Dubai serviced apartments with Burj Khalifa view sell for premium

George Sell By George Sell
24 January 2014 | Updated 30 January 2017

UAE: Investors are paying up to 10 per cent more for Emaar units with view of the Burj Khalifa.

Serviced apartments sold by Emaar Properties in Vida Residence Downtown Dubai are up for sale in the secondary market with investors asking for premiums up to 10 per cent.

Adverts posted by real estate agencies for units in Emaar's Vida Residence Downtown Dubai are asking for two to 10 per cent premium.

One agent told the Emirates 24/7 website: "We are asking for eight per cent premium since the units we are selling are on the high floors with Burj Khalifa and Dubai Fountain view. Premiums are lower for units on the lower floors with normal Downtown view. The sale will be based on a memorandum of understanding until 40 per cent payment is made. Thereafter, we will apply for no objection certificate and register the sale."

Emaar has banned local real estate agents from selling off-plan property, purchased under their names, until handover.But agents reported that the resales were investor-bought units.

"These units are purchased by investors and not by us… we aren't buying Emaar units directly since they have banned us [agents] from reselling them," said one.

The 57-storey Vida Residence Downtown Dubai comprises 320 units, including one-, two-, three-, and four -bedroom serviced apartments. the development was launched to market ion January 18.

Ahmad Al Matrooshi, managing director, Emaar Properties PJSC, said: "The Vida Residence brand has set a new benchmark in innovative design and aesthetics that appeal to discerning customers. Offering all outstanding amenities and the exemplary service provided by Vida Hotels and Resorts, Vida Residence Downtown Dubai will appeal to young professionals and families who will become part of a vibrant community, and one of the most sought-after lifestyle destinations in the city."

www.emaar.com

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