Zaya, a UAE based luxury boutique real estate developer, announced the release of a limited number of additional units at Nurai 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.
Launched in May 2008, Nurai’s first release, which constituted 70% of the development’s units, 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.”
“Nurai represents an outstanding investment opportunity, primarily due to the continued surge of Abu Dhabi’s economy, in particular its property sector, which is expected to drive property values even further upwards.
“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.
“Abu Dhabi continues to enjoy strong immigration prospects, attracting a new influx of residents with the establishment of some of the world’s leading educational and medical institutions, such as John Hopkins University, Cleveland Clinic, the Imperial College London Diabetes Centre, Sorbonne University and INSEAD, among others.
“To celebrate the arrival of Formula 1 racing in Abu Dhabi next year, Zaya will release additional units for sale in November 2009, as we welcome the exclusive guests of one of the world’s richest sport to our shores.”
In August 2008 mobilization on Nurai commenced. Marine works will be commencing in November and will include dredging, sculpturing of Nurai’s beaches, preliminary infrastructure works as well as building the marina and associated marine and rock works. This is all in line with Zaya’s goal to meet its project delivery and handover date, scheduled for December 2010.
