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Dubai beats New York with highest number of branded residence projects

Dubai residency projects
Currently, the emirate has 44 branded residence projects including those completed and in the pipeline

Dubai is leading with the highest number of  branded residence projects. With that, it has beaten all major cities in the world, media reports said. 

One of the world’s leading property agents Savillis found that the emirate has 44 branded residence projects including those completed and in the pipeline. It is followed by New York comprising 31 projects.

According to Savillis data, other global cities include Miami (24), Phuket (16), Bangkok (14), Istanbul (13), London (12), Boston (11), Bodrum (8) and Kuala Lumpur (8). 

The branded residence projects in Dubai are resilient. For example, Armani Residences command a 30 percent to 35 percent premium compared to non-branded residences in Burj Khalifa. Bvlgari Hotels and Resorts in Jumeirah quote 80 percent to 90 percent premium, while Vida Residences command 20 percent to 25 percent.

Richard Paul, head of professional services for Middle East at Savills, said that the emirate has been a foreign investment destination for more than a decade. Dubai not only attracts premium demand but is highly popular among foreign investors, 

He noted that the branded residences in the emirate are quite resilient compared to other global markets. Four Seasons, Mandarin Oriental, Six Senses, Bvlgari Hotels, One & Only and The Ritz-Carlton are the most sought-after brands in the Middle East and North Africa for branded residences. 

It is reported that the Higher Committee of Real Estate will effectively increase monitoring and regulating oversupply in the emirate. Last year, a total of 35,000 residential units, both villas and apartments, were delivered in the market — marking the highest delivery. In 2020, 80,000 residential units are expected to be delivered. 

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