By Staff writer
Developer to launch off-plan sales on Sept 12, just days after report said property prices in Dubai fell by the most in the world over past year
Emaar Properties will launch off-plan sales of apartments at its Dubai Creek Harbour project, just days after a report which said property prices in the emirate saw the biggest fall in the world over the past year.
The Dubai developer will defy the recent slump in property prices and will hold a sales launch for Creekside 18, which features 480 apartments in two 37 storey towers, on September 12 in Dubai and Doha.
The company said on its website: “Creekside 18 development forms the centrepiece of the Dubai Creek Harbour master plan. Surrounded by the business and shopping districts that border Central Park, the residential towers are home to 480 dazzling one-, two- and three-bedroom glass-fronted apartments, all with private outdoor balconies.” Emaar said on its website.
The most expensive of the apartments are expected to be marketed at as much as AED3.8 million.
On Monday, Knight Frank’s Global House Price Index for the second quarter of 2015 ranked Dubai's property sector 56th out of 56 markets covered around the world with an annual price slump of 12.2 percent.
Knight Frank also said prices in the emirate fell by 6.4 percent in the last six months and were down by 2.8 percent in the three months to the end of June.
Last October, Emaar Properties and Dubai Holding unveiled plans for the Dubai Creek Harbour at The Lagoons project, which will contain the world’s tallest twin towers.
Located within the two partners’ joint master development, Mohammed bin Rashid City (MBR City), the masterplan will contain a dedicated retail precinct, pedestrian walkways and The Dubai Twin Towers, an iconic mixed-use development billed to be the tallest twin towers in the world.
At present, the Petronas Twin Towers in Kuala Lumpur, Malaysia, at 452m and 88 floors hold the record for the tallest twin towers in the world.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
While Emaar prevailed during the last property market slump in 2010 due to their reputation as a 'class act', a lot more property has been delivered since that point, and you cannot counteract the general malaise of steadily declining property prices with a single development.
This time round conditions are significantly different. Oil prices are really scraping the barrel, the Chinese economy is faltering badly, both security issues and conflict in the region have entered a completely different dimension and of course as before locally based companies are starting to go to the wall.