Dubai Homes Worth $844 Million in New Project Sell Out in Hours - Bloomberg
About 800 homes in a Dubai residential development sold out within hours, indicating continued strength in the emirate’s property market and generating $844 million for the firms backing the project.
The joint venture between Dubai Holding and Aldar Properties PJSC, Abu Dhabi’s biggest developer, sold out two phases in the “Haven” project on launch day, according to a statement on Wednesday. The firms sold 786 single-family homes and townhouses, with prices starting at 2.5 million dirhams ($680,648).
The companies had initially planned to make 468 homes available for sale, but added 318 additional properties — set to be sold at a later stage — due to “remarkable demand.” Construction of the first phase of the development is due to begin in in the second quarter of 2024 with handovers expected three years later.
High demand for the project is an early indicator that conflict in the wider region hasn’t yet impacted sentiment. Dubai’s property market has broken a decade-long record for total home sales and seen rents jump to unprecedented levels. Average residential prices climbed 19.6% in the year through September, CBRE Group Inc. said in a report last month, while rents surged 20.6%.
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