Dubai leads all the major global cities for having the highest number of branded residency projects
Rates of branded residences in Dubai are the third lowest in the world at $580 per square foot, after Cape Town ($310) and Kuala Lumpur ($280), data showed on Monday.
According to property consultancy, Savills, buying residency property in Hong Kong is the costliest in the world at $4,610 followed by New York ($2,510), Tokyo ($2,160), Geneva ($1,920) and London ($1,670).
It said Dubai leads all the major global cities for having the highest number of branded residency projects, surpassing all major cities. Data showed that the emirate has 44 branded residency projects - both which have been completed and those which are in the pipeline - followed by New York with 31 projects. Other top 10 global cities are Miami (24), Phuket (16), Bangkok (14), Istanbul (13), London (12), Boston (11), Bodrum (8) and Kuala Lumpur (8).
The top three brands in the Mena region based on complete and pipeline schemes are The Address, Vida and Fairmont Residences.
Globally, there are more than 420 branded residence schemes with 65,000 units combined. An extensive global pipeline will see these figures rise by more than half again in the coming years.
Richard Paul, head of professional services for Middle East at Savills, said Dubai has been a hub for foreign investment for over a decade as the emirates attracts not only good domestic demand but it is also very popular among foreign investors.
He added that branded residences have proven to be more resilient compared to overall market. For example, Armani Residences commands 30-35 per cent premium over non-branded residence within Burj Khalifa while Bvlgari Hotels and Resorts in Jumeirah commands 80-90 per cent premium and Vida Residences 20-25 per cent.
Paul said the most preferred brand in the Middle East and North Africa for branded residences are Four Seasons, Mandarin Oriental, Six Senses, Bvlgari Hotels, One & Only and The Ritz-Carlton.
0 comments