Dubai ranks first among the top three branded residential markets globally
Dubai ranks first among the top three branded residential markets, as the local real estate market has been reporting excellent results, mainly in the prime and super-prime sectors.
The city is competing against Miami and New York, with Miami having the highest concentration. However, Dubai has successfully overtaken both of them.
These are the main factors driving Dubai’s thriving branded residential market rise.
Dubai ranks first among the top three branded residential markets globally
Dubai has evolved to become a key hub for branded residences in recent years. There are two main concentrations of branded residential property: Central Dubai (stretching outward from Downtown Dubai, along Dubai Canal and out to Jumeirah 1) and New Dubai, with The Palm Jumeirah, Dubai Marina and Jumeirah Lake Towers.
Developers’ creative solutions to attract new buyers and investors
Alongside traditional branded residences that appeal to global Ultra-high-net-worth individuals (UHNWI) clientele, there has been a strong pull towards creating more investment grade product. Developers have started to recognize the tremendous investment potential in branded residential products.
Lifestyle brands making an entry
Until recently, established names from the hospitality industry have dominated the branded residential market landscape, with Four Seasons, Mandarin Oriental, along with other established brands under Marriott and Accor, to name a few. But in more recent years, the residential market has been making room for lifestyle brands. Porsche, Bvlgari, Cavalli and Elie Saab, each with their loyal customers, joined the race to provide ultra-luxury branded residential homes.
“Brand” new branded residential neighborhoods
Downtown Dubai and The Palm Jumeirah have limited development opportunities, which is driving developers to look to the peripheries of these locations. As the Dubai market continues to evolve and mature, Missoni, Mama Shelter, Pagani and the Dorchester Collection are all establishing a presence and pushing the center of attention to areas such as Business Bay.
The arrival of these prestigious brands has contributed to the overall increase in residential demand in Business Bay, which recently joined the exclusive $10 million worth club in Dubai.
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