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Nakheel, a Dubai World company and one of the world's largest and most innovative real estate developers announced that 2008 sales to date are showing a threefold increase on 2007's full-year figures. Nakheel's portfolio, conservatively valued at US $80 billion, includes Dubai's iconic coastal developments Palm Jumeirah, The World and Waterfront.
Joint venture partners include US developer the Trump Organisation, French hypermarket operator Auchan, and Mirvac, the Australian property developer. Hotel division, Nakheel Hotels, is the largest shareholder in Kerzner International, operator of the Atlantis and One Only brand.
In the year to date, more than 6,100 Nakheel units in Dubai have been sold (97 per cent) or reserved (3 per cent), exceeding the developer's own ambitious targets. Unit sales in 2008 comprised more than two thirds apartment sales (68 per cent), over a quarter villa sales (27 per cent) and five per cent land plot sales. These units were released in 13 staggered launches between 1 January and 31 August 2008. A further 2,650 units will be released in 11 additional sales launches scheduled for the final quarter of 2008.
Manal Shaheen, Director of Sales, Marketing and Customer Service at Nakheel, said: "We are delighted but by no means surprised by this year's phenomenal sales success. Demand for Nakheel's Dubai properties continues to rise across residential and commercial sectors, and we see no signs of this demand abating. This year's sales have even been immune to the usual summer dip in July and August, which indicates just how healthy the market is.
"If you compare the expansive vision of Dubai to the construction capacity constraint, which is currently around 80,000 dwellings per year, and if you believe that population growth will continue to rise by 6-7 per cent per annum - a conservative estimate, then by 2020 we will still not have enough residences to meet demand - even with the staggering amount of homes that Nakheel is delivering over the next two decades."-PR

Copyright Business Recorder, 2008

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