Dubai is facing an increasing growth of luxury branded residences, according to Unique Properties. With UAE being home to nearly 70,000 millionaires, the country is set to witness a 22 percent rise in high-net-worth households by 2027.
Dubai’s property sector has leveraged luxury with lifestyle living and has become a lucrative destination to attract high-net-worth-individuals. According to Unique Properties, these factors have contributed to Dubai’s emergence as the world’s best location for branded residences.
“The rise of Dubai’s branded residence segment started with Armani Residences in Burj Khalifa in 2010. Luxury brands and developers have gradually realised the concept’s mutual benefit – but there has been a significant uptick as of late,” said Arash Jalili, Founder and Chief Executive Officer of Unique Properties, UAE HQ.
“In the first half of 2022 alone, more than 3,300 transactions worth over AED160 billion were recorded. The demand for branded residences is becoming increasingly apparent, demonstrating great potential for the foreseeable future and the country’s overall real estate sector is projected to receive added investment with the Qatar World Cup officially underway.
“The branded residences segment is among these beneficiaries. According to FIFA, nearly three million tickets have been sold until now and with the overwhelming demand witnessed by visitors from across the globe, this will drive a huge influx of visitors to neighbouring countries – with Dubai arguably being the preferred destination of choice,” he concluded.
The top 5 residential areas with the highest count of HNWIs are Jumeirah First, Al Barsha, Jumeirah, Arabian Ranches and Al Thanyah, according to a report by Webster Pacific. Over 35 percent are concentrated within Jumeirah and Al Barsha.
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