According to Morgan’s International Realty, the number of branded residential projects rising in Dubai in the second half of 2022 increased substantially. More residential projects are on the way to meet the booming demand among international high-net-worth buyers. Currently, 42 residential projects are being built in the Middle Eastern city.
By the end of last year, Dubai had 71 branded residence schemes, ranging from Lamborghini and Armani to Bulgari and The Four Seasons. According to the brokerage and property investment consultant, the total was 13 properties, or 22% more than in the first half.
Since the past decade, Dubai has been the centre of international real estate for branded residences, and it will continue to be the most popular region due to a significant increase in demand from buyers around the world, wrote Elias Hannoush, CEO of Morgan’s International Realty, in the report.
Based on the average price per square foot of branded residences in 2022, the average price increased 14% versus the first half of the year, with branded residences usually charging 37% more than non-branded residences in the same area at AED 3,143 (US$856) per square foot.
Branded residences are on the rise, not only in quantity but also in value. The Bulgari Resort and Residences is the most expensive branded development on Jumeirah Bay Island, Dubai, costing AED 9,148 per square foot. Approximately 31% of Dubai’s branded residences are categorized as “residential developments adjacent to hotels.”
There were a number of new schemes introduced, mostly residential developments with hotel management or standalone residential developments with brand associations, which have “seen an increase in popularity,” the report said.
According to Mr. Hannoush, the city will also see more eco-friendly luxury schemes in the future, adding that “cutting-edge technology will be integrated into residences for the first time.”
Source: Mansion Global
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