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19 March 2024

Most Nakheel buyers are users

The Legacy Villas, launched in October last year at Jumeirah Park, are currently under construction.

Published
By Parag Deulgaonkar

Most investors purchasing properties in Nakheel’s new developments are end-users, the Dubai-based company has said.

In a statement, the master developer said: “All 471 homes, including 381 Legacy Villas at Jumeirah Park and 90 Jumeirah Village Circle villas, are now taken, with many investors purchasing the properties as end-users.”

The combined sales values in the project reached Dh1.9 billion, it disclosed.

The Legacy Villas, launched in October last year at Jumeirah Park,  are currently under construction with anticipated completion in fourth quarter of 2014.

Spread over 350 hectares, Jumeirah Park is located next to the Jumeirah Islands community and offers three distinct styles of villas: Legacy, Regional and Heritage. The master development will house 2,000 villas of which 545 villas have been completed to date.

Nakheel said the contractor for the Jumeirah Village Circle villas is expected to mobilise by the month-end, with delivery within 18 months, the company said.

The master developer reported an increase of 36 per cent in its net profits to Dh491 million in first quarter 2013, compared with Dh362 million in the same period last year. It has delivered around 5,400 homes, including around 770 in the first quarter to customers since completing its restructuring in late 2011.

Villa prices increased over 20 per cent last year and have been increasing at a steady pace since beginning of the year. CBRE, a global property consultantcy, said average villa prices rose by almost five percent in the first quarter, with smaller villas registering much higher growth.

In March, Knight Frank, a global property company, said in the Wealth Report 2013 that property prices in Dubai rose the second highest globally, registering a 20 per cent increase in 2012.

The report also revealed that Dubai’s prime luxury properties were almost 10 times lower than Monaco, the world’s most expensive residential property market. Property (read: villas) prices in Dubai ranged between $520 and $580 per square feet in fourth quarter 2012 compared to prices of between $5,350 and $5,920 per square feet in Monaco during the same period last year.