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Dubai has seen a surge in the number of branded residential projects in the latter half of 2022, and this trend is expected to continue as demand from international high-net-worth buyers continues to boom. At the end of the year, there were a total of 71 branded residence schemes in Dubai, including well-known luxury brands such as Lamborghini, Armani, Bulgari, and Four Seasons. This is a significant increase of 22% compared to the first half of the year and an additional 42 branded residences are currently under construction.
Dubai has established itself as a hub for branded residences over the past decade, and it is expected to maintain this position in the international real estate market due to the high demand from buyers globally. In addition to the increase in the number of branded residences, their values are also on the rise. The average price per square foot for branded residences increased by 14% in the latter half of 2022 compared to the first half, and buyers typically paid a 37% premium for branded residences compared to non-branded ones in the same area.
The Bulgari Resort and Residence, located on Jumeirah Bay Island, is the most expensive branded development in Dubai with a price per square foot of AED 9,148. The project is categorized as a residential development adjacent to a hotel, which is the most common type of branded residence in Dubai, accounting for 31% of all offerings. The new schemes introduced to the market comprised mostly residential developments with hotel management and standalone residential developments with brand association, both of which have seen a surge in popularity.
Going forward, one can expect that there will be an increase in eco-friendly luxury schemes in Dubai. In an interview captured by Realty+, Elias Hannoush, CEO of Morgan's International Realty, stated that "we may witness the birth of tech-branded residences in the city, bringing cutting-edge technology to residences." This is an exciting development for those who are looking for luxurious and technologically advanced homes in Dubai.
The rise of branded residential projects in Dubai reflects the city's growing popularity among international high-net-worth buyers. With an increasing number of branded residences and their values on the rise, Dubai is poised to continue its dominance in the international real estate market. With the expected increase in eco-friendly luxury schemes and the emergence of tech-branded residences, the future is looking bright for those who are looking for luxurious and technologically advanced homes in Dubai.
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