Aug 12 2012
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Nakheel Sells AED400 Mln Palm Jumeirah Plot to Local Investor
Sunday, Aug 12, 2012
DUBAI (Zawya Dow Jones)-- Nakheel PJSC said Sunday it has sold a Palm Jumeirah plot for 400 million U.A.E. dirhams ($109 million) to a local investor, reflecting renewed investor confidence in Dubai's prime real estate market.
The 305,704 square foot plot on the trunk of the palm-shaped, man-made island was bought for AED1302 per square foot.
"We have seen a very healthy demand in the first half of 2012, and this looks set to continue for the year," Nakheel said in an emailed statement.
There are some signs of recovery in Dubai real estate in recent months, after prices tumbled more than 50% in the aftermath of the global financial crisis in 2008, with the emirate's land department recording a 21% year-on-year rise in transactions to total AED63 billion in the first half of 2012.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +971-4-446-1686; firstname.lastname@example.org; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
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