Dubai is witnessing a boom in developments of high-end off-plan properties. In an über-successful Q1, off-plan developments accounted for 62% of total real estate sales.
Underpinning this growth are branded residences, with a slew of high-profile luxury names — St. Regis, Pagani, Cavalli and Aston Martin, to name a few — actively announcing exclusive projects.
The significant uptick in high-net-worth individuals from abroad choosing to make Dubai their long-term base has played a crucial role, with the EMEA region in general enjoying a 27% increase in that type of investor in the past five years. And though high-end interest in Dubai’s high-end properties is not exactly a new phenomenon — the city thrust itself to the forefront of branded luxury living post 2010 — its deft handling of the pandemic, lack of income tax and pro-investor regulations like the Golden Visa have resulted in a rapidly swelling client base that demands more than just the regular luxury home. Dubai now is catering to an international crème de la crème that expects storied brands.
It is a trend that shows no signs of abating. According to a recent Gulf News report, two-thirds of Fairmont’s upcoming branded residents are set to be in the Middle East — making for a robust growth potential for the discerning buyer. Indeed, Dubai in particular is so strong a draw for the brand that it has recently shifted its global headquarters to the city.
Almost simultaneously, a penthouse at the Bulgari Resort and Residences — whose units nearly quadrupled in price since their launch — has, at the time of writing, become the most expensive ready penthouse ever sold in Dubai at AED 122 million (approximately US$33.2 million). Occupying an entire floor, the residence has been exclusively designed by a team from Bulgari.
Elsewhere, prospective buyers can also cast their eyes on the recently announced Bugatti-Binghatti collaboration, which comes hot on the heels of Binghatti’s tie up last year with Jacob & Co. to develop the world’s tallest standalone residential skyscraper. Both are expected to be inimitable residences.
And therein lies the crux of it all — ultra-high-net-worth individuals are in the market for an unparalleled living experience. Ettore Bugatti is said to have quipped: “If comparable, it is no longer Bugatti.” It is a sentiment that holds true today in the world of branded Dubai living.
ON THE MARKET
Lamborghini Design with Golf Course Views
Dubai Hills Estate
6 bedrooms | AED 39million
These exclusive and futuristic 6-bedroom villas effortlessly reflect the lines and aesthetics of a mythical brand revered for its innovation and cutting-edge design. Beyond the meticulously finished interiors of the villas lies a majestic vista of Burj Khalifa and skyline, all visible from a private lounge overlooking the golf course.
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Bespoke Elie Saab Villa with Golf and Skyline Views
Dubai Hills Estate
5 bedrooms | AED 13.5 million
These exclusive and futuristic 6-bedroom villas effortlessly reflect the lines and aesthetics of a mythical brand revered for its innovation and cutting-edge design. Beyond the meticulously finished interiors of the villas lies a majestic vista of Burj Khalifa and skyline, all visible from a private lounge overlooking the golf course.
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