Emaar to revisit Mumbai to sell Mira townhouses

Dubai’s Emaar Properties is visiting Mumbai, India’s financial capital, once again.

This time, the developer will be selling “Mira” townhouses in Reem master development. The road show will be held on June 10 at Four Seasons Hotel.

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

Experts cite price rationalisation and higher yields as prime reasons for Indians buying properties in Dubai. However, the Wealth Report 2013, produced by Knight Frank, revealed that prices for prime luxury properties in Mumbai were almost double that of Dubai.

In the past few months, Emaar held roadshows in  Doha (March), Singapore (April) and London in May. Market sources told Emirates 24|7 that the developer had not sold Mira untis at its London roadhsow.

The first batch of 188 townhouses, released in March in Dubai, were sold out in hours. Currently, Mira units are listed in the secondary market for Dh1.1 million to Dh2.3 million (depending on the size). The first phase of the project is scheduled for hand-over in 2016.

So why do Indians buy in Dubai?

“The US and the UK are traditionally closest to the hearts of most Indians hoping to buy property abroad. However, when these are out of reach, Dubai is definitely among the most preferred among realistic property investment destinations for Indians,” Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India, had told Emirates 24|7.

“The existing interest is equally distributed among investors responding to the rationalised property rates in Dubai and hoping to cash in on an improved market later, and business people who actually have operations there.”

Dubai Land Department figures reveal that Indians had invested Dh9 billion in the realty sector in 2012.

Knight Frank has said property prices in the emirate rose 18.3 per cent in 2012, registering the second highest increase in the world. Deutsche Bank report states apartment prices still remain 43 to 61 per cent below peak while villa prices are 12 to 49 per cent below peak.

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