The launch of Armani on Palm Jumeirah heightens anticipation, while a deal at the Burj Khalifa brings in Dh150 million (€38 million)
Dubai’s real estate scene is about to see the grand unveiling of Armani’s highly anticipated second project in collaboration with esteemed master developer Arada. As the summer season approaches, Armani has strategically chosen this moment to launch its magnificent project on the prestigious palm tree. According to industry insiders, this project is set to be the highlight of the summer.
Although the official price details have not yet been published, the Armani project has already aroused great interest and generated numerous inquiries. It is no surprise that the pricing will reflect the prestigious Armani brand, the exclusive allure of the Palm and the undeniable appeal of Dubai’s real estate market to wealthy individuals worldwide. Market sources speculate that this opulent project will consist of a limited number of apartments, ranging from 100 to 300 units.
The presentation of a project of this caliber suggests that the developer has already secured a significant percentage of sales through its existing client base or contacts. This is proof of the trust and good reputation they have earned in the industry. According to DXBInteract.com, the average transaction price for Palm homes sold this year is around Dh3.8 million. In addition, the price per square meter has risen by over 20 per cent year-on-year to Dh2,738.
While Armani’s project steals the limelight, palm-focused buyers have other options. Nakheel, for example, is back in the game with the Como Tower, a 75-storey structure starting at Dh21 million. Developers are keen to push ahead with their plans, especially those undertaking high-end projects. Dubai’s real estate market continues its impressive performance, as evidenced by a recent sale of the iconic Burj Khalifa worth Dh150 million. In addition, the houses on the Palms have been the subject of numerous high-value transactions, such as the recent sale of a property for Dh60 million.
While Armani and Arada are meticulously refining their launch and sales strategy, other developers are working flat out on their own projects. Damac, for example, has expanded its renowned de Grisogono collection to include the Canal Crown, named after its proximity to the Dubai Canal. With a luxurious lifestyle, green spaces and even virtual reality experiences that simulate the depths of the ocean, Damac aims to captivate potential residents.
Project developers are taking every opportunity to bring their projects to the market before the summer to ensure that they find confirmed buyers in good time. The Dubai real estate market continues to attract strong interest from foreign investors and there are no signs of a slowdown in the summer.
Despite concerns about the global economy, declining growth forecasts and geopolitical uncertainties, Dubai property developers are offering buyers a safe investment opportunity alongside luxury.
Excitement is building at Azizi Developments, who have announced an imminent grand unveiling following their recent acquisition of a prime plot of land on Sheikh Zayed Road. Al Habtoor has also made a high-profile announcement, confirming plans for a super-tall residential tower. The competition is fierce, as Binghatti is aiming for the title of the world’s tallest purely residential tower.
In addition to these developments, MAG has launched the sale of The Ritz-Carlton Residences on the Creekside as part of the exquisite Keturah Resort. Due to the exceptional demand for the super-premium penthouses and other units, the Ritz-Carlton project will comprise 177 residential units in seven buildings and 12 villas.
Meanwhile, Sobha Realty has initiated the pre-launch phase of Sobha Reserve in Dubailand, offering 4- and 5-bedroom apartments starting from $2 million. With a string of successful projects in Sheikh Zayed Road, JLT and now Dubailand, Sobha Realty continues to make waves.
Dubai’s developers accelerate launch of ‘branded’ luxury properties – and Armani arrives in summer
