Pricey New Developments Rise in Dubai
Market is shifting from investors to end-users, especially downtown
The Dubai luxury market has witnessed a gradual shift from investors to end-users in 2018, while off-plan sales remain buoyant.
The number of new releases has decreased, though there is still significant interest in new developments in luxury residential areas that are on the rise—such as Downtown Dubai and Dubai Harbour.
Across the overall market, 1,400 villas and 6,652 apartments sold in the second quarter of 2018, according to Luxhabitat.
“At the top end of the spectrum, it is very much a buyer's market, enticing end-users and foreign buyers to Dubai to purchase their family home,” said Andrew Cummings, managing director at LuxuryProperty.com.
Indeed, Dubai’s latest regulations granting 10-year visas to investors and 100% foreign ownership to all companies operating in Dubai are likely to increase demand for properties in this Middle East financial center.
Below are some properties new to the market in recent months.
The 118 Downtown
The 118 Downtown, Dubai Fountain Street, Downtown Dubai
With only 26 apartments, The 118 is one of the few developments in Downtown Dubai with full-floor apartments. It also features two duplex penthouses.
On each floor, residents can gaze at 360-degree views of the Downtown area, including the Manzil District, Souk Al Bahar, and Dubai International Financial Centre through their 3.5-meter-long windows.
Residents can choose between two styles of furnishing—classic and contemporary. Classic features a warm palette of champagne pearl ceilings, walnut wood floors, French beige marble in the general areas and Serpeggiante marble in the kitchen. Silver travertine, platinum beige stone, honey pearl niches and drama white marbles will pervade.
The contemporary option includes a cool palette of Cafe Bruno marble, crema dolce marble floors, dark walnut cabinetry, as well as oak planks in the bedrooms.
All kitchens will come with Siematic appliances. The temperature-controlled swimming pool has the skyline in the backdrop.
The development was launched in May and move-ins will start this fall.
Number of units: 28
Price: AED 27.395 million to 62.5 million (US$7.46 million to $17.02 million)
Developer: Signature DevelopersUnit sizes: Four-bedroom whole floor apartments and four-bedroom duplexes Amenities: Sauna, steam room, swimming pool, five floors of parking and 24/7 concierge
Photos: Sotheby’s Gulf Sotheby’s International Realty
Grande, Sheikh Mohammed bin Rashid Boulevard, Opera District
Launched in May, this 78-story residential tower is located in the heart of The Opera District, which is home to the iconic Dubai Opera, the new cultural hub of the city.Grande features one-, two-, three- and four-bedroom apartments, and four penthouses. The podium level has an infinity swimming pool and an expansive deck that opens to spectacular views of the Dubai Fountain. Other amenities include a kids’ playground and barbecue areas, a state-of-the-art fitness center and a health club.
The building is set to be one of the tallest in downtown Dubai when completed in mid-2022.
Number of units: 881
Price: From AED2 million (US$540,000) for a one-bedroom to AED8.7 million (US$2.4 million)
Developer: Emaar Unit sizes: One, two, three, and four bedroomsAmenities: Infinity swimming pool, fitness center, children’s playground, barbecue area
Banyan Tree Residences
Banyan Tree Residences, Al Telal Street, DMCC
Branded and owned by Sweid & Sweid, Banyan Tree Residences will feature 235 apartments and boast uninterrupted views in all directions. The single-tower project comprises one-, two-, three- and four-bedroom apartments, duplex apartments with private outdoor gardens, and three full-floor penthouses. All apartments have expansive floor-to-ceiling and wall-to-wall windows promoting natural light.
The project has over 75,000 square feet of amenities, including a private clubhouse and spa, with two dedicated Banyan Tree Academy therapists.
Launched in July, the project will become the city’s first urban residential resort when completed in the third quarter 2019.
Number of units: 235
Price: From AED1.5 million (US$410,000) for a one-bedroom, from AED6 million (US$1.36 million) for a four-bedroom
Developer and architect: Sweid & Sweid
Unit sizes: One-, two-, three- and four-bedroom apartments, duplexes and three full-floor penthousesAmenities: Clubhouse, spa, fitness center with saunas and a squash court, 31-meter outdoor swimming pool, children’s playroom, and an expansive lawn and garden area surrounded by 10,000 plants and trees
Photos: Sweid & Sweid
The Sweden Beach Palace
The Sweden Beach Palace, Sweden Island, The World Islands
Sweden Beach Palace will consist of nine beachfront villas, plus one super-sized version, set in the beautifully landscaped, lush green surroundings of Sweden Island. Each property will have its own private section of beach, and unique to the palaces, a fully owned piece of the marine area plot, including a private coral reef.Inspired by the beautifully crafted and intricate structure of inverted Swedish Viking vessels, the roof of each residence will resemble the upturned hull of a Viking ship. The villas also feature floor-to-ceiling windows presenting views of Dubai’s epic skyline and expansive balconies, and state-of-the-art party/chill-out floor inside the roof area.
There will be an entire floor dedicated for guests, including plush rooms encouraging natural light and panoramic vistas.
The master floor incorporates the master bedroom, which has a freestanding bath made from a single piece of Italian marble. Every villa also comes with a dressing room, finely-finished wardrobes, en-suite bathrooms featuring waterfall rain experience showers and a large multi-jet Jacuzzi.
The first beach palace was completed in August, which is also when sales started. The rest will be completed next year.
Number of units: 10
Price: From AED100 million (US$27.22 million)
Developer/architect: Kleindienst Group/Bentley HomeUnit sizes: Seven-bedroom villas
Amenities: Snow and sauna rooms, a gym and spa, a private infinity pool and outdoor Jacuzzi/whirlpool, landscaped gardens
Photos: Kleindienst Group