Knight Frank: The strong demand for luxury housing has increased the prices of villas in Dubai by 100% and more

Albago Real Estate Group, in cooperation with the Foster & Partners team, launched the unique Palm Flower project on the Palm Jumeirah, comprising only one “super penthouse” apartment on each floor, worth 250 million dirhams.

According to a recent report by "Knight Frank" real estate consultancy, the investment value of Dubai's luxury real estate witnessed a significant increase during the last 12 months, with a rate of 89%, amid a strong influx of the wealthy to Dubai from all over the world.

And “Knight Frank” reported that the insatiable demand led to an increase in villa prices by more than 100% in the highly luxurious areas in Dubai, most notably “Palm Jumeirah”, “Emirates Hills”, and “Jumeirah Bay Island”, since the outbreak of the “Covid” pandemic. 19».

The real estate consultancy believes that the rise is a huge transition from the two previous cycles of the real estate market in Dubai, where the first cycle was the purchase of real estate for the purpose of renting, while the second was the purchase for the purpose of investment.

She pointed out that sales of villas with a price of 10 million dollars and above have also increased in Dubai, as the number of villas sold in this price category in Dubai reached 152 villas, during the first nine months of this year, compared to only 93 villas throughout the year. the whole past

Engineering marvel

The Palm Flower project, to be a new engineering marvel in Dubai on the western shore of Palm Jumeirah, consists of 11 floors and includes 10 residential units, each occupying an entire floor, with a huge penthouse apartment spanning two floors.

Alpago Group collaborated to develop the project with Norman Foster, the famous British architect and designer, and owner of Foster & Partners, the global studio specializing in architecture, engineering, urban design and landscape design, which aims to achieve the highest levels of sustainability in its projects.

The design firm's portfolio includes many unique global projects including The Jerkin Tower in London, Apple Tower Theater in Los Angeles, Hong Kong International Airport and Alef, the Expo 2020 Dubai Mobility Pavilion.

Each penthouse apartment features floor-to-ceiling windows that offer views of the Arabian Gulf, and is equipped with the most luxurious amenities, such as a private cinema, gym, and balcony with a private swimming pool overlooking the sea on one side and a garden on the other side, providing guests with a comfortable stay experience.

The elegantly designed lobby connects the spacious basement with dedicated parking towers through private elevators that open directly to the penthouses.

Al Bago Group collaborates with Foster & Partners team to deliver a unique project that sets new global standards in the high-end real estate sector. The project was designed with the aim of providing comfort and luxury to residents, along with its unique architectural style inspired by the Palm Jumeirah.

Follow our latest local and sports news and the latest political and economic developments via Google news