Dubai and luxury go hand-in-hand. Every nook and corner in the city screams luxury and that also includes the residences. While the city’s skyline boasts some of the most gorgeous skyscrapers and very soon there’s going to be a massive addition to this row. A luxurious AED300 million project is coming soon to add more sheen to Dubai’s skyline. What’s even better is that this pretty building will take the shape of a yacht. Intrigued to know more? Read on.
Samana Developers recently announced this massive project that’s set to open in Arjan. The yacht-style project draws inspiration from Mykonos- the Greek island. The luxury residential project will feature 24 retail units and will boast a whole lot of amenities including private pools and many other resort-style facilities.
The Mykonos-inspired homes will cater to be a cost-effective option for tourists and residents looking for staycations. The projected to expected to be completed in October 2025.
Well, with a host of luxury projects in the pipeline, its no surprise that Dubai has been ranked as the fourth busiest market for luxury homes across the world.
Dubai Is Now Fourth Busiest Market For Luxury Homes In The World
The latest analysis carried out by global property consultant Knight Frank reveals that Dubai has recorded a sale of 88 homes above $10m in the first quarter of 2023. The data further revealed that most luxury homes were purchased in Palm Jumeirah, Emirates Hills and Jumeirah Bay Islands. Well, we’re not surprised at all!
Dubai’s Palm Jumeirah, Emirates Hills and Jumeirah Islands accounted to 64 percent of the total sales of homes over $10 million. The prices of homes in these areas reached AED 8,800 per square foot.
However, the Knight Frank study also shows that other areas in the city are also gaining prominence and are likely to be classified as ‘prime’ if they continue to establish themselves as high-end neighbourhoods. Dubai’s Al Wasl-Dubai Canal is one such area which has been attracting high profile investors who are keen on lavish homes in the city’s most desirable neighbourhoods.
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Tilal Al Ghaf is yet another pocket in the city which has joined the growing list of ultra-lux neighbourhoods in Dubai. Andrew Cummings, Partner – Head of Prime Residential Sales said that three homes in TAG sold for over AED 90 million and during Q1, seven villas transacted for over $ 10 million.
Faisal Durrani, Partner – Head of Middle East Research said: “The $10 million plus homes market in Dubai continues to strengthen, with 88 sales being registered in Q1 alone. 2022 saw Dubai record 219 deals above this price point, positioning the city as the fourth busiest luxury homes market in the world. 2023 is shaping up to be another record year for this segment of the market. Read more here.
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