Leading Dubai-based master developer, Nakheel, has announced that it sold all villa plots in Jumeirah Islands for more than Dh.55.4mn.
The plots were snapped up at a company auction for Dh.513 per square feet, marking a 46 percent premium over their bid price of Dh.350.
The sales indicate renewed investor confidence in Dubai real estate market. The developer already sold two land plots on Palm Jumeirah for a total of Dh.419mn and 122 residential villa plots in Jumeirah Village Circle for Dh.113mn earlier.
Nakheel will begin sales of 90 villas at Jumeirah Village Circle on 13th December.The four bedroom villas spanning 3,700 square feet have been priced for less than Dh.3mn.
Earlier this week CB Richard Ellis said that selling prices in Palm Jumeirah has grown 16 percent year-on-year, with highest increase of 22 percent, being noticed for Garden Villas on the Palm Jumeirah.
The prices of Signature and Garden Home Villas on the Palm Jumeirah have grown, registering average increase of 11 to 25 percent during first half of 2012, in comparison to same period last year.