Dubai-based luxury real estate developer Binghatti is eyeing expansion into new markets as it rides the wave of Dubai’s booming property sector.
In an interview on the AB Majlis podcast, Binghatti Chairman and Co-founder Mohammad Binghatti revealed ambitious growth plans and shared insights on the company’s unique approach to branded residences.
Founded over a decade ago, Binghatti has made a name for itself through its focus on creating iconic architectural designs across its portfolio.
“We set off on this journey around 2008, but really started focusing on iconic design and architecture around 2013,” he explained. This vision has culminated in recent high-profile collaborations with luxury brands like Bugatti, Mercedes-Benz, and Jacob & Co.
The company’s Bugatti Residences project has been particularly successful, achieving record-breaking prices of over AED 9,600 per square foot on average. Binghatti attributes this success to the project’s unique offering, with 182 different layouts ensuring no two apartments are the same.
“We’d like people to look at these spaces as works of art,” he said, comparing the residences to collectible pieces sought after by watch and car enthusiasts.
He revealed that the company’s portfolio currently stands at over AED 40 billion, with plans to grow to AED 100 billion within the next 18-24 months. The developer has been launching new projects at a rapid pace, with plans for at least 12,000 new residential units worth over AED 10 billion to be announced by the end of the year.
While Dubai remains his primary focus, the company is also exploring opportunities in Saudi Arabia and the UK. It recently opened a sales boutique in Riyadh and is in the process of opening another in London.
Addressing concerns about potential oversupply in Dubai’s real estate market, Binghatti emphasized that Dubai’s property prices remain competitive compared to other global cities. He cited average prices of $352 per square foot in Dubai, compared to $868 in London and $765 in Singapore. “Dubai really still poses a very valuable product in general,” he stated.
Looking ahead, Binghatti sees continued strong demand driven by Dubai’s economic growth, population increase, and initiatives like the Dubai Economic Agenda 2033. With its focus on quality, timely delivery, and customer satisfaction, Binghatti is well-positioned to capitalize on these favourable market conditions.
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