DUBAI BERTHS IN HIGH DEMAND
The slowing down of the economy worldwide has caused problems for many, but one developer for luxury marine properties in Dubai is determined to make a difference. The developer has decided to create an auction online whereby luxury accommodations in Dubai, such as the Anchor Marina berths on Palm Jumeriah, will be auctioned off to the highest bidder.
Island Global Yachting is confident that it can convince many of the largest spenders in the world to fork out amounts of up to Dh600,000 (the equivalent of $163,000) for a marina property in Dubai, and the company’s chief executive, Michael Horrigan, is hopeful that the auction will draw the same amount of attention and telephonic bids that ensured that a number plate sold for $15 million earlier in 2008 in Abu Dhabi.
Horrigan says that the company is aware that there will be a high demand for the Dubai properties in Anchor Marina, and further says, “We decided to explore new ways of leasing its berths to ensure a level playing field for interested parties – and the idea of an online auction site developed. We are anticipating a huge demand for the berths and this has been considered the most transparent and fair way of launching the first tier of leases.”
Island Global Yachting would not disclose whether or not it had a reserved berth price, nor would it reveal how much money was anticipated to be made from the online auction. However, the starting prices for each berth property in Dubai will depend largely on the size of the property. The prices are anticipated to be more pricy than properties in the Dubai Marina, however, because there are no more available berths there and the waiting period for a berth to become available is over a year. |
