The big question is how will the credit crunch affect real estate markets outside the traditional western economies. Dubai is a classic case in point.
Zaya, a UAE based luxury boutique real estate developer, recently announced the release of a limited number of additional units at it’s Nurai development on the opening day of Cityscape Dubai 2008. The news follows reports by leading investment houses and Abu Dhabi`s Department of Planning and Economy that show that the city`s real estate prices are almost certain to keep rising, at double digits, until 2012. Can this be true? I guess we’ll wait and see….
Zaya are very upbeat about their prospects after Nurai’s first launch in May 2008, which constituted 70% of the development`s units, and was sold out in less than a month.
The additional units being released include limited edition beachfront estates of 12,750 square feet which sit on generous plots, each with its own private beach, as well as luxury contemporary water villas of 5,540 square feet, which offer an unparalleled over-water living experience.
Nadia Zaal, CEO, Zaya LLC, said:
`We believe that the turmoil of the international financial markets represents an opportunity for us, as the super wealthy are looking to invest in exclusive developments such as Nurai. The super wealthy know that ultra exclusive properties hold their premium value well in market downturns. Due to this demand, we are now releasing a limited number of additional units to cater to this discerning clientele.`
`In addition, Nurai`s intrinsic value as an investment, lies in its spectacular location and proximity to Abu Dhabi`s key upcoming world class projects including Saadiyat island, Yas Island and Suwwa Island – guaranteeing exclusivity yet simultaneously offering residents convenient access to Dubai and Abu Dhabi`s various cultural, shopping, recreation, entertainment and investment opportunities”
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