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Dubai’s branded residential market continues to deepen, with 61% of off-the-plan apartment sales in the city linked to branded residential developments by 2022, according to new analysis by global property consultancy Knight Frank.
Knight Frank noted that a slew of new branded residential operators had entered the market, helping to meet demand from international buyers and investors for luxury properties in the city.
Jaidev Menezes, Regional Vice President, Mixed-Use Developments (EMEA), Marriott International, said: “Marriott International operates three branded residences in Dubai, located in Bulgari, St. Regis and W. We have announced eight new branded residences in Dubai, Covering brands like Ritz-Carlton, St. Regis, W and Marriott with more coming soon!”
“Growth in the branded residential portfolio is driven by demand from developers and buyers for our established luxury and premium brands, as well as our global portfolio of more than 225 projects. We continue to see demand in the UAE for standalone branded residences as well as mixed-use or co-located projects ,”He said.
Dean Foley, Associate Partner, Sales & Marketing, Residential Projects, said: “Dubai’s branded residential sector has grown exponentially over the past few years. Buyers are looking for the best buildings with high levels of service and amenities as well as stability and security by leading A well-recognized brand manages residences.”
“We recently launched The Ritz-Carlton Residences in Dubai’s Business Bay and there has been exceptionally strong demand from buyers of various nationalities, including buyers from Europe, Russia and Asia,” he noted.
Faisal Durrani, Head of Research Middle East, Knight Frank, said: “Business Bay has been one of the best performing apartment submarkets in Dubai over the past two years, with average transaction prices up 25%. Excellent transport infrastructure, including easy access to Dubai The city’s main business center in the IFC has led to price increases in Business Bay that outpaced Dubai Marina, for example, with a 9% increase in value over the past two years.”
“Business Bay is also 35 per cent cheaper than the city center and has attracted the attention of branded residential operators new to Dubai, including the Ritz-Carlton, Mama Shelter and Mr. C, although the latter is located a bit further up the canal,” he noted .
“These residences offer a luxury lifestyle that is now synonymous with Dubai, with luxury branded residence operators such as The Ritz-Carlton, Bulgari, The Dorchester Collection and Four Seasons all capitalizing on Dubai’s demand for high-end residences ,’ he pointed out.
Durraani noted that the record price of Dh13,800 psf achieved by the Bvlgari Lighthouse apartment in Jumeirah Bay reflects the depth of demand for this type of housing.
Branded residential property sales will exceed AED25.4 billion in 2022, an 80% increase from 2021, according to research by Knight Frank.
With 219 home sales above $10 million, Dubai was the fourth busiest market for super-luxury homes last year, behind New York (244), Los Angeles (225) and London (223), it added.-TradeArabia News Service
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