Formed from seven sheikdoms, the UAE is the picture perfect spot for all things luxurious. Dubai overshadows the Gulf with its legendary malls, soaring skyscrapers and idyllic islands but there are hidden corners to discover in its six other states for those who can bear to search further afield. Knight Frank’s recent inaugural The Hub Report 2015 found that the last 20 years have played a crucial role in Dubai’s appeal pointing to the growth in financial and business services, trade and logistics and tourism activity which have all fuelled Dubai’s emergence as a global hub. James Lewis, Head of Knight Frank Middle East believes that the impact on real estate has been positive, with higher levels of occupier demand being generated across the office, industrial and hospitality sectors.
“The emirate has established itself as a safe, family-friendly and low tax environment,”
he says,
“which combined with its connectivity to other global centres, has been attracting the world’s growing population of high-net-worth individuals. Naturally then, demand for luxury residential property has been gathering momentum.”
And the future continues to look bright says the report pointing to IMF forecasts which suggest that the UAE’s economy will outperform the UK, US, Germany, Hong Kong and Singapore in the run up to 2020. This, alongside the fact that the federation is among the easiest places to do business globally, should help extend Dubai’s lead as a financial and business services hub in the Middle East. Strong growth over the past decade in manufacturing and exports have been important drivers. Additionally, the UAE’s transport infrastructure, rated as the best in the world by the World Economic Forum, combined with the emirate’s strategic location between Europe, Africa and the Far East have, says the report, been critical in helping Jebel Ali to attain its current position as the busiest port between Singapore and Rotterdam. Tourism too is firmly on the rise. Dubai International overtook London Heathrow last year to become the world’s top airport for international passenger traffic, impressive given that less than 10 years ago it handled around half the number of travellers. Over the last five years, property prices in Dubai rose by 59%, outperforming London (52%), New York (47%) and, Hong Kong (31%) adds Knight Frank Middle East’s research manager Khawar Khan.
“Admittedly, the sector has faced some headwinds over the past 12-18 months,”
he says,
“however the wealthy continue to be attracted to Dubai due to the fact that it remains one of the safest locations in the world, with excellent connectivity, strong economic prospects, a
low tax regime, and strong lifestyle factors.”
Jones Lang LaSalle forecasts the supply of 19,000 residential units in 2016 and a further 17,000 in 2017 for Dubai. At Jumeirah Golf Estates the company is optimistic about real estate trends due to ‘strong market demand and promising developments’ and has noticed a shift in investor appetite in recent years. High-end development Al Barari attracts buyers from India, Saudi Arabia, UAE, UK, Pakistan and Kazakhstan. Martyn Crook, CEO of Asset Management, says the top end of the market is currently fairly stable.
“High-end homes in the UAE continue to sell. Although the rate of purchasing homes has slowed, our buyers are ultra-high-net worth individuals who are relatively unaffected by changes in the property market. They are continuing to invest in Dubai.”
He lists Dubai’s many attractions which, on top of guaranteed sunshine, include; fantastic shopping, world-class restaurants and many significant cultural events such as Art Dubai, Taste of Dubai and Dubai International Film Festival. Recent global unrest has also had an impact:
“Thanks the UAE’s reputation as a safe haven, buyers are continuing to invest in stable markets where their assets are better protected.”
Mr Crook believes that Dhabi’s numerous attractions, modern architecture and its reputation as the cultural hub of the UAE make it an attractive city for investors. Recent oversupply may have dented prices but the future looks bright he says.
“We, at Al Barari, have not been affected greatly, nor have we witnessed a change in our target audience’s purchasing power as a result of decreasing oil prices.”
Buyers want value but, with the UAE Dirham pegged to the US Dollar, they’re getting less for their money than last year comments David Lamb, head of dealing at foreign exchange specialist FEXCO.
“The Sterling UAE rate has fallen to 5.5200 compared to 5.7840 12 months ago. Any Brits looking to buy will be paying more for the same property than they would have this time last year. A 1,500,000 Dirham property bought 12 months ago would have cost £259,336. Today that same property will cost £271,739 – an increase of £12,403 just as a result of a weaker Pound.”
Last but not least, at Amillarah Private Islands, not only can you customise the size, shape and style of your property, each residence will also have its own beach, garden and pool. Renowned designer Koen Olthuis is creating these floating islands which are completely self-sustainable and safe from rising sea levels. Prices are yet to be announced but are estimated to start at around $10 million.
Mohammed Bin Rashid Al Maktoum City at District One, Dubai
District One is just two kilometres from Burj Khalifa, the world’s tallest building, in the heart of Downtown. This multi-billion pound community offers the most central freehold villa properties in the heart of the emirate’s city centre. It will feature the largest crystal lagoon in the world upon completion with seven kilometres of stunning lagoons and man-made beaches and a central amenity island offering recreational activities. Mohammed Bin Rashid Al Maktoum City – District One dedicates 60 per cent of its overall area to open spaces and includes a shopping and dining promenade and a community centre. The development’s seven to eight bedroom Beachfront Mansions have a Mediterranean design reflecting the rich collision of cultures that thrived off the Mediterranean coast and Northern Europe. Property shown here approx
£10.7m / €14.75m / $16.1m Meydan Sobha +971 4403 0000
[email protected]
Anbar Tower, Dubai Marina
Four-bedroom boutique apartment in one of the city’s most sought-after addresses. It features an interior concept in bold statements of black and white, a collection of contemporary furniture and décors, living and dining areas with generous dimensions, massive glass windows that admit natural light into the home, a fully-fitted modern kitchen, housekeeper’s room and three parking spaces. The property also features three large balconies overlooking the marina and community which can be transformed into a ‘sky garden.’ Amenities include a 24-hour doorman, fitness and entertaining rooms, a children’s playroom and a private swimming pool. It is also in close proximity to Dubai Marina Yacht Club, fine dining restaurants and bars.
£2.26m / €3.11m / $3.4m
Sotheby’s Realty International +971 600 545451
LuxuryEstate.com
Falcon Island, Al Hamra Village
This multi-million dollar development is due to be handed over in December 2017. It is a 2.2 million square foot island community within the natural lagoon that forms part of the Al Hamra Village complex. The ultra-exclusive freehold community comprises a collection of just 150 five to eight-bedroom Canal, Beach and Park residences, complemented by private beach access, landscaped green spaces, stunning waterfront views and a signature central canal, giving the development a ‘Venice in the Middle East’ feel. Smart home technology will be a central feature with interior design including high-end furnishings from the UAE’s first-ever Bentley Home Collection and bespoke Italian luxury brands such as Fendi Casa, Kenzo Maison and Alberto Vignatelli’s Heritage Collection.
From £1m / €1.42m / $1.55m
Al Hamra +971 7 243 4477
Redwood Avenue and Redwood Park, Jumeirah Golf Estates
These developments have helped to make Jumeirah Golf Estates one of the most impressive destinations on the European Tour circuit. Overlooking the world-class Fire course, Redwood Avenue contains 47 five and six-bedroom villas and Redwood Park offers a choice of 75 three and four-bedroom townhouses. From the latest entertainment systems to eco-friendly lighting, there are all the right touches and ample living space – particularly in the six-bedroom villa plus study which has a built up area of 11,000 square feet.
Redwood Park from £537,000 / €740,500 / $809,000
Redwood Avenue from £2.8m / €3.8 m / $4.2m
Jumeirah Golf Estates + 971 4 818 2000
[email protected]
Emirates Hills, Dubai
On a beautiful lake view street, this villa features completely remodelled interiors. All flooring, curtains and furniture have been custom designed and imported from Italy and France, while the kitchen is bespoke with Italian details. All bedrooms are a good size and there are two office areas. dining area within this area with doors that open into the large garden and pool area. There is a large separate maid’s and driver’s room outside the villa. One of key features of this villa is the steam and sauna area. This area is a full Turkish bath with steam and wood sauna.
£5.96m / €8.22m / $8.98m
Sotheby’s Realty International +1 305 695 6300
LuxuryEstate.com
Bayti, Al Hamra
The Bayti community will be home to a collection of 162 townhomes in a gated community with access to a private marina and beach, world-class golf course and five-star hotel resorts. Bayti will feature three and four-bedroom townhouses plus swimming pools and parks for exclusive use by residents. The homes (inclusive of nanny’s room) range in size from 2,786 to 4,046 square feet.
From £342,000 / €471,000 / $514,550
Al Hamra +971 7 243 4477
