Luxury real estate in the UAE is on the rise. Super-rich buyers flush with cash have flooded the high-end property market, snapping up record numbers of luxury villas and penthouses, sending prices rocketing in this boom-and-bust market.

Georgina Atkinson, Managing Partner, Origin Private Office, says it is essential to acknowledge the importance of luxury in the region when discussing experiential luxury in GCC real estate. “A significant factor is the similarity between Middle Eastern customs and traditions of great hospitality and service combined with the bespoke and personalized services offered by luxury brands.” 

According to a Goldstein research report, the GCC luxury goods market is expected to grow to $13.70 billion by 2028. Such projections, Atkinson says, have encouraged global brands to take an interest in the regional market, leading to a surge in the presence of branded residences. 

In the Gulf, the bigger, the more luxurious, the better, and it pays off for developers. Some of the amenities and services this region provides surpass anything seen internationally. 

WHAT DOES LUXURY REAL ESTATE LOOK LIKE TODAY?

However, developers continue to navigate what luxury means for the modern buyer. There’s a shift from the traditional concept of luxury real estate. Private pools, once reserved for a penthouse, are a feature of every unit in some new developments, and fine dining, nature reserves, sports facilities, and full-floor residences have gained popularity. 

There are also show kitchens and chef kitchens for ultra-high-net-worth individuals (UHNWI). Atkinson says that a holistic living experience catering to residents’ individual needs is growing in demand, giving way to a hybrid of lifestyle-driven hospitality focused on entertainment, sports, leisure, wellness, and dining.

Shubam Aggarwal, Chairman and Co-owner of The Luxe Developers, says addressing the demands of the UHNWI class drove them to include a range of luxury amenities such as a hammam, home theater, dedicated office space, a sprawling terrace with a uniquely designed infinity pool, expansive entertainment spaces, home automation systems, private wellness centers, and exclusive interiors. “However, in luxury real estate, the demands of HNWI and UHNWI go beyond amenities, and they seek more than just features.” 

PRIVACY, PERSONALIZATION AND WELLNESS

“It’s about creating an emotional connection and an unforgettable experience for each individual,” says Siddharta Banerji, Managing Director and Co-owner of The Luxe Developers, emphasizing exclusivity and experience as critical among the residents. Banjeri says privacy and personalization are also essential to meeting the high standards and preferences of UHNWI clientele. 

There’s a demand for personal shoppers, personal trainers, tailored wellness experiences, and gourmet food and beverage in-house from internationally renowned chefs. This convenience, Atkinson adds, extends to supporting their professional lives. “With the rise of remote working, developers are now incorporating spaces with meeting rooms and conference facilities within the comfort of their overall living environment.”

The shifting tides within the luxury segment have also emphasized wellness more. Developers of luxury villa communities are incorporating as much greenery, biodiversity, and sustainable features, creating urban oasis-type communities that include lagoons and nature reserves. 

BRAND RECOGNITION AND TECHNOLOGY

Branded residence developments are also seeing exponential growth in the region, says Atkinson. Integrating the luxury brand’s identity into the development’s identity is becoming more common, taking the luxury experience to even greater heights. “This integration goes beyond mere aesthetics; it fosters a sense of connection and exclusivity, enticing individuals to become part of a larger brand narrative. Residents are not just purchasing a living space but investing in a lifestyle curated by renowned luxury brands.” 

Recently, Bugatti partnered with Binghatti to create a super luxury living concept focused on the supercar brand. The concept includes a Riviera-inspired beach, private pool, jacuzzi spa, fitness club, chef’s table, private valet, private members club, and two garage-to-penthouse car lifts.

Smart home technology and home automation are fast becoming a minimum expected standard. Intelligent sensor lighting, central air, and temperature-controlled systems are important to residents who often travel and want their homes to remain pristine, especially in the extreme summer heat. 

“With seamless technology integration, residents can enjoy the convenience of controlling their environment with a simple voice command — effortless control over climate and lighting throughout,” says Atkinson. “Smart technology allows for efficient energy consumption and waste reduction via mobile apps.”

At the end of the day, a development, whether a building or a community, is no longer merely a residential but a lifestyle space.