Dubai has ranked number one as the top location for branded residences, real estate advisor Savills in its latest Spotlight on Branded Residences. The emirate was followed by South Florida and New York City, ranking second and third respectively, in the list.
“These areas have well-established luxury property markets and attract a range of domestic and international buyers both for business and cultural activity,” the Savills report said.
“After a number of years of evolution, the branded residences sector has proven resilient and adaptable to adverse market conditions, offering security and reliable quality to buyers and attractive returns to developers and brands. With a robust and geographically diverse pipeline, as well as the continued commitment to the sector from developers and brands, the sector is set to continue to expand in the near term,” Savills head of global residential development consultancy Riyan Itani said.
Branded residences as a property sector, has been proven to be “incredibly resilient in the face of global uncertainty and change.”
The sector has reportedly grown by over 150 percent, according to the report, “and the pipeline of future branded residences remains strong.”
The report added that today, “there are 640 schemes, accounting for nearly 100,000 units, operating across every continent, except Antarctica. Supply levels are forecast to exceed 1,100 schemes by 2027, nearly doubling current levels.”
The Middle East and Asia Pacific are attracting more interest and development from global brands. The regions have seen a 400 percent and a 216 percent increase, respectively, in their levels of supply of schemes over the last decade.
“The global growth of the branded residences sector is set to continue, with the Middle East leading the charge by pipeline growth. Across the region, current supply is projected to increase 86 percent by the end of the forecast period,” the study added.
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