Emaar Properties, Dubai’s largest property developer, has sold units in Forte in Downtown — Opera District with a full Dubai Opera view for Dh2,700 per square feet (psf), according to market sources.
“The front-facing apartments were sold at the launch for dh2700 psf, while rest were sold for Dh2,100 per square,” AM, an investor who bought properties in the project, told Emirates 24|7.
“This is among the highest price that Emaar has sold units during this year considering that the market is moving sideways today. There is always a premium for properties with Burj Khalifa and Dubai Fountain view, but now this is the new attraction for Downtown,” he added.
Company’s register agents could not confirm on how many units were released during the May 30 launch. The project is designed by Japanese architects Nikken Sekkei, comprising two towers, one 70 storey and other 50-storey high.
The Opera District is a cultural destination in Downtown Dubai and at the heart of the district is Dubai Opera, a 2,000-seat multi-format venue for opera, theatre, concerts, art exhibitions, orchestra, film, sports events, and seasonal programmes. It set to open this year.
Investor had to pay a 20 per cent down payment followed by 10 per cent in January and June 2016; July and December 2017, and 15 June 2018 with 30 per cent slated on completion in December 2019.
Property prices fell 1.07 per cent in April compared to March, Reidin.com said, adding that annual decrease had reached 3 per cent. Apartment sales prices fell 0.87 per cent month-on-month (m-o-m) and 3.6 per cent year-on-year (y-o-y) while villa prices were down 1.84 per cent m-o-m but were slightly up 0.4 per cent y-o-y.
Knight Frank, a UK-based consultancy, has estimated prices to fall by five to 10 per cent, while JLL, a real estate consultancy, as well putting the fall at up to 10 per cent.
Moody’s Investors Service, a global rating consultancy, however, believes that the slowdown in the market is “positive in the long run” and alleviates the “potential overheating” though prices could fall 10 to 15 per cent in 2015.
“We believe that the slowdown in Dubai's real estate market is positive in the long run, as it gives the market time to absorb the existing supply pipeline, while also alleviating our concerns about the housing market potentially overheating,” it said.
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