Saturday, October 18, 2008

Al Barari properties earn good demand from world's super-rich

Al Barari Luxury Villas
According to a property developer in Dubai, its new $6.4bn luxury residential development has drawn more billionaires than in any other part of the world.

Located off the Emirates Road in Dubailand, the villas and apartments of the Al Barari mixed-use development, in the Nad Al Sheba area, are being snapped up by the super-rich.

The Chairman of Al Barari, Zaal Mohammad Zaal, agreed that Al Barari has more billionaires per square meter, than anywhere else.

"Most of our buyers are what you call 'old money'. They are the end-users and we hardly have speculators," he said.

Mohammad Zaal refused to give details, but said that the people here love their privacy. About 300 secluded villas, amidst lakes and trees, are spread across 14.2million square feet of space. Al Barari is one of the lowest density developments in the region, and more than 80 percent of it is in the un-built area.

The villas have a starting price of $10.3mn, and the apartment prices range from $1.4mn to $4mn. Phase one of the project, which includes 300 villas, is about 75 percent complete. The earthworks and infrastructure will begin towards the end of the year during phase two, which includes 32 villas, a six-star boutique hotel, apartments, spa and resort, gardens, shopping areas, apartments, culture village and a grand mosque.

About 200 villas of phase have already been sold, and a huge demand is being witnessed for phase two of the project. The entire scheme would be complete towards end of 2011.

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