Illusions of grandeur

To make it as luxury real estate in the Gulf region these days, a development must have more than a funky name and a public relations consultant. Nurai, a residential island just off Abu Dhabi’s coast, is one example of a successful luxury real estate development in United Arab Emirates. Launched back in 2008, the project boasts of waterfront living in privacy, “stunning designs” and “attention to detail”.    Zaya, the developer of Nurai, had identified a gap in the ultra high-end real estate market and the project proved resilient in the economic crisis of the following years. With buyers sticking with their commitments to the million-dollar properties on Nurai, Zaya co-founder and chief executive Nadia Zaal attests to the viability of catering to the narrow market segment of luxury real estate targeting high net-worth individuals.    “It is the only segment where demand across the world continues to outstrip