Nakheel sales up threefold in 2008

SALES JUMP: Nakheel said Sunday its 2008 sales are likely to register a threefold increase on 2007's figures. (ITP Images)

Nakheel, the real estate arm of Dubai World, said Sunday that its 2008 sales are likely to register a threefold increase on 2007's full-year figures.

So far in 2008, more than 6,100 Nakheel units have been sold (97 percent) or reserved (3 percent), exceeding the developer’s targets.

Unit sales in 2008 comprised more than two thirds apartment sales (68 percent), over a quarter villa sales (27 percent) and five percent land plot sales.

The units were released in 13 staggered launches between 1 January and 31 August 2008. A further 2,650 units are set to be released in 11 additional sales launches scheduled for the final quarter of 2008.

Recently, a number of analysts suggested a slowdown in Dubai’s property market, with some expecting as much as 15% decrease in prices over the next two years. Nakheel is among Dubai’s leading developers with projects such as The Palm Islands, The World and The Universe.

The three Nakheel developments accounting for the largest volume of sales were Badrah Manara apartments, with almost a third of sales by volume (32.2 percent); apartments in Lake District, with 15.2 percent of the total; and Al Furjan villas, making up 14.7 percent of sales by volume.

“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 cent 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,” said Manal Shaheen, sales and marketing director at Nakheel.

Nakheel is delivering as much as 50 percent of Dubai’s new residential units.

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