Jumeirah Islands plots sold out

12-12-12 has set the cash register ringing for Nakheel.

 The Dubai-based master developer said on Wednesday it had sold all villa plots in Jumeirah Islands for over Dh55.4 million.

The plots were snapped up at a company auction for Dh513 per square feet, a 46 per cent premium over their bid price of Dh350.

“The sales are yet more proof of renewed investor confidence in Dubai’s real estate market,” a company spokesperson said.

The developer, which has already sold two land plots on Palm Jumeirah for a combined total of Dh419 million and 122 residential villa plots in Jumeirah Village Circle for Dh113 million, will commence sales of 90 villas at Jumeirah Village Circle.

The four bed (3,700 square feet) villa have been priced for less than Dh3 million.

Earlier this week, CB Richard Ellis said sale prices in Palm Jumeirah has risen 16 per cent year-on-year with the highest increase of 22 per cent being noticed for Garden Villas on the Palm Jumeirah.

Emirates 24/7 reported in July that prices of Signature and Garden Home villas on the Palm Jumeirah had risen, registering average increase of 11 to 25 per cent in first half of 2012 compared to same period last year.

Earlier story

Strategic move or pure coincidence?

Whatever be the case, Nakheel, Dubai-based master developer, will be auctioning villa plots in Jumeirah Islands on the 12-12-12.

Bids at the auction start at Dh350 per square foot with bid increments set at Dh50,000 per plot.

Buyers will have to pay a non-refundable deposit of Dh500,000, Nakheel says.

Developer offers a one-year payment plan: 50 per cent payable upon booking and 50 per cent after 12 months.

But, is the date likely to affect the sales.

Well, in India, astrologers have gone on record saying, “12-12-12 is an auspicious to buy land or property.”

In fact, many Indians still buy properties or invest in land on auspicious days, which they believe brings prosperity and good luck.

Indians have been among the top buyers of property in Dubai for some years now and did buy 2,153 properties worth Dh3.75 billion in the first half of 2012.

Now, let’s see if that holds true for today and for land plots?

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