Wednesday, June 05, 2013

Nakheel’s Legacy Nova Villas sold within hours to investors

With investors having lined up at the sales centre for Nakheel's latest project, Legacy Nova Villas in Jumeirah Park, about 350 villas worth were snapped up by investors within just 5 hours, bringing total sales to more than Dh.1.4bn.

Nakheel has called it a record sale, and said that this indicates the confidence of investors in the company and in the Dubai real estate sector, said Nakheel Chairman Ali Rashid Lootah.  

As for the nationality of investors, they were a mix coming from the Middle East, Iran and Indian sub continent. Majority of buyers were end-users, with the company enforcing measures to curtail speculators, Lootah emphasized.

Although Nakheel planned to release only 226 villas initially, the huge demand for them compelled the company to release and additional 124 units. Investors paid 10 percent as down payment to book villas.
As for the launch date, the developer released tender documents for construction of Legacy Nova Villas, with contracts expected to be awarded in August. The Nova Villas are an improved variation from the earlier Legacy Villas, which is now under construction.

The four bedroom villas include a vast roof terrace and an additional terrace over the double garage, a skylight window above the stairs, which permits natural light to enter the properties.

The Legacy Nova Villas will be ready in over two years, while about 381 Legacy villas will be completed by fourth quarter of 2014.

Although Lootah did not reveal any details of the new project, he said it all depends on the demand.
According to a report by Deutsche Bank, real estate prices in Dubai saw a 6.2 percent growth in the first quarter of 203, although villa prices still remained 12 to 49 percent below peak prices.

Meanwhile, Knight Frank, a global real estate consultant said that Dubai has managed to maintain its position among the top five best performing real estate markets in the world. The prime luxury properties in Dubai are thought to be 10 times cheaper than in Monaco, the world’s most expensive residential real estate market.

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