The plots were sold for higher-than-expected prices, hitting Dhs513 per square foot. The sales are yet more proof of renewed investor confidence in Dubai's real estate market, the developer said.
Nakheel will begin sales of 90 villas at Jumeirah Village Circle.
A Nakheel spokesman said: "Today's auction was a resounding success, and we are confident of high-levels of interest in the Jumeirah Village Circle villas tomorrow. Recently we sold two plots of land at Palm Jumeirah for a combined price of Dhs419m and 122 residential villa plots in Jumeirah Village Circle for a total Dhs113m. There is no doubt that investor confidence is back."
Nakheel also cited a recent report by CBRE on increases in property rents as further evidence that Palm Jumeirah, its flagship development, is one of Dubai's most highly sought-after locations to live.
"This report confirms what we have been saying for some time: Palm Jumeirah prices continue to rise," added the spokesman.
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Posted by Rana MesbahThursday, December 13 - 2012 at 10:09 UAE local time (GMT+4)
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