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Dubai's Emaar to launch hi-rise tower in Downtown Opera District

The slowdown in transaction volumes in Dubai’s property market is not putting brakes on new project launches.

Emaar Properties, Dubai’s largest property developer, is set to launch its second twin-tower project in Downtown - Opera District on May 30, real estate agents told 'Emirates24|7'.

“This is the second project in the Opera District. We are told that the launch of the first tower will take place simultaneously in Dubai, Abu Dhabi and London,” the agent said on conditions of anonymity.

In 2014, the developer had launched Opera Grand, the first residential tower in the Opera District. The 66-storey tower houses over 200 apartments.

Called Forte, the 71-storey tower, will have one, two and three bedroom units, ranging from 650 to 1800 square feet in size. Though the developer has not disclosed the launch prices, market listings for Opera Grand currently are between Dh2,500 and Dh2,800 per square feet.

Last month, 'Emirates24|7' reported that Emaar had sold out Maple, townhouse community in Mohammed Bin Rashid City with prices between Dh1,000 and Dh1,100 per square feet.

Moody’s Investors Service, a global rating consultancy, has stated that the slowdown in the market is “positive in the long run” and alleviates the “potential overheating” though prices could fall 10 to 15 per cent in 2015.

“We believe that the slowdown in Dubai's real estate market is positive in the long run, as it gives the market time to absorb the existing supply pipeline, while also alleviating our concerns about the housing market potentially overheating,” the agency said.

Knight Frank, a UK-based consultancy, has estimated prices to be down by 5 to 10 per cent, while JLL, a real estate consultancy, as well putting the fall at up to 10 per cent.

The rating agency, however, asserts that Dubai government’s plan to upgrade the city for the Expo 2020 through infrastructure spending and encouraging foreign investments in various sectors will provide market support over the next five years.

The Opera District is a stylish cultural destination in Downtown Dubai and at the heart of the district is Dubai Opera, a 2,000-seat multi-format venue for opera, theatre, concerts, art exhibitions, orchestra, film, sports events, and seasonal programmes. It set to open this year.

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