Hundreds of prospective buyers, who secured online registration on Wednesday to attempt to purchase a 1-, 2- or 3-bedroom luxury Burj Vista apartment, lined up outside the sales centre at Emaar Square in Downtown Dubai on Saturday to complete the sale deed for one of the apartments, expected to finish by June 2017.
Online registration for the Burj Vista properties closed within about half an hour when it commenced at 9am on Wednesday.
Emaar officials were not available for comment, but according to sources, Emaar on Saturday sold up to 400 apartments at an average price of Dh2,000 per square foot in the twin-tower project, which has over 640 luxury units in 20- and 65-storey architectural masterpiece located along Downtown Dubai’s Mohammed Bin Rashid Boulevard.
The spacious development in the neighbourhood of the world’s tallest tower, the Burj Khalifa, attracted locals, and investors from Kuwait, Saudi Arabia, Egypt, Syria, Lebanon, India and Pakistan, among others.
“Although the demand for luxury apartments is high and investors are queued, the property developer is not in a mood to cash in on the project in the wake of strong recovery in real estate market,” sources said.
The registered broker said Emaar held back “a sizeable stock” in the twin-tower project and would complete the sale process in due course. “The property developer (did) not release all stocks in the Burj Vista on launch day and will complete the sale in different phases,” the source said.
The property developer conducted Saturday’s sale in a much more disciplined way compared to last week, when police were called in to calm the frenzied queue of hundreds hoping to invest in the Mira Villa project in Reem district.
Property brokers and market players believe that Emaar is expected to follow the same procedure and offer future projects on a first-registered and first-served basis to avoid any inconvenience to buyers.
The registered real estate agents said buyers would have to ensure 15 per cent down payment, and pay the remainder in eight installments by June 2017, with the next payment by September, then further installments in 2014 and 2015.
“The final phase payment plan includes 10 per cent in March 2016 and 15 per cent in November 2016 and the last installment of 15 per cent should be made on completion in June 2017,” a real estate broker said.
Burj Vista is Emaar’s fifth property launch this year, following Mira Townhouses in Reem district, and three other projects in Downtown Dubai, including The Address The BLVD, The Address Residence Fountain Views and The Address Residence Sky View.
As the property sector witnesses brisk activity this year, many new developments from reputable groups like Emaar and Damac are selling out on launch day.
“In the first quarter of 2013, Dubai witnessed a boom in the economic activity and tourism resulting in substantial demand for luxurious apartments and luxurious serviced apartments,” Dubai-based Star Group Real Estate CEO Ravi Chawla told Khaleej Times.
“As a result of the recovery on the economic front, major developers like Emaar and Damac have announced numerous luxurious serviced developments, which were completely sold out within 24 to 48 hours from the day of launch,” he said.
The main factor for high demand of luxury apartments in Dubai was price, Chawla said. Even though the prices had risen, the luxury apartments — all finished to a “very high standard” — were still cheap by overseas standards, he said.
“A 2 or 3-bedroom luxurious apartment in Dubai is probably double that of its equivalent in London, Singapore or Hong Kong. The Gulf market has always priced well-finished properties at a premium,” he said, adding that the demand for luxury apartments in Dubai seemed brighter in 2013-14.
“We are seeing a lot of people migrating to Dubai for long-term homes as investments.”
“The reputation of Dubai property has been growing internationally as a majority of buyers is from the UK, Kuwait, Saudi Arabia, Iran, Russia, India, Pakistan and other European countries. This wave of overseas buying is for both investment and lifestyle reasons. The tax-free structure is also one of the key driving factors,” Chawla concluded.
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