Nakheel has opened sales for plots of land for homes, offices and hotels at its Jumeirah Village Circle development in Dubai as it seeks to capitalise on an increase in popularity for the area.
The developer said yesterday it was selling “a range” of plots of development land, with prices starting at Dh10 million for 14,000 square feet of land that would have a built-up area of 90,000 sq ft.
The developer declined to say how many plots of land it was selling or how many it had so far sold but added that it had a “healthy response” to the sales launch.
The 900-hectare Jumeirah Village community, which was first announced by Nakheel in 2004, was hit hard by the 2008-09 global financial crisis, with a number of projects outsourced to private developers that were stalled or abandoned.
However, as Dubai property started to recover last year, Jumeirah Village Circle, located between Sheikh Mohammed Bin Zayed Road, Al Khail Road and Hessa Street, has enjoyed a revival in popularity with tenants relocating to the area, attracted by cheaper rents.
According to a recent report by the listings website Dubizzle, rents for two-bedroom flats in Jumeirah Village Circle increased by as much as 50 per cent during 2013, making it one of the areas in the city with the highest rent increases last year.
A Nakheel spokesman said that as well as completing all infrastructure at Jumeirah Village Circle, the developer had recently opened two new parks in the area, and would be opening a further 11 over the coming months.
It added that more than 70 buildings by third-party developers were completed and occupied at Jumeirah Village Circle, and Nakheel was reviewing “dozens of design applications for more projects”.
Last year the developer completed 615 villas at Jumeirah Village Circle and work on a further 90 is under way. When completed, it is expected to provide accommodation for more than 300,000 people.
lbarnard@thenational.ae
