DUBAI is splurging on whole ultra-luxury neighbourhoods of bespoke £100million homes built on man-made islands.
One of the islands is known as Billionaire Island where the luxurious mansions usually have their own private beaches. These opulent properties are equipped with parking tables that rotate automatically to ensure the cars are always facing the correct direction.
Other houses popping up are fitted with cinemas, spas and private elevators.
The new round of super-mansions is being designed to the peak of luxury as developers court the world’s wealthy elite.
The palace-like properties can be built to-order and no custom request is off the table – provided the money follows.
Residents can order exclusive art collections, custom furniture and any style of interior design as part of the package.
One of the new mansions boasts a huge, retractable glass dome in its centre covering a pool and a spa.
Another features a swimming pool with a movable floor that rises up to meld with garden tiles during parties.
A builder even transported a giant glass wall thousands of miles to create the perfect sea view.
The client demanded a single pane of glass measuring 17m by 4m that could sink into the ground at the click of a button.
It took the German manufacturer approximately 45 days to deliberate on whether they could fulfill the order. Additionally, special permissions were required to transport the glass needed for the project.
The house was constructed by Wissam Damaa’s company, Palace Group. Damaa mentioned that their clients typically own multiple residences in various cities worldwide and have very particular tastes and expectations.
Price are – predictably – eye-watering, with most in the range of £50 to £100million.
Mark Phoenix, CEO of Sankari Properties, said: “The upper end of the market is the most profitable.
“If done properly a developer can sell for the maximum sort of prices.”
Mark’s company is currently developing a £1billion ultra-luxury tower.
Prices and demand for super exclusive properties sky-rocketed
The rush on exclusive properties is part of Dubai trying to diversify its economy so it isn’t so reliant on oil.
Last year, a record-breaking 435 homes worth more than $10million – surpassing New York and Hong Kong.
And Dubai could offer the world’s fat cats more bang for their buck.
Per square foot, the price there is just a third of that in New York, and fifth of that in London.
Mahdi Amjad, founder of ultra-luxury developer Omniyat, said: “We benchmark our buildings against buildings in New York and we find that for similar ticket prices, or maybe lower ticket prices, you get by far more space and by far more experiences and amenities.”
Wealthy advisory firm Henley & Partners projected that 6,700 millionaires would move to the UAE in 2024 – the highest influx seen in any country.
Middle East mega-project
MEGA-projects are springing up all over the Middle East as cash from oil is converted into steel and glass.
Here are some of the most mind-boggling:
- Neom: The headline development of Saudi Arabia’s Vision 2030, Neom is a sprawling $1trillion city development in the desert.
- Emirates Crop One: The venture created the world’s largest indoor vertical farm, in Dubai,
- The Line: Saudi Arabia has begun work on a 170km-long city between two mirrored walls. AI-powered and zero-carbon, The Line is the crown jewel of the futuristic city of Neom the Gulf nation is building.
- Jeddah Tower: The world’s first tower over a kilometre high finally has a completion date after a $1.2billion splurge and a string of delays – in Saudi Arabia.
