Dubai’s property sector has been on a tear, bucking even international trends
 
Amid the flurry of positive news coming out from Dubai’s property sector, Nakheel added some more — in record time, so to speak.

The Dubai-based real estate major on Friday announced that it sold out 217 villas worth Dh800 million in just four hours, as investors were “clamouring” to acquire homes at its new Murooj Al Furjan community.

“The overwhelming response to Murooj Al Furjan highlights investor trust in Dubai real estate, continued buoyancy in the villa sector and demand for quality homes with excellent onsite amenities,” a Nakheel spokesperson said in a statement to Khaleej Times.

The 217 villas were part of the first phase of Murooj Al Furjan. A total of 418 villas are up for grabs at the mixed-use gated community, which is set to be completed in 2024. Prices start at Dh2.9 million.

Dubai’s property sector has been on a tear, bucking even international trends that have seen negative, uneven or tepid growth. Investors have been flocking to the market to snap up a piece of real estate, taking advantage of lower prices over the past year, mainly due to the effects Covid-19 pandemic.

Villas and, in general, properties with spacious areas, emerged to become a very popular draw as tenants seek more convenience in the wake of the disruption brought about by the situation, which saw an unprecedented spike in remote working and studying, among other activities.