Emaar has just started their EOI phase for their project Valia, the first residential building close to the new Creek square mall.  

After taking a look at the numbers, and comparing it to current Downtown prices. The project is not interesting for the most part, as prices are similar, or just under current market prices. The only units which make sense are the 4 beds, purely based on price per square foot and scarcity within the markets.

When comparing the other unit types in the ready market, with this purchase price, and current state of the market, you would realistically make around 4% NET considering service charges, maintance fee etc. In this case, it'll be better to conisder other projects, or buy ready units. 

The 4 beds however, with the average sizing and prices, it comes down to AED2,526 ppsqft. The current cheapest on the market is AED3,773 ppsqft. The difference in figures is 49.4%. This proposes that the 4 bed is the only viable purchase in this project. As it's not branded, nor the first line to the mall or tower, prices seem to be out of hand for the other unit types.

Although, we can compare it to Downtown. Downtown will always be the main attraction, we can't assume the exact pricing or population will follow. Of course, with all the master expansions of EMAAR, they know what they're doing and to expect. However, from our standpoints, it's interesting to discuss.

Now, my question to the agents, investors, or anyone who's looking at the market. Do you view this project, spefically anything but the 4 bedrooms a worthy investment? If yes, share your insights.

Valia Emaar - First release in Creek Downtown