Dubai Islands To Get New Luxury Residences, Bookings Open December 2024

Coldwell Banker, a leader in global realty brokerage, has successfully orchestrated a joint venture between Grovy Real Estate and U Square Real Estate, setting a new benchmark for luxury living in the UAE. This collaboration aims to create a development that surpasses the renowned Palm Jumeirah in terms of luxury, with a staggering value of Dh175 million. Situated in the Golf Community of the eagerly awaited Dubai Islands, this project marks a significant leap in the luxury residential segment.

The project aims to cater to the increasing demand for sustainable and energy-efficient homes. It will feature an advanced waste control system and designs that reduce heat, ensuring a cooler indoor environment. Set to open bookings in December 2024, the residences will offer 1, 2, and 3 premium bedroom options, all fully furnished. To enhance the living experience, the development will include over 30 amenities such as an infinity pool, jacuzzi, and theatre.

Coldwell Banker's research underscores the Golf Community around Dubai Islands as a rising star in the UAE's luxury property market. The new project is not only positioned as an advanced version of Palm Jumeirah but also benefits from its locale’s robust infrastructure, including infinity bridges and lush golf courses.

This promising outlook is further supported by Dharamvir Singh, who pointed out the growing optimism among consumers for luxury real estate in the region. He highlighted, "Market insights reveal higher consumer optimism for luxury real estate in the region. Within that frame, international buyers purchasing luxury real estate in Dubai account for 30% of the market until August 2024, showing significant growth and indicating how global consumers continue to see the value in investing in luxury residences in the UAE. We're confident that this new project will offer all the features ranging from smart homes, and sustainability to the finest amenities to tick all the requirements of their dream luxury home."

The luxury real estate market in the UAE, estimated to grow at a CAGR of 18-24% through 2022-2027, is buoyed by economic resilience, booming tourism, and supportive government policies. This growth trajectory is expected to offer lucrative investment opportunities in the project, promising substantial capital appreciation and rental income.

Echoing the sentiment of a burgeoning market, both Abhishek Jalan and Ubaid Ur Rehman Shaikh expressed their appreciation for Coldwell Banker's role in facilitating this joint venture. Jalan noted the in-depth market analysis provided by Singh, which was crucial in identifying U Square Real Estate as a compatible partner for the project.

Shaikh added, "This is our first joint venture project that was liaised by Coldwell Banker and it has been a delightful experience. Also, a positive outlook on the luxury real estate sector is encouraging. Our collaborative efforts have developed a holistic perspective for the project prioritizing convenience, privacy, security, sustainability, and smart technology; as few of the non-negotiables for our high-end apartments."

The forthcoming project is set to redefine luxury living, with an emphasis on quality infrastructure, exclusivity, and world-class amenities, appealing to a diverse range of buyers. From those seeking second homes to investors looking for rental income or quick buy and sell opportunities, the venture promises to be a beacon of premium residential living in the UAE.