An IMGW News Report
Some 20 years ago or so, Dubai was almost empty, except for a few modest high rises, with camels strolling on the sandy dunes and a hazy scenery. But today, it has sprawled into a glitzy, out-of-this-world mecca for the wealthy—or for individuals from all walks of life seeking new opportunities and experiences.
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Dubai, a city renowned for its architectural marvels and opulent lifestyle, is increasingly becoming synonymous with more than just residency by investment. In recent years, a remarkable surge in ultra-luxury branded residences has reshaped the skyline and the real estate landscape of the Emirati metropolis.
From iconic names like Bulgari to the sophistication of Armani, these branded residences offer a lifestyle that goes beyond mere accommodation. Imagine living in a space where every detail exudes the essence of renowned luxury brands, where impeccable service meets exquisite design.
The concept of branded residences involves integrating the design and service ethos of luxury brands into residential complexes, often adjacent to or within their hotels or resorts. This trend has seen a significant uptick globally, with the sector witnessing a staggering 160% growth in the past decade, and projections hinting at a near doubling of schemes worldwide by 2030. At the forefront of this trend is Dubai, boasting more luxury branded residences than any other city globally, surpassing traditional leaders like South Florida.
These residences redefine exclusivity and extravagance, offering not just homes but experiences. Take, for instance, the Bulgari Lighthouse, a masterpiece conceived by ACPV Architects and Neverending Studio. Situated adjacent to the Bulgari resort, this architectural gem offers fully furnished apartments, each meticulously crafted to embody the Bulgari aesthetic. Here, residents can seamlessly transition from hotel to home, enveloped in luxury from the moment they step inside.
Similarly, the Armani Beach Residences on Palm Jumeirah epitomise sophistication and style. Designed by the acclaimed Japanese architect Tadao Ando, these residences seamlessly blend minimalist design with Armani’s timeless elegance. Residents enjoy exclusive access to amenities like a private beach and spa, curated to enhance their lifestyle.
Residency laws were further expanded in 2022, allowing for a broader Golden Visa programme, introducing new visas such as the five-year Green visa, increasing the maximum age to sponsor sons from 18 to 25, and allowing employment visa holders to stay for an extended period following visa cancellation. This will no doubt further boost the number of people looking to settle in the UAE, driving real estate growth even further.
What sets branded residences apart is the attention to detail and the promise of unparalleled service. For brands like Bulgari and Armani, renowned for their commitment to excellence, extending their expertise into real estate is a natural progression. These residences offer more than just a place to live; they provide a sense of belonging, a connection to a lifestyle synonymous with luxury and refinement.
Moreover, branded residences cater to a discerning clientele, often comprising individuals with multiple homes worldwide. For them, convenience is paramount, and the seamless integration of services, coupled with the assurance of quality, is a compelling proposition. These residences offer the best of both worlds: the privacy of a home with access to world-class amenities and services.
From a developer’s perspective, the allure of branded residences lies in their ability to command premium prices and attract high-net-worth individuals. In Dubai, branded residences carry an average premium of 86%, signalling the demand for luxury living experiences. Developers leverage the brand association to create aspirational properties that stand out in a competitive market.
Furthermore, branded residences contribute to the diversification of revenue streams for luxury brands, leveraging their reputation to extend into new domains. For residents, it’s not just about owning property; it’s about owning a piece of a lifestyle synonymous with prestige and sophistication.
In a city like Dubai, where the real estate market thrives on off-plan sales and speculative investments, branded residences offer a sense of security and reassurance. Buyers are drawn to the promise of quality and service excellence associated with these esteemed brands, making branded residences a preferred choice in a dynamic market.
As Dubai continues to attract global talent and investment, the demand for luxury living experiences is poised to grow further. Branded residences, with their blend of luxury, convenience, and exclusivity, are set to play a pivotal role in shaping the city’s real estate landscape for years to come. With an array of upcoming projects and a commitment to delivering unparalleled experiences, Dubai’s luxury branded residences are poised to redefine opulent living in the modern era.
According to the Dubai Land Department, the total value of real estate transactions in Dubai in 2021 was AED 155 billion ($42.2 billion). This staggering figure underscores the resilience and dynamism of Dubai’s property market, reflecting sustained investor confidence and robust demand for premium real estate offerings. Branded residences, with their promise of luxury living and unmatched prestige, undoubtedly contributed significantly to this thriving market, attracting discerning buyers from across the globe. As Dubai continues to solidify its position as a global hub for luxury living and investment, the allure of branded residences is expected to remain a driving force in the city’s real estate sector, further enhancing its reputation as a premier destination for opulent living experiences.
Residency laws were further expanded in 2022, allowing for a broader Golden Visa programme, introducing new visas such as the five-year Green visa, increasing the maximum age to sponsor sons from 18 to 25, and allowing employment visa holders to stay for an extended period following visa cancellation. This will no doubt further boost the number of people looking to settle in the UAE, driving real estate growth even further. These progressive measures signal the UAE’s commitment to attracting global talent and fostering a conducive environment for long-term residency, making it an even more appealing destination for investors and property buyers alike. With an influx of individuals seeking to establish roots in the country, the demand for luxury real estate, including branded residences, is expected to surge, further propelling Dubai’s status as a premier hub for luxury living and investment.