Dubai’s luxury real estate outpacing London and LA
Dubai’s luxury property market outshines London and Los Angeles in attracting the world’s elite with record homes sales valued over $10 million.
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According to industry insiders, the city leads globally in luxury property transactions and branded residences. They also highlight Dubai’s remarkable growth in the high-end residential sector, drawing comparisons with established markets such as London and LA.
The city’s appeal to buyers is attributed to its political stability, attractive wealth management policies, and lifestyle offerings, positioning it as a top choice among the world’s wealthiest alongside major global cities.
Experts also note a significant shift in the luxury market dynamics post-2020, driven by the pandemic, geopolitical unrest, and a quest for safer environments, enhanced living standards, and tax benefits. This has led to a surge in demand for luxury properties in Dubai, surpassing other cities in this segment. And the competition among developers to offer superior quality and serviced properties, which has further stimulated market growth.
They also see that Dubai has matched the quality and prestige of cities like London, LA, and New York. The city has witnessed a 33 percent increase in property prices since the pandemic, with rental rates also on the rise, offering higher yields compared to cities like Paris and Singapore. Dubai continues to expand its luxury real estate offerings, including branded residences from internationally renowned brands, enhancing its appeal to global buyers.
In addition, experts point out the growing international interest in Dubai’s real estate market, with a notable influx of European investors. The demand for privacy, space, and luxury amenities is on the rise, with projects catering to these desires, such as luxury beachfront villas, attracting attention from high-profile clients.
The variety of nationalities among buyers, valuable investment policies, and Dubai’s strategic position geographically all play a role in its increasing attractiveness. And initiatives such as the Golden Visa residency program aim to further boost the city’s appeal to overseas investors. Additionally, with anticipated population growth and a strong yearly forecast for growth in the residential market, Dubai is poised to maintain its rising status in the international luxury real estate scene.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
This collaboration will extend into the fourth phase of Azizi’s Riviera project in MBR City, with Cummins supplying top-tier power generators.
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Azizi Developments, a prominent private developer in the UAE, and Cummins Inc., a global leader in power solutions design, manufacturing, distribution, and supply, are extending their partnership into the fourth phase of the large-scale Riviera project. Cummins, known for its diverse range of products including diesel, natural gas, electric, and hybrid powertrains, as well as powertrain-related components, like filtration, after-treatment, turbochargers, fuel systems, control systems, air handling systems, automated transmissions, electric power generation systems, batteries, hydrogen generation, and fuel cell products. The manufacturer is globally renowned for its excellence in both innovation and sustainability.
Mr. Farhad Azizi, CEO of Azizi Developments, said: “As we continue our collaboration with Cummins Inc. for the fourth phase of our flagship project, Riviera, we reaffirm our commitment to procuring and utilizing only the highest quality materials. This partnership highlights our dedication to providing exceptional lifestyles for our investors and end-users through the careful selection of premium components. We are confident that our now-broadened alliance with Cummins Inc. will help in maintaining the high standards established for Riviera and further elevate the benchmarks of quality and excellence.”
Riviera is part of Azizi Developments’ award-winning portfolio. It is a stylish waterfront lifestyle destination that comprises 75 mid- and high-rise buildings with approximately 16,000 residences.
Designed to introduce the French-Mediterranean lifestyle to Dubai, which is not merely about architectural art, but also about a certain ‘joie de vivre’ — a celebration of life, an exultation of spirit, Riviera represents a new landmark destination that is both residential and commercial, with an abundance of retail space. Riviera features three districts: an extensive retail boulevard, a lagoon walk on the shores of its 2.7 km-long swimmable crystal lagoon with artisan eateries and boutiques, and Les Jardins — a vast, lush-green social space.
With its strategic location near the upcoming Meydan One Mall and the Meydan Racecourse — home of the Dubai World Cup — as well as Dubai’s most noteworthy points of interest, Riviera represents one of Azizi Developments’ most coveted projects.
Azizi Developments’ Sales Gallery can be visited on the 13th floor of the Conrad Hotel on Sheikh Zayed Road.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
