Dubai's Connection Between Luxury Brands & Luxury Real Estate
| LAST UPDATE 05/26/2023
Luxury brands and high-end real estate properties are the perfect match in the UAE, where they have seen tremendous growth in recent years. These two industries share several similarities, including their focus on exclusivity, quality, and prestige. If you're an affluent individual seeking a luxurious property, chances are you want it designed, fitted, and furnished with the highest quality products and great attention to detail. Luxury brands are synonymous with the levels of quality and attention to detail that UHNWIs demand and expect.
According to Abbas Sajwani, "One of the most apparent benefits of partnering with luxury brands for real estate developers is the ability to elevate the status of the properties." Armani Residences in Dubai, designed by renowned fashion designer Giorgio Armani, is a prime example of how high-end brands and real estate developers can come together to create a luxurious living experience. Dubai's most expensive apartment, situated within the yet-to-be-built Bulgari Lighthouse on Jumeirah Bay Island, recently sold off-plan to an undisclosed buyer for some US$112 million. The Italian-designed property sits on its own private island, featuring a Bulgari hotel, marina, and yacht club. The sky villa penthouse includes a private rooftop garden and a private pool, making luxury the watchword here.
Luxury brands can benefit from partnering with high-end real estate developers to expand their reach and customer base. Managed residences are an excellent opportunity for luxury brands to showcase their products and services to an affluent audience. Real estate developers can use high-end brands to market their properties to a broader audience. Association with a luxury brand offers comfort and reassurance for a wealthy individual looking to invest in a Dubai property for the first time. Their familiarity with the brand will certainly act as encouragement to purchase, assuaging any doubts about quality or attention to detail.
Investing in a managed or serviced property, or even one featuring interior design from a renowned brand, offers investors a strong indication of reliable maintenance. A luxury brand would not want to associate with a developer or development that is considered sub-par, or one where a developer has taken shortcuts. Buying into the concept of a managed or serviced property adds cache to the investment and is another factor in maintaining - or increasing - the value of the property. In conclusion, the UAE has enjoyed a long association with upmarket, luxurious living, making it no surprise that luxury brands and high-end real estate properties go hand in hand in the UAE. Managed residences are an excellent opportunity for brands and real estate developers alike. From elevating the status of properties to expanding the reach of luxury brands, this partnership is a win-win situation for all involved.