New villa projects claim sell-outs

30.08.2014
Property growth rate may have slowed down, but investor interest hasn't. Developers of villa projects in Dubailand say their units sold out in a matter of weeks. While it is a known fact that apartments in Dubai have been moving quickly, villa projects are also reportedly popular with investors, according to developers who have launched projects in the last few weeks.
Damac Properties said the first release of houses in Akoya Oxygen, a master development in Dubailand, have been sold out and that, too, in record time. The master development spreads over 55 million square feet in Dubailand and will have the "greenest" living spaces in the emirate with parklands, green open spaces and private gardens, according to the developer. The project will include an 18-hole championship golf course designed by an international golfing star due to be announced soon.
"What we saw was the appreciation of clients and investors who proved to be very aware that 'green is the new black'," Ziad El Chaar, Managing Director, Damac Properties, said. Five-bedroom houses, priced at AED2.5 million, were sold out, the company said, without giving the numbers of units sold.
Meanwhile, Dubai Properties said the newly-launched Naseem townhouses in Mudon development have been sold out. "With starting prices of AED2.5 million, the units offered have now sold out at the development since its launch," the developer said, adding they had to put additional units on the market to cater to the high demand from investors.

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