Beth Hirshfeld
Developers in Dubai have responded masterfully to the influx of the world’s elite, offering idyllic properties that boast first-class architectural design, customization, and service.
When the Burj Al Arab opened in 1999, its glorious design and impeccable service inspired the phrase, “the world’s first 7-star hotel” and cemented Dubai’s stature as a city of “Luxury Living”. The hotel, strikingly set on a man-made island, offered a new standard in luxury. Its high-end finishings included the largest Swarovski crystal ceiling in the world, interiors gilded in 24-carat gold, and a helipad for private arrivals. It also offered 24-hour butler service, two Michelin-starred chefs, and customized services such as bespoke floral arrangements in each guest suite, and a Pillow Menu offering 17 different options. Building on this, Dubai’s reputation for luxury living has translated over to its real estate market. The latest property developments offer the highest in architectural design, customization, and service, creating an idyllic place for the world’s elite to either redomicile or have a second home.
Attracting the World’s Elite
In comparison to other global cities, Dubai offers relatively affordable luxury homes, and this is just one of many reasons Dubai is enticing the world’s business leaders, family offices and ultra high-net worth individuals. As outlined in Dubai’s Time to Shine (HYPERLINK), its welcoming, safe, and easy way of life, and its skillful handling of the pandemic has brought increased global attention. This, paired with Dubai’s low tax rates (including no income tax), its convenience for business and travel, and its first-class healthcare and schools, has attracted the world’s elite in droves.
In the first 6 months of 2021, Dubai saw an incredible 3.8% increase in high-net-worth individuals in the emirate. A recent Boston Consulting Group report highlights that the UAE’s wealth held by individuals reached $600 billion USD in 2020. Individuals with a net worth of $100+mm hold around 34% of the UAE’s wealth, while 26% is held by those worth between $1 to $100 million. And as outlined in “Optimizing the Dubai Real Estate Opportunity” (HYPERLINK), the global composition in the UAE is also shifting, with European interest, particularly from the UK, France and Germany, growing exponentially as they became more familiar with Dubai thanks to its able handling of COVID-19. The UAE is quickly becoming an epicentre for the world’s business leaders.
Real Estate’s Reflection and Response
The real estate market, in turn, has both seen the impact of this growth and responded to it in kind.
With the influx of high-net worth individuals, Dubai has experienced a 48% surge in high-end property sales in 2021. By September 2021, a record number of homes worth $10million had been sold and Dubai villa prices had seen an increase of 16.5% year on year. From mega-mansions to glorious penthouses, increases in luxury property purchases spanned all of Dubai whether in the traditional luxury communities such as Emirates Hills and Palm Jumeirah or newer neighbourhoods like Dubai Hills Estate.
Not only have property developers and owners seen the benefits of this high-end population growth, but they have also adapted their offerings to accommodate this influx. Properties are being introduced onto the market that cater fully to the luxury, design and service that these high-net-worth individuals expect. Many of the new properties have enlisted leading designers, architects and artists, while also offering owners the ability to customize their homes and embrace their preferences, all while ensuring exclusivity and privacy, and the highest levels of service and amenities.
The Latest in Luxury Properties
Below are a few of the recent offerings introduced into the Dubai market.
Photo: Volante Tower Business Bay
Volante is an exclusive residential tower with 45 exquisite units that each enjoy gorgeous views of the Dubai skyline. Everything is designed to ensure the residents’ privacy and enjoyment, including a full floor Private Club for Residents and their guests that hosts a Lounge, Spa and Garden areas. With the highest luxury finishes, smart home technologies, and reinforced walls to hang precious art, every full floor apartment has two kitchens, including a light kitchen in the main living area as well as a wet/heavy duty kitchen in the rear of the apartment, as well as separate service elevators that can deliver items into the apartment without interrupting the unit owners.
Photo:The Address Fountain Views
The Address Fountain Views is a fully serviced high-end residence, adjoining a 5-star Address hotel. The properties boast floor-to-ceiling windows offering unobstructed and spectacular views of the Burj Khalifa, Dubai Fountain, and the greater downtown Dubai skyline that are unparalleled throughout the city. Its prime location allows residents to access the world’s largest mall - Dubai Mall - through a covered walkway, and to take full advantage of Downtown’s restaurants and shops. The residents can also use the hotel’s amenities which include in-house dining, a stunning infinity pool overlooking the city, and a high-spec gym with yoga studio and personal trainers.
Photo:Dorchester Collection
With only 39 apartments, Dorchester Collection’s luxury residences perch on the edge of the Dubai canal and offer lavish apartments, grand terraces, manicured gardens and stunning views of Dubai. Managed by the UKs renowned hotel group, homeowners can expect a wide range of services, resort style amenities and divinely designed spaces, including full use of the adjoining hotel’s facilities and dedicated yacht berths at the marina.
Photo:Atlantis The Royal Residences
Located on the crescent of the Palm Jumeirah, Atlantis, The Royal Residences incorporate both the classic design of the Atlantis brands and the cutting-edge architecture that has put Dubai on the map. Brought to life by world-leading architects and Parisian interior designer Sybille de Margerie, the exquisite penthouses offer breathtaking 360-degree views of the Arabian Gulf. Each Penthouse has its own expansive terrace, pool, and luxurious dining and living spaces. In addition to the dedicated residents’ lounge, homeowners enjoy expert concierge and housekeeping services, a state-of-the-art gym, luxury spa, steam room and sauna, private beach and a 90-metre sky-high infinity pool.
Photo:Dubai Hills Estate
For those that prefer a stand-alone villa, areas within Dubai Hills Estate offer exclusive ultra-luxury villa communities situated by an 18-hole championship golf course, and surrounded by lush greenery and extensive amenities such as cycling tracks, tennis courts, and walking trails. Owners can choose to purchase a home that is fully finished and move-in ready, in the shell and core stage to be designed as they wish, or an empty plot to build a unique home that matches their exact specifications. Located in the heart of Dubai, the area offers owners easy access to all of Dubai’s hotspots while also feeling far away from the bustle of the city in Dubai Hills’ tranquil surroundings.
As Dubai’s luxury real estate property market has grown, it has attracted leading service providers from around the world. In April 2021, Christie’s International Real Estate – the world’s leading luxury real estate agency – established an affiliation in Dubai to service its global and local clients in the market. Attracting some of Dubai’s top real estate and industry talent, the company is already making its mark. With its unmatched reputation for quality and its impeccable white glove service, Christie’s International Real Estate – Premier Estates completed the largest single sale real estate transaction for 2021 (HYPERLINK TO ANNOUNCEMENT) and is emerging as a leading player in the emirate’s high-end real estate market.
With a world-class level of bespoke properties and real estate services becoming the market standard, Luxury Living may have found its “forever home” in Dubai.
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