Branded luxury residence booms in Dubai

Inayat-ur-Rahman, Business Editor

Branded luxury real estate has become the new asset class and Dubai is the hub. After Versace and Giorgio Armani, a new global luxury brand Mercedes-Benz AG enters into the real estate market in Dubai. This was stated by Kashif Ansari, CEO and Co-founder of Juwai IQI, during an exclusive interview with Gulf Today.

Mercedes moving into real estate demonstrates the confidence and solid growth outlook for the Dubai real estate market. Luxury properties are in vogue in Dubai.

It clearly illustrates the booming real estate market in Dubai, which is housing to world top notch businesses and investors. Dubai is booming at the moment and sends strong signals to global investors for its vibrancy and growth in the city’s future outlook. Demand for luxury real estate is very strong and it is expected that developers are planning to deliver 125,000 units in Dubai in the next five to six years. Major areas of attraction for investors are. Emirates Hills, Palm Beach Jumeriah, Jumeriah Bay Island.

“Macroeconomic stability and strong investments from global investors makes Dubai an ideal place for high networth players to buy property in the city. UAE economy is set to grow between 3.5% and 4% in 2024 which signifies the growth stability of the country. Consumption and investment patterns are very solid at the macro level.”

Kashif stated that it is expected that global sophisticated and smart investors will invest $3 to $4 billion in 2024 with Chinese, European, UK, Central Asian Republic, latin America,

Indian and Pakistani as major investors parking funds in the real estate market.

Global sophisticated and smart investors who value real estate for the long run are taking long term position in dubai. Real estate has become an important asset classes for many investors in the last 10 years including sovereign wealth funds, endowments, pension funds and institutional investors. Tangible asset class for wealth protection ie real estate. 1970s era is back in action with smart investors buying real estate for wealth preservation.

Kashif shared his insights for 2024: Dubai real estate market is poised to touch new highs based on the premise that investors sentiments are positive and economic outlook for UAE remains buoyant.