Picture used for illustrative purpose. File
Master developer Nakheel has announced that it sold almost 250 properties with a total sales value of over Dhs600 million in the last four months, with ready-to-occupy villas most in demand.
Among the most popular are Nakheel’s family villas at Nad Al Sheba, where a third phase of ready-to-move-into properties has just been released, after phases one and two sold out in June. Nakheel has now sold 205 villas at the Nad Al Sheba community, where a retail and recreation centre is due to open in Q1 2021, the company revealed in a statement.
The company added that it has also seen a surge in demand at Al Furjan, where 36 ready homes have been sold since March.
Aqil Kazim, Nakheel Chief Commercial Officer, said, "Having sold out of Nad Al Sheba phases one and two, we are now selling the third phase on a daily basis, and will release more ready homes as the year goes on. Our customers include a growing number of first-time buyers, and we are witnessing an increase in female investors, too.
According to the real estate bulletin 3,036 new investors entered the market in January and February 2021, representing 62% of the total number of investors during the same period.
The only other period that saw higher transaction volumes was in the second and third quarters of 2009, when the ownership of about 33,000 and 23,000 properties were changed hands, respectively, said Taimur Khan, head of research at CBRE.
Dubai’s real estate market witnessed transactions worth Dhs72.5 billion in the first half of 2020, despite the impact of the global COVID-19 outbreak, according to a report issued by the Dubai Land Department (DLD).
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