According to Knight Frank, a worldwide property consultant, Dubai’s branded residential real estate market would rise by 80% year on year in 2022. According to the survey, demand for luxury residences has increased significantly, with branded residential estate developments accounting for 61% of off-plan apartment sales in the city throughout 2022. According to the survey, the number of branded residential operators entering the market has increased significantly in response to rising demand from overseas consumers and investors.
Buyers, according to Dean Foley, Associate Partner – Residential Project Sales & Marketing at Knight Frank, are looking for the best buildings with high levels of service and facilities, as well as the stability and security provided by leading, recognised brands operating the apartments. He went on to say that demand has been extremely high from a wide range of buyer nations, including purchasers from Europe, Russia, and Asia.
Buyers are looking for the best buildings with high standards of service and facilities, as well as the stability and security afforded by well-known, reputable companies operating the homes, according to Dean Foley, Associate Partner – Residential Project Sales & Marketing at Knight Frank. He continued by saying that a range of customer nations, including those from Europe, Russia, and Asia, have been placing an incredibly strong demand for the product.
According to Jaidev Menezes, Regional Vice President of Mixed-Use Development (EMEA) at Marriott International, the demand from developers and buyers for their well-known luxury and premium brands and their global portfolio of 225+ projects is what is driving the growth of the branded residences portfolio. He continued by saying that both standalone branded apartments and mixed-use or co-located developments are still in high demand throughout the United Arab Emirates.
According to Aisal Durrani, partner and head of Middle East Research at Knight Frank, the recent revelation of a record AED 13,800 per square foot being paid for a flat in the Bvlgari Lighthouse on Jumeriah Bay Island reflects the depth of demand for branded properties. Dubai has risen to become the fourth busiest ultra-prime market in 2022, after New York, Los Angeles, and London, with 219 property sales at above $10 million.
The survey also noted that Business Bay, with a 25% increase in average transacted prices, has been one of Dubai’s top-performing flat submarkets over the past two years. Business Bay has had more price increases than other areas of the city, such as Dubai Marina, where values have increased by 9% over the past two years. This is due to the city’s superior transportation system, which includes quick access to the DIFC, the city’s primary commercial district. Also, Business Bay is 35% less expensive than Downtown, which is drawing the interest of brand-new residential operators in Dubai including the Ritz Carlton, Mama Shelter, and Mr. C. These homes provide access to the high-end lifestyle that has been associated with Dubai, as well as luxury residential operators with names like the Ritz Carlton, Bvlgari, and Dorchester
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