DUBAI: Worries about the coronavirus pandemic appeared to be the last thing on property investors’ minds on Thursday as they snapped up 800 million dirhams ($218 million) of villas at Nakheel’s Murooj Al Furjan community in just 4 hours.
The Dubai-based property developer released 217 four- and five-bedroom villas for sale on an off-plan basis with construction expected to start this year and complete in 2024, Nakheel said. The cheapest villas were 2.9 million dirhams each.
The development will eventually comprise 418 villas spread over 5 million square feet. The villas are no more than 4,042 square feet.
Dubai luxury real estate sales jumped 25 percent in Q1 even as prices declined, Luxhabitat Sotheby’s said today, citing Dubai Land Department data.