DUBAI, UAE - Despite a depressed secondary real estate market in Dubai, off-the-plan properties continue to sell like hot cakes.
Master developer Nakheel on Thursday released AED800 million ($217 million) worth of yet-to-be built villas comprising phrase 1 of its new Murooj Al Furjan community. Buyers clamoured to get set and the entire inventory sold out in a record 4 hours.
Phase one, comprises 217 four- and five-bedroom homes.
"The overwhelming response to Murooj Al Furjan highlights investor trust in Dubai real estate, continued buoyancy in the villa sector, and demand for quality homes with excellent onsite amenities," a Nakheel spokesman said Friday.
Murooj Al Furjan, located at Al Furjan, one of Nakheel's largest and most popular mixed-use communities, comprises 418 villas in total. Spanning five million square feet, the new, gated community is close to Al Furjan's retail Pavilion, community club, and Dubai Metro station.
With a built-up area of up to 4,042 sq ft, each home provides family accommodation, floor-to-ceiling windows, ensuite bathrooms, maid's quarters, a private garden, and a garage. Villas are set among scenic walkways and communal green space, with onsite amenities including swimming pools, jogging tracks, sports courts, and shaded play areas for children.
Construction of Murooj Al Furjan will begin this year, with anticipated completion in 2024. Villa prices start at AED2.9 million ($788,000).
Nakheel is best known for the development of the world-famous Palm Jumeirah, which together with development of other islands have added more than 300 kilometres to Dubai's original, 70km coastline, paving the way for the development of tens of thousands of seafront homes, resorts, hotels, and tourist attractions.