Dubai’s branded residences now rival those in Miami, New York: Knight Frank

Dubai’s branded residences now rival those in Miami, New York: Knight Frank

The market started to flourish in 2010, with the Armani Residences Burj Khalifa being the first high-end development in Dubai to introduce five-star serviced homes that feature hotel services like concierge, reception and valet parking.

“Since then, we have seen an explosion of this asset class with strong demand from HNW and UHNW buyers from across the globe. Such has been the rate of expansion that Dubai is now a global leader rivalling Miami and New York for completed and pipeline projects,” said Dean Foley, Head of Residential Project Sales and Marketing at Knight Frank Middle East.

In its report, Knight Frank said Dubai now has two clear concentrations of branded residential property: Central Dubai, which stretches outward from Downtown Dubai, along the Dubai Canal and out to Jumeirah, and the so-called New Dubai, which encompasses The Palm Jumeirah, Dubai Marina and Jumeirah Lakes Towers.

What’s driving the demand

There has been an increase in demand for luxury serviced homes in key markets worldwide. Knight Frank’s research showed that there are now more than 500 branded residences across the world, with several hundred more in the pipeline, the majority of which are hotel branded.

According to a separate report by Savills in 2020, the sector