Off-plan real estate sales in Dubai will cap off 2023 in style with the launch of the new Armani-branded project on the Palm Jumeirah. Given the Armani brand and the fact that it’s the only one in Dubai, the project, which was first announced earlier in the year and is being developed by Arada with its headquarters in Sharjah, has been one of the most anticipated launches.
Naturally, the Burj Khalifa is home to the original Armani residences.
The new one, called “Armani Residences by Arada,” will rise on the crescent that sits directly in front of the Palm Jumeirah Waldorf Astoria.
Only 53 units total are available, with the two-bedroom units starting at a steep Dh20 million or more. (There are also “presidential suites,” although the market has not yet been informed of their costs.)
The release of the second Armani coincides with a steady increase in the demand for ultra-luxury off-plan real estate in Dubai. Record-breaking sales of apartments and villas have occurred over the past two years; in July, a Dh422 million penthouse at the Jumeirah Marsa Al Arab was the subject of one such transaction. Additionally, the Bulgari Lighthouse arranged a deal for a different penthouse earlier in the year. It cost Dh410 million.
“In Dubai’s super-luxury real estate, the asking prices continue to climb – off-plan launches are happening with prices easily above Dh15 million,” said an estate agent.
Emaar’s Address
Emaar is about to launch another product under the “Address” brand. The project, which is situated in Za’abeel Dubai, will also mark the second Address launch in as many weeks; the first one took place at the highly anticipated Al Marjan Island development in Ras Al Khaimah.
“UAE’s mega-developers will not be staying away from the off-plan action and leaving the floor to private developers,” said the estate agent. “There is still some fairly sizeable growth left in the Dubai luxury/super-luxury space – one just has to look to the Palm Jebel Ali sales to date for confirmation.
“Once more phases are released at PJA, the scope for ‘branded’ projects there will be limitless.”
This was the year that the demand for branded homes among buyers in Dubai’s real estate market took off. The names of almost all of the largest hospitality companies in the world were connected to recent launches. High-end fashion and automotive brands, like Pagani, also factored into the Dubai real estate market. Announcements concerning Mercedes-Benz and the jeweler Franck Muller have been made more recently.
How are the Armani homes at Burj Khalifa faring?
The 144 Armani units at the Burj Khalifa are located on levels 9 through 16. Two-bedroom apartments there are currently listed for Dh10 million and higher.
“Armani and Arada have got their timing on the new sales launch to perfection,” said an estate agent. “For one, Palm Jumeirah values are at their peak, and demand for new buying options runs strong.
“There was the Dh500 million penthouse sale for Nakheel’s new Como Residences – these are unprecedented deals.
“The Armani project will fit in neatly into the overall Palm dynamic. Plus, it’s an Armani…”