Defying global trends, Dubai’s luxury real estate market is showing incredible resilience. Bolstered by a flock of high net-worth buyers, high-end real estate prices have jumped 89% over the past year and the sale of ultraluxe properties priced at more than $10 million reached an unprecedented level.
It comes as little surprise then that the launch of the city’s latest branded residential tower, St. Regis Residences, Financial Center Road, saw 70% of its units sell out in the first hour, totaling over AED 1 billion in sales.
“Based on the outstanding sales at the launch, it is safe to say that St. Regis Residences, Financial Center Road was tailor-made to fit the requirements of a modern, affluent customer,” says Abdullah Alajaji, founder and CEO of Driven Properties. “It was our pleasure to see the industry come together around such a fantastic project.”
Located in the heart of downtown Dubai, the new property is set to be completed in 2025. Units available consist of one- to four-bedroom luxe apartments and four-bedroom penthouses and are being promoted as offering the largest layouts on the market or 50% bigger than the downtown average.
In keeping with the St. Regis brand, the residences will offer numerous luxury comforts and amenities. Notable services include private chefs, spa treatments and pet care. Owners will also enjoy access to the building’s fitness facilities including a running track, outdoor yoga area and padel courts as well as a golf simulation room, gym and infinity pool with views of the landmark Burj Khalifa—the world’s tallest building.
The success of the launch mirrors that of another branded residence—the Six Senses Residences The Palm. Slated for a 2024 completion, the Six Senses Residences had sold 75% of its units as of October of last year.
With over 40 branded residences, Dubai is currently ranked as the world leader in branded properties.
As demand continues to push the luxury market in Dubai to new heights, residential prices are expected to rise, albeit at a slower pace than in 2022.
Driven Properties is an exclusive member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.