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Since 2022, Dubai's branded luxury residential real estate market has recorded record growth: sales exceeded 25 billion dirhams, which is 80% more than last year, setting a new sales record for the market.
The latest analysis conducted by the international consulting agency Knight Frank shows that the Dubai branded residential real estate market continues to expand: in 2022, 61% of off-plan apartment sales in the city accounted for branded residential complexes.
Among the leading companies that offer branded accommodation in Dubai are operators such as Ritz Carlton, Bvlgari, Dorchester Collection and Four Seasons. Experts in branded real estate say that buyers today continue to actively look for the best buildings with a high level of service and amenities, as well as with stability and security, which can be provided by leading, recognized brands that manage residences.
In the future, the segment of luxury and branded houses in Dubai will continue to show phenomenal growth, as the city is experiencing an influx of wealthy individuals (HNWI), as evidenced by a sharp increase in real estate transactions of the highest price category, in which Russians are especially actively involved after 2022.
Knight Frank predicts further growth of the branded luxury real estate market in 2023 by 13.5%. This is already a record not only locally, but also globally, as it is expected that no other branded real estate market in the world will reach double-digit growth this year.
As for areas where branded real estate sells particularly well, for example, Faisal Durrani, a partner at Knight Frank, said that over the past two years, Business Bay has been one of the most efficient apartment sub-markets in Dubai, where average transaction prices have increased by 25%.
"Excellent transport infrastructure, including easy access to the key business center of the city in DIFC, has led to a stronger price increase in Business Bay than, for example, in Dubai Marina, where the cost has increased by 9.0% over the past two years", Durrani said.
In addition, branded real estate in Business Bay is 35% cheaper than in Downtown, and attracts the attention of mainly new buyers in Dubai.
