Investors snap up Dubai Marina real estate

All 288 apartments in the 37-storey Murjan Tower and over 70 per cent of the 171 apartments in the 28-storey Al Mass Tower at Dubai Marina have been sold by Emaar Properties on a 99-year lease, Chairman Mohamed Alabbar said after the opening of a two-day exhibition to promote Emaar's properties.

An investor for Dubai Marina's tower apartments must pay Dh5,000 at present as a refundable amount to reserve a unit. Then 5 per cent of the purchase price must be paid within 48 hours to make the deal firm. The payment is non-refundable.

The next payment is 15 per cent of the purchase price within 120 days of the five per cent payment. Another 10 per cent is required within a year of the second payment. The balance is payable on completion or early possession.

Prices for Murjan apartments of single, double and three bedrooms and penthouses vary from Dh735,000 to Dh3 million, while for the same apartment in Al Mass they are from Dh747,000 to Dh7 million.

Referring to the leasing period for properties, Alabbar said, "The leasing period for a property is 99 years, like anywhere in the world." Asked if Emaar planned to launch similar projects in other emirates or outside the country, Alabbar said, "We are a profit-driven organisation, we will invest anywhere if circumstances allow us and if we see any benefit. We seek to expand our activities outside Dubai."

He added that great interest had been shown by expatriates and foreign investors in Emaar properties. Referring to expatriates' shares in Emaar, Alabbar said, "Expatriates have been offered 20 per cent of the company's shares to invest in, but unfortunately so far their shares have reached between four and five per cent."

Alabbar assured that there would be no visa problems for foreign investors or buyers to visit or live in the country. "There is no relation between buying a property and visas. I think there should be no problem for foreign and expatriate investors."

The Emaar exhibition was inaugurated by Abdullah bin Mohammed Al Massaood, chairman of the National Consultative Council, and Ali bin Ahmed Al Dhaheri, undersecretary of Abu Dhabi Crown Prince's Court.

Emaar Properties, carrying out 11 projects with a net capital of Dh17.6 billion, was created in 1997. It is 32 per cent owned by Dubai and 68 per cent by investors via a listing on the Dubai Financial Market.

Brian Newman, chief executive at Emaar, referring to overseas interest in the projects, said there had been great response from Iran, India and European countries to invest. "There has been good response from overseas investors, especially from India and Iran. The response from Europe has also been good," he added.