The real estate sector mostly lies at the centre of growth and economic uplift, not just in today’s rapidly urbanizing world but the trend is somewhat historical. Since the announcement of the decree allowing foreign nationals to buy properties in Dubai, since then the market has become one of the most popular international investment destinations. And the sector continued outshining several other markets, after its howling comeback from the momentous halt imposed by the global pandemic.
Scope of real estate growth in Dubai
2022 proved to be an exceptional year for Dubai real estate sector in terms of demand, transaction volume and influx of global high-net-worth individuals. Seeing the demand, developers have announced countless new projects, which were purchased by renowned companies, investors and celebrities. Recently, an Indian business tycoon bought the most expensive villa in Dubai for $163 million, which is located on Palm Jumeirah.
The impressive performance of the luxury real estate sector in Dubai in the first half of 2022 continued for the rest of the year as well. Rising demand for luxuryproperties for sale in Dubai coupled with increasing prices gives hope to all stakeholders that the sector will continue flourishing and fuel the country’s economic growth in several years to come. The trend is ongoing and will continue in 2023 as well because thousands of high net worth individuals are expected to move to Dubai.
October 2022 – A high grossing month in Dubai real estate sector
The Dubai real estate sector exhibited 62% growth as compared to October 2021, which is impressive in its own way. Around 8,700 property transactions were recorded in October 2022, with a total worth of AED25 billion, which is nearly double the value of transactions recorded in 2021. The transaction volume for both ready apartments and off plan properties for sale in Dubai was around 6,500, which is almost double the volume recorded in October 2021.
According to real estate group CBRE, the total residential sales in Dubai in the first half of 2022 reached 39,269 units, the highest since 2009. The luxury real estate sector has a stellar track record in the first half as well, and a large majority of estate agents in Dubai expect it to continue following a similar path – a high volume of transactions and several new records to be made. This will hold true for both the luxury and ultra-luxury real estate markets due to the extraordinary demand observed for this sector.
Two new ultra-luxury projects announced in Dubai
Abbas Sajwani launched AHS Properties in 2021 and less than a year later, the company has announced two more ultra-luxury real estate projects. Both new projects are planned in Palm Jumeirah and Dubai Canal and are expected to bring the gross company value to $550 million. Properties for sale in Palm Jumeirah have always been known for their unique architecture, world-class facilities and signature amenities.
Project Plan
Both developments launched by AHS Properties will be 9 storeys high and comprise only 25 ultra-luxury penthouses and sky villas. The ultra-luxury real estate projects are designed to offer an exclusive, the most secluded and private ultra-luxury residential experience to the residents. Owing to their spectacular location, both developments punctuate some of the most sought-after views in the city.
Speaking about the brand-new ultra-luxury developments, Sajwani said, “We are working with world-renowned architects and brands to revamp these properties to meet the growing demand for ultra-luxury living. AHS Properties aims to set the highest bar for delivering unique and quality ultra-luxury homes for our clientele and giving them the best of the best.”
According to the blueprint of these projects, the interior design will be done by 1508 London and Hirsch Bedner Associates and both of the Palm Jumeirah project and the Dubai Canal project will be priced at circa $1,100 per sq. ft. Other features of these developments are:
- State-of-the-art spa
- Private cinemas
- Private swimming pools
- Full-equipped fitness centres
- Cigar Lounges
- Community Hall
- 24/7 Concierge Service
It is also notable that the global architect Shaun Killa from Killa Design and the designer of the world-famous the Museum of the Future, will be the lead architect for both projects.
Ultra-luxury properties for sale in Palm Jumeirah always remain in higher demand and investors are keen to invest there, pushing demand and property prices on the higher side by at least 15 per cent, this year alone.
A majority of real estate experts are of the view that AHS Properties has chosen a perfect time to launch these projects because the city is abuzz with FIFA lovers and hotels are already fully booked. Most of the FIFA World Cup visitors have already been showing high interest in Dubai real estate projects.
“There are only a handful of new homes expected to be completed between 2023 and 2025 in ‘Prime Dubai’ area that includes the Palm Jumeirah, Emirates Hills and Jumeirah Bay Island. AHS is one of the main players in this tight space and we are proving to be a competitive player,” Abbas Sajwani further stated.
AHS Properties – At a glance
AHS Properties was announced by Abbas Sajwani in November 2021 with a total asset value of more than $100 million, comprising four luxury villas and properties for sale in Palm Jumeirah and Emirates Hills. The company has already sold three of its ultra-luxury villa projects in Plam Jumeirah – with a combined value of over $75 million.
AHS Properties has earned a reputation for selling uber-luxury properties for sale in Dubai, and now it has acquired two plots on Palm Jumeirah and Dubai Canal to construct two low-rise ultra-luxury developments in Dubai. With the aim to deliver unique and high-quality ultra-luxury properties for sale in Palm Jumeirah, the company is working with world-renowned architects and brands to revamp these properties to meet the growing need for luxury properties in Dubai.
In order to register your interest in these two luxury developments, you can call us at +971 4876 2473 or write us at info@hfre.ae.
