Nakheel sales innovation continues with Jumeirah Islands auction

Nakheel, a Dubai World company and one of the world’s largest and most innovative real estate developers, has continued its innovation in property sales with the Jumeirah Islands auction success – the company’s first ever auction for private residences.

During the private auction Nakheel received bids from pre-registered buyers for luxurious Mansions located in Jumeirah Islands, providing the last opportunity to purchase villas at the hugely successful development. The highest bid fetched AED 25.25 million, with the highest price per square foot reaching nearly AED 3,000. The average price per square foot reached an impressive AED 2,660 for plot sizes that ranged from 11,500 to 16,000 square feet.

The auction follows Nakheel’s radical and well-received ’sealed bid’ process for land sales of its Canal District at Waterfront in which 23 plots were sold, and is part of new initiatives spearheaded by Nakheel and approved by the Real Estate Regulatory Authority (RERA) which are setting new standards of transparency and openness for land sales. Read more

New bid process for land sales – General Conditions

Nakheel, a Dubai World company and one of the world’s largest and most innovative real estate developers, has introduced a new and radical sealed bid process for land sales. Last week, Nakheel sold 23 plots within the Canal District at Waterfront in this way and in the process set new standards of transparency and openness for land sales in Dubai.

Approved by the Real Estate Regulatory Authority (RERA), the sealed bid process changes the fundamental terms and conditions for buyers of the plots and means they are obligated to develop the purchased land and cannot re-sell. Real estate brokers are also not permitted to purchase land through the new system. Read more