12-12-12 Dubai auction: All villa plots in Nakheel’s Jumeirah Islands sold

12-12-12 has set the cash register ringing for Nakheel.

The Dubai-based master developer said on Wednesday it had sold all villa plots in Jumeirah Islands for over Dh55.4 million.

The plots were snapped up at a company auction for Dh513 per square feet, a 46 per cent premium over their bid price of Dh350.

“The sales are yet more proof of renewed investor confidence in Dubai’s real estate market,” a company spokesperson said.

The developer, which has already sold two land plots on Palm Jumeirah for a combined total of Dh419 million and 122 residential villa plots in Jumeirah Village Circle for Dh113 million, will commence sales of 90 villas at Jumeirah Village Circle.

The four bed (3,700 square feet) villa have been priced for less than Dh3 million.

Earlier this week, CB Richard Ellis said sale prices in Palm Jumeirah has risen 16 per cent year-on-year with the highest increase of 22 per cent being noticed for Garden Villas on the Palm Jumeirah.

Emirates 24/7 reported in July that prices of Signature and Garden Home villas on the Palm Jumeirah had risen, registering average increase of 11 to 25 per cent in first half of 2012 compared to same period last year.