Defying world developments, Dubai’s luxurious actual property market is displaying unbelievable resilience. Bolstered by a flock of excessive net-worth consumers, high-end actual property costs have jumped 89% over the previous 12 months and the sale of ultraluxe properties priced at greater than $10 million reached an unprecedented stage.
It comes as little shock then that the launch of town’s newest branded residential tower, St. Regis Residences, Monetary Middle Highway, noticed 70% of its items promote out within the first hour, totaling over AED 1 billion in gross sales.
“Based mostly on the excellent gross sales on the launch, it’s protected to say that St. Regis Residences, Monetary Middle Highway was tailored to suit the necessities of a contemporary, prosperous buyer,” says Abdullah Alajaji, founder and CEO of Pushed Properties. “It was our pleasure to see the business come collectively round such a improbable challenge.”
Situated within the coronary heart of downtown Dubai, the brand new property is about to be accomplished in 2025. Items obtainable encompass one- to four-bedroom luxe residences and four-bedroom penthouses and are being promoted as providing the biggest layouts available on the market or 50% greater than the downtown common.
Consistent with the St. Regis model, the residences will supply quite a few luxurious comforts and facilities. Notable providers embody non-public cooks, spa therapies and pet care. House owners may even get pleasure from entry to the constructing’s health amenities together with a operating monitor, out of doors yoga space and padel courts in addition to a golf simulation room, gymnasium and infinity pool with views of the landmark Burj Khalifa—the world’s tallest constructing.
The success of the launch mirrors that of one other branded residence—the Six Senses Residences The Palm. Slated for a 2024 completion, the Six Senses Residences had offered 75% of its items as of October of final 12 months.
With over 40 branded residences, Dubai is at present ranked because the world chief in branded properties.
As demand continues to push the posh market in Dubai to new heights, residential costs are anticipated to rise, albeit at a slower tempo than in 2022.
Pushed Properties is an unique member of Forbes International Properties, a client market and membership community of elite brokerages promoting the world’s most luxurious houses.