes to Dubai’s property sector for the coming months as investor confidence rises.

Lootah’s upbeat outlook of the Dubai real estate market is backed up by industry analysts.

Market sentiment in Dubai “is becoming increasingly positive and that is likely to foster growing interest levels as we move into 2013,” Matthew Green, an analyst at CBRE said earlier this month.

Gulf News