Sales of a residential project in Dubai reached about 800 homes within hours of its launch, reflecting the continued strength of the real estate market in the emirate, as the project generated $844 million for the two companies behind it.
According to a statement issued today, Wednesday, Dubai Holding and Aldar Properties, the largest real estate development company in Abu Dhabi, sold two phases of the “Jenan” joint project on the day of its launch.
The two companies sold 786 units of single-family homes and townhouses, with prices starting at 2.5 million dirhams ($680,000).
The two companies initially planned to put 468 homes up for sale, but added another 318 units, which were due to be sold at a later stage, due to “overwhelming” demand.
Construction on the first phase of the project is scheduled to begin during the second quarter of 2024 with deliveries expected three years later.
High housing unit prices
High demand for the project is an early indicator that conflict in the wider region has not yet dented sentiment. Dubai’s real estate market broke a decade-old record in terms of total home sales, and saw rents jump to unprecedented levels.
Average residential unit prices rose 19.6% from the beginning of the year until last September, according to a report by CBRE Group Inc last month, while rents rose 20.6%.
Dubai outperforms New York and London in luxury property sales
2023-11-01 18:20:22
#Aldar #Dubai #Holding #sell #units #residential #project #day #East #Economy #Bloomberg
