Property agents in Dubai say that Emaar has sold nearly 80 per cent of the 253 off plan villas it plans to build at its Arabian Ranches extension in Dubai in the first week of sales.
Dubai based Emaar, the developer behind the world's tallest building, the Burj Khalifa, was reported on Tuesday to have sold 197 of the off plan "Casa" villas which it launched last Saturday and is expected by many to have sold out by the end of the week.
Rather than getting potential investors to queue outside its sales office as it did with previous well publicised releases, Emaar asked anyone wanting to buy the 3,100 to 3,750 square feet villas located at an extension of its Arabian Ranches scheme off the Emirates Road to register online.
The development of Moroccan-style three and four-bedroom villas dubbed Casa - inspired by the Moroccan city of Casablanca - will be located next to Emaar's existing Arabian Ranches scheme but diagonally opposite the polo club.
The new scheme is understood to be located on a plot of land bought from rival property developer Dubai Properties Group (DPG) in July. It is located in what was earmarked to be part of DPG's stalled Dubailand development.
"People are still coming and still buying but the atmosphere is more relaxed than with previous launches," said Mario Volpi, head of sales and leasing at Cluttons. "This is much more of a normal market. The sales price is slightly higher than we have seen with previous launches but that is not deterring many investors."
It has been a busy couple of days for Emaar. On the day that the new Casa villas went on sale, Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, announced that the developer would be partnering with Dubai Property Holding to develop Mohammed Bin Rashid City, a mega project featuring the world's biggest shopping centre, more than 100 hotels and a Universal Studios theme park. The news prompted shares in the company to rise 4.93 per cent in intraday trading on Monday.