Emaar sets sights on Brit buyers

Emaar Properties, Dubai’s largest developer, is going to London, this time enticing UK nationals and residents only to invest in the emirate’s recovering property market.

The two-day roadshow will be held on May 14 and 15 at 4 Season Hotel Park Lane on a first come first serve basis only for UK nationals and residents, the company said in an email sent to its property agents.

Those buying will have to pay a non-refundable cheque payment of GBP5,000 (Dh28,556) as down payment and the balance via wire transfer within four calendar days.

In the past few months, Emaar has held roadshows in Mumbai, India (February), Doha, Qatar (March)and Singapore (April).

Sources said Emaar had released 10 floors in Burj Visa project exclusively for investors in Singapore.

Located on Mohammed Bin Rashid Boulevard, Burj Vista consists of two identically designed towers, one 20 storey high and the other at 65 storey, with 120 and 520 luxury apartments, respectively. The twin-tower will be completed in June 2017.

However, real estate agents says the roadshow in London holds quite an importance since British investors have been top buyers of properties in Dubai for years and success of Emaar will reflect positively on the market.

Agents claim this if the first time after four years that Emaar is holding a roadshow in London and for the first time selling properties to UK nationals and residents only.

Data revealed by Dubai Land Department states that British citizens invested Dh5 billion and Dh4.79 billon in 2012 and 2011, respectively, remaining in the list of top five expat property investors.

In 2012, Indians topped the list having purchased properties worth Dh9 billion followed by Iranians Dh3 billion and Russians Dh2 billion.

In February, Emaar said hundreds of potential customers had visited the two-day sales event in Mumbai, India.

The developer had showcased projects such as The Address Residence Fountain Views I and II, The Address The BLVD, Standpoint in Downtown Dubai; CASA villas in the Arabian Ranches extension; Panorama at The Views in Emirates Living and inventory from its other residential and commercial portfolio in the emirate.

Last week, Mohammed Alabbar, Chairman of Emaar Properties, said they will continue to launch new projects and properties on a regular basis.

“Emaar does launches every week, that’s our strategy. I see very strong demand for the middle and upper property markets, providing the flipping activity is controlled of course,” he said at the Global Business Forum Africa.

A recent report by Deutsche Bank said property prices in Dubai witnessed a 6.2 per cent growth in the first three months of 2013. Apartment prices remain between 43 and 61 per cent below peak with villa prices between 12 and 49 per cent below peak prices.

The Wealth Report 2013, produced by Knight Frank, a global property company, reveals that Dubai’s prime luxury properties are much over 10 times lower than Monaco, the world’s most expensive residential property market.

According to the report, prices for properties in Dubai ranged between $520 and $580 per square feet in fourth quarter 2012 compared to prices of between $5,350 and $5,920 per square feet in Monaco during the same period last year.

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