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Dubai has been a sought-after destination for luxury residences. It is strategically located at the crossroads of Europe, Central Asia, South Asia and Africa, granting it a cosmopolitan environment. Thus, the city has a diversified trade economy led by multinational firms and tourism.
A well-known international realty firm has described the emirate as an upcoming destination for ultra-high-net-worth individuals (UHNWI) seeking luxury properties. The Europe, Middle East and Africa Luxury Residential Real Estate Report 2015 states that the city is home to 495 UNHWI and 34 billionaires. Additionally, the emirate’s sunny climate and lifestyle make it the centre for the world’s top sports and entertainment events which attract the UNHWI.
Adding to its kitty, its investor-friendly realty regulations draw foreign investment. Furthermore, according to Jones Lang LaSalle’s inaugural City Momentum Index, Dubai is the world’s third most dynamic real estate market after London and San Francisco.
Today, Dubai’s luxury residence prices are measured at $834 per square foot on an average. Therefore, prices of new luxury development projects are on the higher side.
For instance, the Dh1 billion luxury residence project Jade at The Fields in Mohammed Bin Rashid Al Maktoum City offers premium three- and four-bedroom townhouses at a starting price of Dh2.26 million.
Another luxury project is Maram Residence at the Burj Khalifa district. The 27-story twin residential towers offer one- to four-bedroom apartments and six penthouse suites at a starting price of Dh1.7 million. The towers boast an exclusive infinity pool deck and lounge.
Still another luxury residential tower called 1/JBR will be built at the entrance of Jumeirah Beach Residence. It will consist of two- to four-bedroom apartments and five-bedroom penthouses.
These luxury residences will include landscaped gardens, great views, children’s play areas, pools, gyms, parks, retail outlets and other amenities.
• Realty developers in Dubai keep churning out luxury residential projects
• New developments include Jade at The Fields, Maram Residence and 1/JBR
• The emirate’s investor-friendly realty regulations attract foreign investment
Source: Arva Shikari, Special to Properties
The writer is a freelancer