Burj Vista units flipped within hours after launch

Flippers are in action, once again. This time property agents started putting adverts for sale of units in Burj Vista, a luxurious twin-tower project in Downtown Dubai just a few hours after the launch took place on Saturday.

According to adverts posted on dubizzle.com, First Class Real Estate Brokers is selling a two-bed apartment (1,012 square feet) for Dh1.98 million or Dh2,470 per square feet, while Distinct Real Estate is selling a one-bed unit at Dh1.5m or Dh2,000 per square feet.

However, agents have not mentioned the premium they are charging. Emirates24|7 reported on Saturday that on average sale prices were in the range of Dh2,000 per square feet.

On April 15, Emirates24|7 reported buyers had started to flip units in Mira townhouse development, seeking premiums of 12 to 20 per cent regardless of there being a 18 month lock in period during which investors are prohibited from transferring the property.

An online portal has got several listings of the three-bedroom town houses in Mira development near Arabian Ranches. A brokerage firm, Distinct Real Estate, is asking anywhere between 12 and 20 per cent premium and has posted several adverts on dubizzle.com.

In July 2012, the Dubai Land Department had 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 Emirates 24|7.

Despite, Emaar not allowing any transfer of property until the investor has made 40 per cent payment, property agents offer facilities such as a power of attorney that authorizes transfer of ownership to the buyer on completion of the aforementioned amount.
Burj Vista, the twin-tower project, will be completed in June 2017.

The payment terms offered by the company are as follows: 15 per cent down payment; 10 per cent in September 2013; 15 per cent in March 2014; 10 per cent each in March and November 2015; 10 per cent in March and 15 per cent in November 2016 and 15 per cent on completion in June 2017.

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.

Other amenities include a fully-equipped gymnasium, children’s play areas, multimedia hall, business centre, play room, lounge areas, swimming pool and kid’s pool, badminton and half a basketball court, relaxing reading areas and lushly landscaped areas.

All the projects - Mira townhouses in Reem; The Address The BLVD; The Address Residence Fountain Views and The Address Residence Sky View in Downtown Dubai - Emaar said have recorded overwhelming response.

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