{"id":416,"date":"2015-12-23T00:26:36","date_gmt":"2015-12-22T17:26:36","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/al-barari-sells-75-of-luxury-ashjar-apartments-despite-dubai-slowdown\/"},"modified":"2016-01-03T13:49:49","modified_gmt":"2016-01-03T06:49:49","slug":"al-barari-sells-75-of-luxury-ashjar-apartments-despite-dubai-slowdown","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/al-barari-sells-75-of-luxury-ashjar-apartments-despite-dubai-slowdown\/","title":{"rendered":"Al Barari sells 75% of luxury Ashjar apartments despite Dubai slowdown"},"content":{"rendered":"

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\nThe real estate sector in Dubai may have softened through 2015 but the developer of Dubai\u2019s Al Barari is claiming to have bucked the trend. Al Barari\u2019s Ashjar apartments are 75 per cent sold out with completion of the full development not expected until December 2017. Ashjar means trees in Arabic as 80 per cent of the current 18.42 million square foot Al Barari development is made up of green space, themed gardens, and freshwater streams. The off-plan sales would seem to go against the current market conditions. Nearly a third of all the homes expected to be completed in Dubai this year are sitting empty, brokers say.
\nPoor market conditions and construction delays have been blamed for the situation as brokers slashed their estimates for completions.According to the property broker CBRE, about 6,000 homes in areas such as Sports City and Dubailand have been largely completed but have not yet been handed over to buyers.\u201cWhile we would love to have seen all our off plan units sold, 75 per cent is a great number,\u201d said Martyn Crook, Al Barari\u2019s chief executive of Asset Management. \u201dOnly 52 of the 203 homes remain available for purchase. We havn\u2019t compromised on price, we have been selling off plan at Dh1,720-1,750 per sq ft and the one bedroom is a minimum of 2,000 sq ft, 3 bed – 4,000 sq ft.
\n\u201cThe market isn\u2019t like 2007, now buyers want to see a development that is established and finished to the original specifications. We have a further five-year development plan that we will adhere to and are still confident in the UAE market.\u201dWith the Ashjar development announced in May 2014, the apartments have averaged about four to five sales per month. According to the property data company Reidin, the number of property sales in some parts of the city has fallen by more than 45 per cent since the most recent peak in 2013. Earlier this month the property broker Cluttons said that the Dubai market was likely to continue to soften with a revival in its fortunes unlikely to take place until at least the end of next year.
\n\u201cAl Barari has done what a lot of developers have done, by broadening their market,\u201d said Craig Plumb, head of research at property consultants JLL. \u201cThere are not a huge amount of buyers for massive upmarket villas whereas apartments in established, verdant, areas are an easier sell. The 75 per cent sold is a respectable amount but it is a reflection on the market right now \u2013 there are still buyers out there but money goes where it\u2019s safe, therefore reputation and reliability is very important.\u201d
\nascott@thenational.aeFollow The National\u2019s Business section on Twitter
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\nSource : thenational.ae
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