Home Trending Designer houses are in demand in Dubai – from Bulgari and Baccarat to F1 leaders and drivers

Designer houses are in demand in Dubai – from Bulgari and Baccarat to F1 leaders and drivers

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Designer houses are in demand in Dubai – from Bulgari and Baccarat to F1 leaders and drivers

Wealthy people from all over the world looking for a luxury home are increasingly turning to one area dubai real estate with frantic demand: Apartments and houses with famous brandssuch as Four Seasons, Bulgari and Cavalli.

The real estate market is growing rapidly Dubaiwhich has emerged as the world capital of the so-called “brand houses” for potential homebuyers.

This week, a buyer agreed to pay 203 million dirhams (more than $55 million) for a Baccarat-branded five-bedroom apartment in an architecture firm that hasn’t even started construction yet. AED 14,000 per square foot (or $40,672 per square meter) is the highest price per square meter for an apartment under construction, breaking the February record for an apartment that sold for AED 160.3 million or ND 13,751 per square metre.

Designer residences in demand in Dubai - from Bulgari to Baccarat for leaders and F1-1 drivers
Baccarat Residencies with Burj Al Khalifa view – Baccarat Residencies

Dubai’s luxury real estate market has skyrocketed as the rich got even richer during the coronavirus pandemic and Russians sought a safe haven for their money after their country’s invasion of Ukraine.

The luxury real estate market in October grew by 89% compared to last year – an impressive recovery from the recession that lasted from 2014 to 2020.

Villas in Four Seasons Residences project in Dubai sold for AED 40 million in 2021. they are now worth more than double, around 100 million.

The jump boosted the value of branded properties sold in Dubai in 2022 to a record AED 25.3 billion, almost a fifth of the value. of the entire market of apartments in the emirate.

Manufacturing companies are joining forces with international luxury brands as they often sell apartments priced 30% higher than regular apartments unbranded apartments depending on the area.

For their brand, each company is paid a commission on the sale of the apartment (which is usually rented fully furnished and equipped) and an annual management fee, with buyers enjoying quality amenities from the brand of their choice.

Recently, Dubai has overtaken South Florida as the region with the most famous construction projects in the world.. At the moment, the emirate has approximately more than 45 such branded objectsand dozens of others that have been announced and are expected to be completed by 2030.

The 28-unit Four Seasons complex was handed over to residents a few weeks ago, and Roger Federer was among the eager buyers, according to two people with knowledge of the matter.

The building’s staff of approximately 40 provides cleaning, security, parking, housekeeping, and other services such as food storage and event management.

“People coming from abroad, especially Europeans, are looking for quality, privacy and services. I can’t name them, but you can imagine: From country leaders to top F1 drivers. However, these facilities are not built without risk. Although rare, luxury brands can withdraw their brand for a variety of reasons, from too high maintenance costs to poor maintenance,” said Scotts Adel, founder of Scotts FZ, a law firm.

“If I were a customer, I would be very worried. Buy Ferrari and get Landa. And they tell you, at least you have a car. “Yes, it’s a car, but not the one I paid for,” he says.

Source: Bloomberg.

Author: newsroom

Source: Kathimerini

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