Wealth without limits
The emergence of a new breed of buyer is heating up the top end of Dubai’s property market
A DECADE AGO, LUXURY living meant lavish finishes and furnishings, a nice big swimming pool or two and exclusive, unobstructed views of the ocean or skyline. But with the emergence of the ultra-prime segment, these so-called traditional trimmings are simply not enough and today’s luxury buyer is searching for something altogether more unique and meaningful.
As the number of high net worth individuals (HNWs) in the world steadily increases, so too does demand for one-of-a-kind ultra-prime properties. Developers the world over are competing against each other to truly stand out, while architects and designers are desperately trying to come up with more creative ways to incorporate the latest advances in things like customisation, personalisation and ultraluxury comfort.
In Dubai in particular, there is a growing appetite for luxurious apartments, penthouses and villas in gated communities and we are starting to see a lot more world-class amenities and international standards in certain construction projects. This is in a bid by developers to attract the Ultra-High Net Worth Individuals (UHNWIs) – those with wealth of $30m or more.
UNHWIs are clearly undeterred by the property sector slump in Dubai. They continue to seek exceptional properties and Dubai’s developers are happily feeding the demand.
Dubai is arguably one of the very few global
cities where there is a clear distinction between ultra-prime and prime property markets and it is not just on price. But what distinguishes an ultra-prime residence from a prime one?
Well, to put it simply, those with the cash to splash on ultra-prime properties can afford to be picky. Buyers at the top end of the market want to buy a property that’s going to keep its value and show good growth but one that also ticks all of the boxes in other myriad respects too.
Exclusivity and rarity are very much on trend. The key here is fewer units, in the 20 to 30 range, with larger plot sizes and bigger gardens giving the privileged few much sought-after privacy and physical and visual space.
But with more money involved, they’re looking for five-star amenities, services and features that you just can’t find in the average luxury property. That might be top-of-therange kitchens, luxuriant bathrooms, private beaches, concierge services, somewhere to park their yacht perhaps, or even a free Bentley or Rolls Royce thrown in for good measure.
The value or worth of ultra-prime properties is weighted heavily on personal values and lifestyle and each group, whether it’s the Chinese, the Russians, the Indians or the Arabs, comes with their own set of requirements.
Ultimately, buyers want something that strikes the right balance between aesthetics, exclusivity, rarity and individuality.
And luckily for the UHNWIs, Dubai really does have something for everyone.
THE RICH ARE CLEARLY UNDETERRED BY THE PROPERTY SECTOR SLUMP IN DUBAI. THEY CONTINUE TO SEEK EXCEPTIONAL PROPERTIES AND DUBAI’S DEVELOPERS ARE HAPPILY FEEDING THE DEMAND”
BUYERS AT THE TOP END OF THE MARKET WANT A PROPERTY THAT’S GOING TO KEEP ITS VALUE AND TICKS THE BOXES IN OTHER MYRIAD RESPECTS”
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