Dubai: The Global Leader in Branded Residences
A recent report by Savills indicates that Dubai has claimed the top spot for the highest concentration of branded residences worldwide. In a display of exceptional growth and a testament to the city’s relentless pursuit of innovation, the country has the most projects in the pipeline as compared to any other market in the EMEA region. The sector is projected to skyrocket with an impressive growth rate of over 72 percent until 2030.
The Unmatched Appeal of Dubai
Rico Picenoni, Director of Global Residential Development at Savills, praises Dubai for its unique stance in the global residential space. “Our residential development consultancy team tracks the global branded residential space supporting developers and brands alike, and we have found no other market quite like Dubai. The emirate catapulted to the forefront of the branded residential sector in the decade following 2010,” said Picenoni.
Dubai’s meteoric rise in the residential sector is expected to continue, making it roughly 30 percent more active than the second most active market globally, South Florida. With a record of more than 16 percent compound annual growth over the last 20 years, Dubai’s performance is remarkable, especially when compared to high-profile markets that have demonstrated no more than 5 percent compound annual growth.
A Race of Giants: London and Cairo Trail Behind
Following Dubai, London and Cairo have secured the second and third positions in the global ranking of branded residences. However, the growth and dynamism of Dubai’s residential sector continue to set it apart as the global frontrunner.
Branded Residences: A Symbol of Aspirational Living
According to Picenoni, the extraordinary growth of branded residences as a segment of the EMEA residential property sector is expected to continue. The rising number of High Net Worth Individuals (HNWIs) globally is set to create a new source market of aspirational HNWIs looking for secondary or primary homes.
YOO inspired by Starck, YOO Studio, Versace, Trump, and Roberto Cavalli are among the top non-hotel brands by completed schemes. The EMEA region has seen the number of HNWIs grow by 27 percent in five years, creating high demand for branded residences.
Proven Resilience: The Attraction of Branded Residences
The branded residences sector has displayed resilience and adaptability to adverse market conditions, making it an attractive option for buyers. Notably, Dubai’s DAMAC Properties launched a property development with the iconic fashion brand Cavalli, further strengthening Dubai’s position in the branded residences sector.
Conclusion
As Dubai continues to lead the way in branded residences, the sector’s anticipated growth is a testament to the city’s commitment to innovation and luxury living. With its dynamic growth and resilience, Dubai is set to remain a top choice for HNWIs globally, reinforcing its position as a world leader in the branded residences sector.
