Dubai’s Unstoppable Luxury Housing Market Just Set Another Record
An apartment in the Baccarat-branded residences is the latest mega sale in the luxury sector in the United Arab Emirates.
The proposed Baccarat Hotel and Residences would have a spectacular view of the Burj Khalifa.
Source: BaccaratFor the world’s rich looking for places to stash their wealth, one segment of Dubai’s real estate market is increasingly the destination of choice: apartments and townhouses with a brand name, like Four Seasons, Bulgari and Cavalli.
Sales of those properties are booming in Dubai, which has become the world capital of so-called branded residences as foreign buyers continue to purchase ultra-luxury homes. This week, a buyer agreed to pay 203.1 million dirhams ($55.3 million) for a five-bedroom, Baccarat-branded apartment in a project that hasn’t even broken ground yet. At 14,000 dirhams per square foot, it’s the highest price per square foot paid for a pre-construction apartment, according to Luxhabitat Sotheby’s International Realty, the broker on the property.