Dubai’s prime property market has regained stability after price swings in the recent past. In the first nine months last year, prime sales volumes rose by 6 per cent and the total value of prime transactions reached Dh2.27 billion, up 9 per cent from the same period a year earlier, according to Knight Frank’s Wealth Report 2018. While prices for prime property fell 3.3 per cent last year, a slight uptick of 1 per cent is forecast this year and a further strengthening ahead of the World Expo 2020, as large-scale investment in new infrastructure projects is expected to improve the overall market sentiment.
“Dubai’s prime residential market has moved through a number of phases over the past five years,” says Taimur Khan, senior analyst at Knight Frank Middle East.
“Strong price growth was replaced by price falls, but the latest data points to a recovery in demand and the beginning of a new pricing cycle,” he adds.
Naturally, for buyers of luxury homes it is not only space that counts, it is also the right mix of individual design and a certain touch of elegance or opulence. This reduces the choice of luxury homes to a smaller bracket and requires a closer look on what the market has to offer.
“The luxury sector has changed over time in Dubai,” says Anton Yachmenev, managing director of Forum Group, which recently revealed the first villas of its ultra-luxury development, XXII Carat, on the Palm Jumeirah. “There are a lot of high-end developments, but many are interchangeable. Nowadays, discerning buyers from all over the world are looking for individual, stylish and sophisticated luxury.”
Here is an overview of Dubai projects with a strong design-luxury balance.
Sector L, Emirates Hills
Emirates Hills is known for its outstanding and amazingly designed villas, and there is a great choice for everyone’s tastes. Among the most precious properties, we would consider Sector L, overviewing the Montgomerie golf course and designed in an impressive mixture of classic and slightly modern architectural style.
Palme Couture, Palm Jumeirah
Palme Couture is among the most expensive, designer-styled apartment and townhouse complexes on the Palm Jumeirah. It is a collection of just 14 residences on the main trunk; the most expensive has an asking price north of Dh70 million. The interiors have been designed by Massimo Lisotti of Dubai-based design studio Innovate Living, using only exclusive and rare materials.
RP Heights, Downtown Dubai
This is one of the lesser-known designer developments in Dubai. A community consisting of boutique property with an eclectic edge and a number of finishes to choose from, including dark bronze and other special paints, tan leather and textural art glass, which create a mix of patterns, textures and colours that make this place unique in terms of interior design.
Alef Residences penthouses, Palm Jumeirah
The penthouses offer spectacular city views on the background of a five-star serviced apartment environment. The design is in the modern-opulent category.
Bromelia Villas, Al Barari
The villas are part of an environmentally-conscious community with a focus on sustainability. The properties have lake views and a stunning blend of Islamic and contemporary architecture.
Bvlgari Residences, Jumeirah Bay Island
This development boasts Bvlgari’s signature style in every detail, whether inside the home, in the common areas or within the wider community.
MAG214 penthouse, Jumeirah Lakes Towers
While Jumeirah Lakes Towers isn’t exactly known as a luxury destination, there are gems to find. One is the amazing penthouse in MAG214, decorated in a lavish style with lots of marble and wood over more than 1,700 sq m. The six-bedroom property has eight bathrooms, a private Jacuzzi, sauna gym and games room. The penthouse is allocated 18 parking spaces.
Sapphire Villa, XXII Carat, Palm Jumeirah
This is a very limited ultra-luxury beachfront community on large plots with different interior design styles and high-end finishing materials and equipment imported from Europe. The design follows a pleasant Mediterranean theme.
District One, Mohammad Bin Rashid City
The huge Mohammad Bin Rashid City will boast its own luxury developments, including design-conscious District One over 4.2 million sq m of prime freehold land, which will be developed as an exclusive destination of key leisure and retail attractions. The villas will be designed in three different themes — contemporary, modern Arabic and Mediterranean, with finishings of tile, marble, wood, carpet and stone. They will also feature smart home technology and have views of the world’s largest crystal lagoon and man-made beaches.
Just Cavalli and Bugatti Villas, Akoya Oxygen
These developments by Damac in Akoya Oxygen don’t try to compete in the multimillion price class, but they are unique in their modern appearance and style, appealing to buyers who have a certain taste in brand names and who appreciate top-notch finishings.
