Dubai's Deyaar JV says new project sold out

Central Park Residences is set for completion late next year
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A joint venture between Dubai real estate firms Deyaar Development and Dubai Properties Group said that phase one of its new project had sold out following a two-day sales event.

Arady Developments said that units at its Central Park Residences went on sale over September 14-15, with investors snapping up all of the released studio, one-, two- and penthouse apartments. The company did not specify how many units had been put up for sale.

The project, located in Dubai International Financial Centre, consists of 426 apartments across 527,000 sqft. According to Arady, 80 percent of the development is complete and it is scheduled to come online in the second half of 2014.

“The phenomenal response from investors for phase-I firmly reiterate the strong growth trends witnessed by the UAE’s real estate sector,” commented Arif Mubarak, CEO, Arady Developments. “

Amidst such buoyant market sentiment, we at Arady Developments are glad to bring an upscale project such as the Central Park Residences. The property reflects our commitment to providing investors with exemplary investment opportunities,” he added.

Following the 2008-2009 financial crisis which saw Dubai property prices tumble by up to 60 percent, the emirate’s real estate market has experienced something of a rebound this year.

Some estimates suggest that real estate prices in prime areas in Dubai have risen by up to 30 percent in 2013 to date.

A report by Fitch earlier this month said that Dubai's real estate rebound will continue well into next year.

The ratings agency said the emirate's prime property sector is set up for a "strong 2014" following a vibrant 2013.

However, it added that there was still some uncertainty for the market including Middle East instability, Dubai's bid for the World Expo 2020 and the impact of major new real estate projects that are in the pipeline.

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