The overall sales for ultra luxury houses in the UAE has experienced steady growth in recent years with the country being globally recognized as one of the prime markets for ultra-high-net-worth individuals (UHNWIs) looking to invest.
The combination of strong business opportunities along with a lavish lifestyle has ensured that developers are always committed to providing the best possible product to meet increasing demand.
Dubai’s luxury real estate
Mike Meldman, Discovery Land Company Founder and Chairman commented “Dubai is synonymous with luxury, and the influx of UHNWIs in recent years is exemplary. This demographic has invested heavily in the city’s real estate landscape and is one of the key reasons for our expansion into the Middle East.”
According to global real estate leader, CBRE, Dubai reached Dhs 120 billion in residential sales in Q3, marking an increase of over 30% compared to the same period last year. This growth shows the high sales potential for ultra-luxury developments in Dubai, coupled with strong interest from wealthy individuals looking to invest in the city’s premium real estate market.
Knight Frank, the reputable financial consultancy firm, predicts that UHNWIs are expected to spend $4.4 billion in buying Dubai property this year, up 76 percent compared to 2023, showcasing the continuous surge of the ultra-luxury market in the city and the requirement of developers to continue looking at ways to evolve and creating new innovative luxury developments to target additional interest from global investors.
A new trend of luxury concepts that the public has not seen before is unfolding, from megaprojects such as elite private members clubs, and lavish underwater suites.
Discovery Dunes
Discovery Dunes, the first of its kind in the region with its members-only premium residences, also looks to play a part in this ultra luxury market surge.
As part of Discovery Land Company, a global leader in private clubs and communities, spread across 35 destinations, including USA, Latin America, Europe, and the Caribbean, the ultra-luxury exclusive project looks to create long-lasting memories through a rich, diverse offering across 27 million square feet.
Discovery Dunes is located in the Golf district of Dubai South, the largest single, urban masterplan development in the UAE near the area’s new airport expansion and where house demand for approximately a million people will be generated, making it one of the up-and-coming areas for UAE residents to live in.
The new ultra-luxury development will look to provide its members with a feeling of ‘elevated luxury’ through various exclusive facilities, along with having a fully dedicated concierge style services team to enhance members’ experience through various tasks such as organizing travel arrangements, home preparations while they’re away, restaurant reservations, booking golf lessons, just to name a few.
Meldman added “With Discovery Dunes, our goal is to take this to the next level and provide our members and their entire families with unforgettable experiences in an ideal market such as the United Arab Emirates, which was our first choice when we had made our decision to expand in the region.”
Through both Discovery Dunes and Discovery Land Company globally, Discovery members can also experience organic farms, equestrian facilities, kids clubs and cultural programming, as well as access to Discovery Downtown, located at “The Dubai EDITION Hotel” which includes a signature Discovery restaurant and lounge, a private dining room, indoor-outdoor terrace and a state-of-the-art golf simulator, allowing the club to host cinema screenings, among many other activities and benefits.
tanvir@dubainewsweek.com
