Dubai luxury real estate among the world's most affordable markets | Kanebridge News
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Dubai luxury real estate among the world’s most affordable markets

Thu, Feb 29, 2024 7:28pmGrey Clock 2 min

Dubai not only achieved a new high with the sale of 431 homes valued above $10 million each last year but also maintained its status as offering more value compared to major cities like London, New York, and Singapore.

Last year, Dubai set a new record by selling 431 luxury homes for over $10 million, while the luxury real estate segment saw a near 16% price increase. Nevertheless, Dubai is considered one of the most budget-friendly locations for purchasing luxury real estate, as stated by global property experts Knight Frank. The Wealth Report from Knight Frank highlighted that prime residential prices were robust in 2023, with Dubai being a standout in the luxury real estate sector.

Out of 100 markets analyzed in the Prime International Residential Index (PIRI) by Knight Frank, 80 showed stable or positive annual price growth. The average increase in luxury prices was 3.1% in 2023, with Manila at the forefront with a 26% increase and Dubai closely following with a 15.9% increase. Following Dubai were The Bahamas at 15%, and both the Algarve and Cape Town tied at 12.3%.

Prime residential values in Dubai, covering areas such as Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island, witnessed unprecedented growth in 2023, starting from a low base, according to Knight Frank.

Faisal Durrani, the Middle East and North Africa Research Head at Knight Frank, noted that Dubai’s luxury real estate market is predicted to grow by 5% in 2024, following a 16% increase in 2023 and a 44.4% surge in 2022.

Durrani highlighted a significant 38.5% reduction in the number of prime homes for sale in Dubai in 2023, mirroring a 52% drop in the Burj Khalifa’s sales inventory. This trend indicates that homeowners are increasingly opting to retain their properties longer, reflecting a shift towards long-term residency and investment in the prime market.

Despite the surge in sales of luxury properties, Dubai remains at the lower end of the scale in terms of the world’s most expensive prime markets. Comparatively, $1 million in Dubai can purchase significantly more residential space than in cities like London, New York, or Singapore, enhancing its attractiveness to the global elite.

Will McKintosh, Regional Head of Prime Residential at Knight Frank MENA, emphasized that Dubai’s residential market has matured, with the city’s appeal bolstered by its relative affordability, safety, and lifestyle offerings. This has attracted international second-home buyers and encouraged residents to establish deeper roots, leading to the development of sought-after communities beyond luxury waterfront properties, such as the balanced lifestyle offered in Jumeirah Islands.



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Tonino Lamborghini Unveils New Luxury Residences in Ras Al Khaimah

Tonino Lamborghini recently revealed a new luxury project comprising 241 units in Ras Al Khaimah, developed in partnership with Arista Developments.

Tue, May 21, 2024 2 min

Named the Tonino Lamborghini Residences, this project promises a fresh take on luxury living with its iconic design, cutting-edge amenities, and stunning sea views.

Set on Al Marjan Island, the development is adding 241 high-end units to the area’s real estate offerings, all reflecting the sleek, Italian elegance associated with the Lamborghini name.

These residences are designed to impress, featuring modern architecture that harmonizes with the scenic surroundings and interiors marked by meticulous craftsmanship and top-quality finishes.

Living in this one of the project’s units means access to a range of upscale amenities: a state-of-the-art fitness center, multiple swimming pools, beautifully landscaped gardens, and dedicated areas for children’s play. The complex also offers a business center with a conference room, an outdoor BBQ area, and a chic café, catering to all aspects of high-end living.

Arch. Abdulla Al Abdouli, Chief Executive Officer, Marjan, expressed excitement about the introduction of Tonino Lamborghini Residences to Al Marjan Island, noting the project’s blend of sustainable construction and smart home technologies. This integration, he mentioned, guarantees a luxurious lifestyle equipped with the finest modern amenities, reflecting the exquisite Italian craftsmanship. He is confident that this new venture with Arista Developments will significantly boost the allure of Al Marjan Island as a top lifestyle destination in Ras Al Khaimah for both investors and residents.

Tonino Lamborghini, President of the Tonino Lamborghini brand, said: “We are delighted to be among the pioneers in this remarkable new destination in one of the seven emirates of the UAE. Our heartfelt gratitude and recognition go to H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, for his visionary leadership and foresight, and for embracing innovative strategies to revitalize a region full of potential.”

Mr. Arthur Chu, Chairman of Arista Developments, highlighted the project’s ambition to capture the essence of the Tonino Lamborghini brand in every aspect of its design. He described the development of a prestigious residential tower on Al Marjan Island that will reflect the lifestyle and beauty synonymous with Lamborghini. From the sharp, well-defined lines of the exterior to the elegantly designed interior common areas, every detail is crafted to showcase the brand’s distinctive elegance and sophistication. Chu emphasized that the interior designs, personally crafted by Tonino Lamborghini, aim to fully immerse residents in the Italian brand’s luxurious identity.

The variety in housing options is vast, ranging from one and two-bedroom apartments to duplexes, sea view villas, signature villas, and exclusive penthouses.

The collaboration between Tonino Lamborghini and Arista Developments blends iconic Italian style with expert real estate craftsmanship. This venture marks Lamborghini’s first introduction to Ras Al Khaimah and represents a commitment to setting new standards in luxury and modern living.

 

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