The city’s luxury real estate market continues its rebound
Dubai’s real estate market has been on a rebound since the second half of 2021, and the comeback continues as the World Expo brings in an influx of visitors and foreign investment.
After a steep drop in real estate activity during the early days of the Covid-19 pandemic, housing prices in Dubai began to recover in 2021, particularly in the luxury sector, which finished the year with record-breaking transactional value and sales volume.
Dubai’s luxury home market then kicked 2022 off strong with transactions jumping 32% year-over-year to 4,083 deals in January, while the average price per square foot rose 35.1% on the year, according to a recent report by investment bank EFG Hermes.
The booming real estate market was bolstered by the U.A.E.’s swift response to the pandemic and its quick rollout of the vaccine, along with Expo 2020, which started on Oct. 1 and runs through March 31, and has attracted visitors and much-needed foreign investment to the desert city. The event had been scheduled for 2020 but was postponed due to the pandemic.
The huge surge in demand coupled with a shortage of supply, particularly at the top end of the market, has led to property prices going up, according to industry experts.
“It is my belief that 2022 is going to be even bigger than last year and could in fact be a landmark year in the history of Dubai,” said Mark Castley, chief operating officer at Dubai-based brokerage LuxuryProperty.com.
“As the Expo comes to a close at the end of Q1 2022, I think that the post-Expo landscape will be brimming with new opportunities,” Mr. Castley said.
Below are five luxury properties that are new to the market this spring.
Mr. C Residences, Street 24C Jumeirah 2, Dubai Canal
Renderings by Alta
Located on the banks of the Dubai Canal in the heart of Jumeirah, Mr. C Residences is a luxury residential project with 27 high-end serviced homes.
The project was built by Alta in collaboration with Ignazio and Maggio Cipriani, New York–based hospitality legends who gave the homes a sophisticated touch. The architecture has been designed by the internationally renowned firm Arquitectonica, and interiors are the work of the award-winning design boutique Meyer Davis.
Mr. C Residences offers three-, four- and five-bedroom apartments, three- and four-bedroom villas, and one six-bedroom penthouse. Each home comes with a plunge pool, where residents can take a dip in privacy. The project boasts contemporary open-plan living with full-height windows, gourmet kitchens, outdoor terraces, and modern designs with bright airy interiors and views stretching across the cityscape.
But what truly sets the development apart is that all units come with a high level of personalized service. Residents can benefit from valets, butlers, housekeeping, chauffeurs and more, all available on demand via the Mr. C Residents app.
Mr. C Residences launched sales earlier this year.
Number of units: 27
Price: Starting from AED 18.5 million (US$5 million)
Unit Sizes: Three-, four- and five-bedroom apartments, three- and four-bedroom villas, and one six-bedroom penthouse
Amenities: Butler service, housekeeping, 24-hours security, chauffeur service, an infinity pool, rooftop gardens, a cocktail and juice bar, an outdoor movie theater, poolside cabanas with towel service, a fully equipped gym, salon treatment rooms and a children’s play area.
Source: Mansion Global
Author: Yifan Yu