Emaar Properties has already sold more than 188 homes of a project to be built in Dubai, at almost 50% of the prices for homes being sold in nearby neighbourhoods.
There were long lines of potential customers at Emaar’s sales centre, similar to the scene before the 2008 property crash in Dubai wiped 65 percent off home values as speculative demand dried up. Reports said that police were called to control the crowd, as the homes were sold on first-come first-serve basis.
Emaar offered townhouses for about Dh.550 per square foot, said Rami Abi Faraj, Manager, Better Homes.
Properties in Arabian Ranches close to where the townhouses will be built, at selling homes at Dh.1000 per square foot. Emaar did not respond much to queries about prices at Mira.
One of the potential customers contacted by the media, said that the homes were amazing at very good pricing, and that Emaar may be offering these prices to begin the project.
Nearly 40,000 homes are due for completion in Dubai over the next two years, constituting 11 percent of current supply, said Jones Lang LaSalle in their report.
Further, this year, 28000 homes are likely to enter the market, including 29 Boulevard towers in Downtown, Balqis Residencies on The Palm, the Centrium project in IPMZ and Silicon Gate in Dubai Silicon Oasis.
Majority of the upcoming residential supply this year will be in Dubailand, Business Bay and Dubai Sports City, the report said.
Mira forms the first phase of the Reem development, which also includes schools, parks, shops, a cinema and an amphitheatre, among other attractions.