The UAE residential real estate market continues to develop rapidly. Developers are launching new projects aimed at a premium audience. In partnership with Marriott International, MAG Group is constructing the Ritz-Carlton Residences. The opening event will be highly anticipated in Dubai.
In the first ten days of March 2023, 4,245 purchase and sale transactions for apartments and villas worth AED 12.41 billion ($3.38 billion) were concluded in Dubai. According to the emirate’s Land Department, real estate sales in premium residential complexes in Dubai over the past year have increased by 97% in monetary terms and by 85% in volume.
The cost of apartments under construction in 2022 increased by 17%, and villas by 23%. In general, experts note that by the time work is completed, the price of a residential unit increases by 20–30%. Branded luxury residences located in the best locations show significantly greater returns.
If we follow the dynamics of prices in the project built under the Bulgari brand on Jumeirah Bay Island, we will see that some apartments have increased in price by 300-400% since the launch of the project.
Similar success is predicted for the new residential complex Ritz-Carlton Residences. These are four buildings with luxury apartments and a limited collection of mansions in the historical area of Dubai Creekside. Ritz-Carlton is a serious brand that is associated only with worthy concepts, and the developer is the reputable company MAG. The complex has an amazing location: it is located 5 minutes from Downtown Dubai but at the same time near the water, on the coastline with a 550-meter promenade. Opposite, across the strait, is the Ras Al Khor Wildlife Sanctuary. Another distinctive feature of the project is its club-like character: the plan includes 48 apartments and 12 mansions, meaning the opportunity to live here is limited.
All residents will become members of closed clubs with a set of privileges. These include comfortable recreation areas for men and women, multifunctional and business rooms, rooms for private parties and events, a cinema, media and games rooms, and developmental and educational spaces for children. Residents of the complex will have access to a wide range of staff members, including a concierge, doorman, personal butler, chef, sommelier, secretary, and notary. The employees will take care of booking events, ordering tickets, organizing trips, cleaning, grooming, and home maintenance, providing residents with a hassle-free and comfortable living experience.
During the construction phase of the Ritz-Carlton Residences, spacious apartments with 1-3 bedrooms, full-floor penthouses, and 12 mansions with 8 bedrooms are available for purchase. An apartment with an area of 124 sq.m with 1 bedroom costs 5.8 million AED ($1.58 million), an apartment with an area of 232 sq. m with 2 bedrooms – from 9.9 million AED ($2.7 million), and a villa with an area of 4358 sq. m – from 169 million AED ($46.01 million).