Defying international developments, Dubai’s luxurious actual property market is exhibiting unbelievable resilience. Bolstered by a flock of excessive net-worth patrons, high-end actual property costs have jumped 89% over the previous yr and the sale of ultraluxe properties priced at greater than $10 million reached an unprecedented stage.
It comes as little shock then that the launch of town’s newest branded residential tower, St. Regis Residences, Monetary Heart Street, noticed 70% of its models promote out within the first hour, totaling over AED 1 billion in gross sales.
“Based mostly on the excellent gross sales on the launch, it’s secure to say that St. Regis Residences, Monetary Heart Street was tailored to suit the necessities of a contemporary, prosperous buyer,” says Abdullah Alajaji, founder and CEO of Pushed Properties. “It was our pleasure to see the business come collectively round such a implausible mission.”
Situated within the coronary heart of downtown Dubai, the brand new property is ready to be accomplished in 2025. Items accessible include one- to four-bedroom luxe flats and four-bedroom penthouses and are being promoted as providing the most important layouts available on the market or 50% greater than the downtown common.
In line with the St. Regis model, the residences will supply quite a few luxurious comforts and facilities. Notable companies embrace personal cooks, spa therapies and pet care. Homeowners may even take pleasure in entry to the constructing’s health amenities together with a operating monitor, outside yoga space and padel courts in addition to a golf simulation room, gymnasium and infinity pool with views of the landmark Burj Khalifa—the world’s tallest constructing.
The success of the launch mirrors that of one other branded residence—the Six Senses Residences The Palm. Slated for a 2024 completion, the Six Senses Residences had offered 75% of its models as of October of final yr.
With over 40 branded residences, Dubai is at present ranked because the world chief in branded properties.
As demand continues to push the luxurious market in Dubai to new heights, residential costs are anticipated to rise, albeit at a slower tempo than in 2022.
Pushed Properties is an unique member of Forbes International Properties, a client market and membership community of elite brokerages promoting the world’s most luxurious houses.