"Dubai is traditionally known for its iconic skyscrapers and luxury high-rise buildings, but more and more people appreciate the privacy, spaciousness and grandeur of luxury homes." Hawazen Esber, CEO of MAJ Development, told Arab Business.
Currently, the emirate's real estate sector is at its highest level in 12 years, which Esber believes is a direct result of the recent influx of foreign investors into Dubai. According to Henley, a recent report by & Partners shows that the city is currently home to 210 millionaires and 15 billionaires. The city is expected to have the opportunity to further strengthen its position as a reliable haven of prosperity and well-being.
"At the local level, we are seeing a shift in the preferences of ultra-wealthy residents, who now place a high value on the exclusivity and unique lifestyle inherent in owning luxury homes."
Esber expects demand for this type of property to continue to grow in the coming years, especially because luxury real estate transactions in Dubai are "more convenient than in many other places in the world."
The developer's latest project, Serenity Mansions, located in Tilal Al Gaf, comprises properties of different design styles with six to seven bedrooms. These mansions are designed to meet the unique needs of every luxury homebuyer.
Earlier this year, a project on Lanai hit a record high with a $54 million price tag. This eight bedroom house is located on a large corner lot with a well-designed garden overlooking the private waterfront and over 30,000 spacious living Spaces in square feet.
Serenity Mansions is located in Tilal Al Gaf, with six to seven bedroom villas offering a variety of styles
Despite the increasing demand for bespoke luxury homes, Savills Middle East also noted that more developers are incorporating such properties into their upcoming projects.
"In Dubai, as a global metropolis, the demand for large luxury homes is only going to grow and this is reflected in the increase in the number of Dirham properties priced over 10 million." Swapnil Pillai, assistant director of Middle East Studies at Taiping.
According to Pillai, by 2023, the number of property transactions valued at more than 1,000 has increased by 47% compared to last year.
"In 2023, villas will account for 64% of the total transaction volume of this luxury category," he said.
Such properties account for 64 per cent of luxury properties, mainly because of the houses on Palm Jebel Ali and Jumeirah Golf Estates.
"This trend will only intensify as supply and demand remain healthy," Pillay said.
Palm Jebel Ali and Jumeirah Golf Estates stand out in areas where demand for luxury real estate has increased dramatically
However, Allsopp & Allsopp partner Charlie King said that while he has not seen an immediate surge in demand from clients for properties of this size, he still expects inquiries in this category to increase.
"As the demand for super luxury continues to grow, I expect these requests will continue to be sought after by customers and developers so that they take this into account when targeting the market," King said.
Over the past 18 months, he has noticed that buyers are more willing to purchase five - to six-bedroom properties ranging from 10,000 square feet to 15,000 square feet, rather than larger homes with 10 square feet or more bedrooms. However, people seem to be more concerned about privacy and world-class facilities. "These include underground car parks, gyms, cinemas and health centres."
"I've also noticed that customers often look for brand decor and high-end specifications from well-known brands. In addition, they are interested in volume, ceiling height and spacious rooms. While the view out the window is also a reward item, privacy comes first, "adds Cage.
