Rental & Sales Prices in the Dubai Real Estate Market Continue to Grow Significantly
Amidst the trend for ultra-luxury real estate in the UAE, the high-end developer; Alpago Properties plans to form a Billionaires’ Row in Dubai, with the completion of its first signature villa on Frond G of the prestigious Palm Jumeirah. This strip of land is already home to 13 ultra-refined residences, 6 of which are being developed by Alpago Properties. Prices of these properties vary between AED 120M to AED 300M (USD 33M to USD 82M) and are expected to put Dubai on the map as one of the most exclusive destinations for upscale real estate in the world. Murat Ayyildiz, Chairman of Alpago Group, said:
In the last number of years, the Dubai high-end residential segment has been marching ahead with spectacular growth. Being the playground of the world’s wealthiest individuals, ultra-luxurious residences are more important now than ever.
The new opulent Riva Del Lusso villa is a 10,000 sq. ft beachfront property, which features 5 bedrooms and 7 bathrooms, ensuring plenty of space for a comfortable living. In addition, the homeowner will be able to benefit from a private swimming pool and basement parking for 8 cars. According to Alpago Properties, the second villa is to be finished by the end of June.
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Palm Jumeirah has recently witnessed the launch of AVA at Palm Jumeirah, which is the 12th realty project of OMNIYAT. The development offers 17 opulent residences, with private pools and terraces, as well as a one-of-a-kind sky palace spread over several floors, which will be the first of its kind in the region. As revealed by Mahdi Amjad, the Founder and Executive Director of OMNIYAT, the construction of the project has already started.
Managed by the iconic hospitality brand, Dorchester Collection, AVA at Palm Jumeirah will be equipped with infinity edged swimming pools, a resident-only cinema, lounges, and a fitness center and spa. As well as all the above, occupants will be treated to a range of customized 24/7 services, such as personal valet and floristry services, doorman and porter services, and other a la carte offerings.
As stated in the latest Henley Global Citizens Report, the UAE ranked the top millionaire destination worldwide in 2022, as about 4,000 more millionaires are expected to relocate to the UAE this year, making it one of the country’s biggest millionaire net inflows on record. Most millionaires in the UAE come from Russia, India, Africa, and the Middle East.
As Philippe Amarante, the Managing Partner at Henley & Partners, and the head of the firm’s Dubai office, said:
UAE residents stand to benefit from among the world’s most competitive tax rates, along with the likes of Monaco and Bermuda. In terms of lifestyle, the UAE is a renowned luxury hub, with top-end apartments and villas, and world-class shopping malls and restaurants. For those with children, there are excellent international schools, and many beaches with yachting, water sports, and other leisure activities.
In terms of estimated HNWI growth over the next 10 years, the Henley Private Wealth Migration Dashboard predicts that the number of millionaires and billionaires will rise by 40% in the UAE. Taking into account all the above-mentioned information, it is clear that the ultra-luxury market in Dubai will keep thriving, with more exclusive projects to come in order to fix an undersupply of upscale properties within the local market.
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Is living in Dubai for 13 years and helping Tenants, Landlords and Investors for the past 7 years. She will share with you her wealth of experience, assist you to make the right property choice and answer all your questions related to documentation, procedures, property inspection, move in and many more.
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