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In a move to keep speculators at bay, Emaar Properties, Dubai-based real estate developer, priced 253 CASA villas in Arabian Ranches between Dh1,050 and Dh1,100 per square feet, people present at Saturday's sales launch said.
A villa owner in Arabian Ranches, who attended the launch, told Emirates 24l7: “The prices were high compared to an off-plan sale… and I think it was kept primarily high to target end users and not speculators.”
A real estate agent, who represented an investor, confirmed: “Prices for CASA villas were in the range of Dh1,050 to Dh1,100 per square feet. They were almost marked at the current market rate which clearly makes the sale pitch for end users and not speculators.”
Mashreq, the agent said, had set up a counter, offering home loans of up to 70 per cent to CASA buyers.
According to propertyfinder.ae, average price per square feet for Arabian Ranches is Dh1,088. We reported in June Emaar had priced its 62 new townhouses in Alma 2 cluster in Arabian Ranches between Dh1.4 million and Dh2.2 million.
CASA is adjacent to the current Arabian Ranches gated community on Al-Qudra Road, Emaar website states. CASA will be three and four bed villas, available in six Moroccan styles. The plot sizes will be between 5,000 and 6,000 square feet with built up area being 3,100 to 4,000 square feet.
On November 18, Arabtec announced it has been appointed by Emaar to design and construct 33 new villas and 62 townhouses at its Arabian Ranches development. The project, valued at Dh107 million, is expected to take 18 months to complete and the commencement will be agreed soon.
Panorama at The Views and The Address The Boulevard in Downtown Dubai, Emaar’s two projects launched this year, were fully sold in hours of their launch. Real estate brokers, who are seeking premium of five to 10 per cent, already put up the units in these projects for sale.
Tamweel, a UAE-based Islamic home mortgage company, said in October that 90 per cent of homebuyers in the UAE were end-users based on analysis of home finance extended by them between January 2011 and June 2012.
The Dubai-bourse listed company said though average finance-to-value ratio stood at 80 per cent in 2008, currently the ratio stood at 75 per cent, which indicated end-users were seeking to keep their leveraging to minimum.
Even the Dubai Land Department has already urged developers launching new projects to “discourage” investors from re-selling “off plan” properties unless the project has reached an advanced stage of construction.
“We don’t have any regulation to prevent people from reselling their property. “The developer should discourage people from selling off-plan until the project has reached an advanced stage,” the department said in response to a query by this website.
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