Tuesday, March 23, 2010

Al Barari Holds Promise for Dubai Property Market

Al Barari, the only family owned and operated property developer in Dubai, continues to progress strongly into the first handover phase of its flagship, multi-billion dirham residential address, despite challenging market conditions.

Al Barari is a first-class residential sanctuary located in Dubai’s royal enclave of Nad Al Sheba. Built on 14.2 million square feet of natural and landscaped gardens and bordering protected wildlife reserves, the secluded haven is the lowest density development in the Middle East with the built-up area comprising just 20% of the site.

While residential property prices in Dubai fell by up to 50% in 2009, Al Barari’s 2007 villa prices of between 20 to 50 million dirhams have remained unchanged. Since the project was announced in 2005, Al Barari has sold 70% of its first phase.

“Although our rate of conversions did slow last year, there were around 10 sales of Al Barari properties on the secondary market which had marginal fluctuations in price. This tells us that Al Barari is being offered at fair market value. Investors have decided that current valuations are an accurate assessment of Al Barari’s worth. We also continue to see clear demand for the botanical lifestyle we are offering,” said Mohammed bin Zaal, CEO of Al Barari.

Al Barari says its pricing strategy has remained largely unaffected by the recent property crash because of a considered approach to value creation. According to the developer, sound masterplanning for well-planned, high quality places remains the key to building confidence and value in a development.

A return to the fundamentals of property economics has been the guiding principle for Al Barari. The development, which offers sophisticated, well-designed and sustainable facilities, has fast become one of the most coveted addresses in Dubai.

“Creating a desirable address is as much about offering a unique design concept as it is about driving long-term asset appreciation. As a company Al Barari strives for sustainability across ecology, investment and the community. The project has been conceived as a self-sufficient development; as the neighbourhood grows and the retail and resort facilities open up, it will continue to flourish. This will have a positive impact on property values,” said bin Zaal.

As a zero-debt company Al Barari has been able to take advantage of the slowdown in the construction sector to expedite the project’s progress. Shopping facilities and amenities have been rolled into phase one’s construction schedule to bring added value to investors.

“We have invested heavily in developing the gardens and amenities to optimise the Al Barari lifestyle experience for our early residents. This is really important because we are selling much more than bricks and mortar. Al Barari introduces a new way of life by bringing people together, giving back family time and balancing the haste of city-living. Although our additional amenities are driving up property values, we have made a conscious decision not to pass these onto investors at this stage,” explained bin Zaal.

He also adds that sales of Al Barari homes never became overheated because the family restricted speculator involvement from the start with contractual clauses to prevent flipping and stringent ‘know your customer’ due diligence.

Al Barari has begun handover of 33 villas in phase one of the project, with over 20 families now calling the botanical haven home. Masterplanning for the second phase of Al Barari is currently in progress and includes exclusive cultural quarters for residents. Among the planned amenities are outdoor performance spaces and art galleries as well as music, dance and art schools. This vibrant cosmopolitan precinct will also offer a souq-style market, grand mosque, restaurants, cafes, boutique stores, entertainment facilities and studio offices.


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joye said...

this is really great news for the dubai property market , you can expect the new height in the property market
Book your holidays to dubai