Nakheel Sells Homes Worth $125m In New Project

Dubai government-owned property developer Nakheel said on Sunday it had sold town houses worth about Dhs460 million ($125.24 million) in its Warsan Village project.

“As expected we witnessed a big response to the residential units … from investors from a number of countries including the UAE, the GCC countries, India and China,” a Nakheel spokesman said according to the state WAM news agency.

“We also noticed that a number of buyers were first-time investors in Dubai and a number of others are new clients of Nakheel, most of whom are end buyers,” the spokesman added.

A crash of the emirate’s property market in 2009 and 2010, which more than halved real estate prices, forced developers to shelve or scrap hundreds of projects.

Dubai has been recovering from a real estate crisis and property prices have begun to rebound.

Several state-funded mega-projects such as Nakheel’s Palm Deira, Palm Jebel Ali and the World, a complex of man-made islands, were sold to investors but later stalled.