Dubai's Emaar Properties to unveil its Forte

The sluggish market scenario notwithstanding, the Dubai real estate market is gearing up to witness some big-ticket project launches in the months ahead.

First off the block is Dubai's largest realty developer, Emaar Properties which is said to be clearing the decks for the launch of its second twin-tower project in Downtown Opera district scheduled for May 30.

The Opera District is a stylish cultural hub of Downtown Dubai most popular for hosting the Dubai opera, a 2,000-seater, multi-format venue for opera, theatre, concerts, art exhibitions, orchestra, film, sports events, and seasonal programmes which is slated to open sometime later this year.

According to sources in the know, the unveiling of the first tower is expected to happen simultaneously across three cities - Dubai, Abu Dhabi and London. It may be recalled that the company had previously launched its first residential tower in the Opera District - The Opera Grand - earlier in 2014. The 66-storeyed residential tower project hosts over 200 apartments.

Christened Forte, this new twin tower project has been designed by noted Japanese architects Nikken Sekkei. Featuring two towers of 50 and 70 storeys each, Forte will offer buyers a choice between 1, 2 and 3 Bedroom units ranging from 650 - 1,800 sq ft. While Emaar is yet to disclose the launch prices, the prevailing market price for its Opera grand project are priced between Dh 2,500-2,800 psf.

With Dubai's realty market currently in the grips of a slowdown, experts are hinting at a possible price correction in the later part of this year. The global ratings agency, Moodys has stated that the present slowdown was positive from a long-term perspective, negating the possibility of a potential overheating and allowing the market time to absorb the excess supply. However it also warned that property prices could fall by as much as 10-15 percent later in the year.

Endorsing this likely scenario, Knight Frank, the UK-based real estate advisory and JLL, the realty consultancy have also hinted at a possible 5-10 percent fall in property prices in this desert emirate.

However experts hasten to add that the Dubai's government's plan to suitably upgrade the city and its infrastructure facilities by boosting foreign investments into various sector in preparation for the much-awaited Dubai 2020, is likely to provide buoyancy to the real sector over the next five years atleast.