For the world’s rich, one segment of Dubai’s real estate market is increasingly the destination of choice: apartments and townhouses with a brand name, like Four Seasons, Bulgari and Cavalli.
Dubai recently overtook South Florida to become the spot with the most branded projects in the world.
For the world’s rich looking for places to stash their wealth, one segment of Dubai’s real estate market is increasingly the destination of choice: apartments and townhouses with a brand name, like Four Seasons, Bulgari and Cavalli. Luxury real estate boomed in Dubai as the rich got richer during the Covid-19 pandemic and as Russians looked for safe havens for money after their country’s invasion of Ukraine.
“Their popularity has been supercharged by the wall of capital from the ultra-rich that continues to target the city’s luxury homes,” Faisal Durrani, head of Middle East research for Knight Frank, said in an email. Dubai recently overtook South Florida to become the spot with the most branded projects in the world. There are now nearly four dozen branded projects in Dubai, with a few dozen more announced and set to be built by 2030, according to a report from Savills out this week.
“I cannot name them, but you could imagine: You have heads of states, you have top Formula 1 drivers.”
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