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Dubai developer Nakheel reports threefold increase in sales |
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9/24/2008 10:03:41 AM |
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Nakheel, a Dubai World company and one of the world's largest and most innovative real estate developers, today announced that 2008 sales to date are showing a threefold increase on 2007's full-year figures.
Nakheel's portfolio, conservatively valued at US$80 billion.
Till date, more than 6,100 Nakheel units in Dubai have been sold (97%) or reserved (3%), exceeding their own ambitious targets. Unit sales in 2008 comprised more than two-third apartment (68%), over a quarter villa (27%) and 5% land plots.
Manal Shaheen, Director of Sales, Marketing and Customer Service at Nakheel, said:"We are delighted but by no means surprised by this year's phenomenal sales success.
Demand for Nakheel's Dubai properties continues to rise across residential and commercial sectors, and we see no signs of this demand abating.
If you compare the expansive vision of Dubai to the construction capacity constraint, which is currently around 80,000 dwellings per year, and if you believe that population growth will continue to rise by 6-7% per annum - a conservative estimate, then by 2020 we will still not have enough residences to meet demand - even with the staggering amount of homes that Nakheel is delivering over the next two decades.
Nakheel is providing 50% of Dubai's residential supply by building homes for three million people and plans to create 10 million sq ft of retail space.
Manal Shaheen added:"Through bold decisions made by our leaders, Dubai has established ?first mover' advantage in the region, with clear property laws and legislation for the protection of the consumer.
Homebuyers, including overseas investors, can buy property freehold, safe in the knowledge that legal watchdogs such as RERA exist to protect their best interests.
This protection has a vital role to play in the long-term success and stability of Dubai's real estate sector."
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Source: Menafn.com |
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