Apartments for Poor Billionaires

In Dubai, one of the developers of a new tower envisions the property as the perfect place for the area's poor billionaires -- the smallest of his apartments will be 21,800 sq ft and the largest 87,300 sq ft, according to Ali Al-Taher, a local real estate broker. He was interviewed in the March/April 2008 issue of LORE (Lives of Real Estate). The magazine profiles a different international market each issue. One of Al-Taher's listings is a 13,993 sq ft  fully furnished penthouse with 4 bedrooms and 5 bathrooms that was built in 2007 and is now on the market for $30 million US. He says the typical 3 bedroom apartment in Dubai is 2000 sq ft, the size of a typical house in Richmond, BC. Spacious here comes no where close to spacious there. The largest apartment currently for sale in Richmond is 2443 sq ft and has 3 bedrooms, 2 dens and 4 bathrooms for $838,000. The largest house currently for sale in Richmond is 8671 sq ft with 7 bedrooms and 5 bathrooms for $2.83 million. It is hard to comprehend how big their apartments are. The ultra apartment with 87,300 sq ft would be 85 times bigger than my 1026 sq ft listing in Apple Greene Park. It would be the equivalent of 41 2100 sq ft Steveston houses stacked together or 62 1400 sq ft Trimaran townhouses (almost the size of the whole 65-unit complex!). I can't imagine what the maintenance fees would be like...but perhaps if you could afford an apartment with 87,300 sq ft that wouldn't be your biggest concern.

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