High-end property demand continues to be a valued asset despite the challenging times
Ultra-prestige property developer Zaya at Real Estate Investment World Summit in Riyadh
naseba, a leading firm specializing in organizing high profile conferences and events, is set to host the second annual Real Estate Investment World Summit, taking place on 24th-26th May 2009 in Riyadh in the Kingdom of Saudi Arabia (www.reis-saudi.com). The three-day summit will bring together key government bodies, high net worth individuals, property developers, private and institutional investors, financial institutions and large family business owners. The summit will focus on the latest trends and issues in the industry, such as the international investment climate, Islamic financing and its risks and returns, investor sentiments and transparency of laws and regulations, investment in the Middle East and Africa with major focus on the property market.
Despite the economic slowdown, the high-end property market in the Middle East region continues to prosper as Zaya, a high-end property developer taking part to the Summit, explained. The clientele in this market consists of business owners, investors and family businesses from GCC countries, India, Russia, UK, Germany and France.
“Savvy investorsSavvy are looking to protect the value of their investments in areas that can weather the economic storm and high-end property has been proven to be one such asset group. The target customer base is also increasingly looking to protect their investments in assets that are expected to not only retain their value in an unstable market, but also grow in value over the long term. High-end homes operate in their own universe because the very wealthy are largely immune to the main factors dragging down the broader market.” shared Nadia Zaal, the CEO and Co-founder of Zaya.
The market for high-end property is expected to remain sustainable and retain its value as the demand for trophy and second homes continues to exceed supply. Zaya is an excellent example and a success story in sustainable development and prosperous property business.
Its debut project is Nurai’s Island, an exclusive resort residential community housing a distinctive collection of limited-edition beachfront estates of 12,960 square feet and luxury contemporary water villas of 5,936 square feet. Within a month of Nurai’s launch, 70 per cent of the project was sold out captivating elite investors and high net-worth individuals seeking the ultimate in exclusivity and luxurious living. Zaya’s management confirmed that Nurai remains on course to meet its project delivery and handover date of December 2010 – foundation work on the Beachfront Estates is set for completion by August 2009.
“Zaya is backed by the financial strength and experience of its joint-venture partners putting it in a strong position to face the challenges of the global property market,” said Zaal, pointing out that the project has remained on schedule despite the current industry slowdown. “In creating a vibrant, well-planned and sought-after private island community, we believe the long term equity of the properties will steadily appreciate in value, particularly with Abu Dhabi as the backdrop to Nurai, given the city’s financial stability and sustainable growing economy – Abu Dhabi’s GDP is expected to triple to about $300 billion in 2025 .”
Based in the UAE, this young and dynamic boutique real estate developer has firmly positioned itself to lead the luxury property market by offering premium and unique developments that will redefine the standards for lavish and contemporary living experiences in the Middle East region, especially in the Kingdom of Saudi Arabia.
The Saudi economy is by far the largest in the region and is well positioned to outperform others in the region in the face of the current global economic downturn. The growing economy, strong demographic fundamentals and recent regulations changes and transparency laws are considerably driving the real estate market in the Kingdom, increasingly generating investors’ interest. In view of that prosperous situation, Zaya decided to exhibit the Beachfront Estates’ model at the Real Estate Investment World Summit in Riyadh. According to a Jones Lang LaSalle report released earlier this year, while overall market conditions are likely to be challenging across the region over the next 12 to 24 months, there will undoubtedly still be opportunities for smart players to outperform and succeed.
“Given this impressive business climate, it makes a lot of sense for us to introduce Zaya to Saudi investors. On the one hand, we see a potentially rich source of investors who will appreciate the kind of value and return on investment they will get out of a project like Nurai, or similarly planned luxurious developments which we hope to roll out in the region, as well as in Europe, Asia and America. On the other, our participation in this event should enable us to meet strategic partners – for instance, developers and other important stakeholders – who we can tap as we pursue our development projects in the region and elsewhere in the world.” Zaal concluded.
