Following Debut of the Wealth Report City Series – The Dubai Edition from Knight Frank
New report highlights demand for property in Dubai
To coincide with the launch of the Knight Frank Wealth Report, which provides the global perspective on prime property and wealth, Knight Frank has released the second of its Wealth Report City Series – The Dubai Edition. This local market report highlights Dubai’s strengthened economy and continued population growth through a comprehensive analysis of economic, property market and lifestyle trends in the city, further positioning Dubai as a global hub in which to invest. In response to the strengthening prime proprerty market, developers are creating bar-raising developments such as, The Royal Atlantis Resort & Residences, a new generation of distinctive luxury residential apartments, located on the crescent of The Palm in Dubai. Available exclusively through Knight Frank, The Royal Atlantis Residences will be the first “super-prime” residential property in Dubai upon completion in late 2019.
Enhancing the landscape of Dubai, the luxurious 43-storey, offers 231 residential homes comprised of two, three, four and five-bedroom residences including Skycourts, Penthouses and Garden Suites, ranging from 1,434 to 17,088 square feet. The project houses more than 90 swimming pools in total. A hotel component in the west wing of the property will see the addition of a further 795 guest rooms and suites. Despite a steady long-term increase in prime property values in key global cities such as London, Hong Kong and New York, Dubai remains relatively affordable in a global context with residences at The Royal Atlantis starting from AED 6,995,000 (approximately US$1.9m/£1.4m/RM7.5m).
Analysis across the world’s markets in 2017 shows that US$ 1 million will purchase 138 square metres of prime residential property in Dubai, compared with 16 square metres in Monaco, 22 in Hong Kong, 25 in New York and 28 square metres in London. Dubai’s appeal is further bolstered by current exchange rates, with investors benefitting from the weakening Emirati dirham, which recorded declines of 6.8% in the year to date 2017.
The development provides a world of design ‘firsts.’ NYC’s Kohn Pedersen Fox Associates (KPF) designed the exterior, while the interiors of each luxe residence have been designed by Paris-based Sybille de Margerie, redefining the leisure residential experience in Dubai. Handmade artwork can also be custom-made exclusively for residences. Hotel guest room and suite interiors are being designed by London-based GA Design. David Mexico Design Group, renowned for creating a new paradigm in architecture and design, has created Dubai’s newest icon, a sky-high infinity Sky Pool, elevated at 295-feet. Similarly, another ground level central water feature encompasses jaw-dropping fire and water elements by Californian master creators, WET Design. Guests and residents will be able to enjoy a variety of exclusive amenities and services, from private parking, 24-hour concierge, residents only gym, spa and indoor and outdoor pools, to upscale retail boutiques catering to the needs of the luxury goods aficionado. An in-resort Givenchy Spa offers exquisite traditional and holistic practices, fused with modern spa therapies, as well as a premium fitness center.
Residents can choose from 82 individual layouts, each providing ceiling heights of up to 3 meters, each with water views. Custom closets and bespoke fittings feature throughout the property, ensuring each apartment is true to its owner’s personal requirements. Kitchens feature a combination of white quartz and marble counter tops, Gaggenau and Miele appliances with handcrafted storage units. Many of the residences have their own terraced gardens with private infinity pools. Within the development four exquisite Penthouses provide their own unique specification palette.
Maria Morris, partner – Head of MENA Residential - Knight Frank Middle East, the exclusive global sales agent for the project, said, “Our international clientele is outwardly seeking this next level of luxury in the prime market in Dubai, and The Royal Atlantis Residences delivers on all these requirements. Now is the optimum time for property buyers to purchase in Dubai. Stabilizing property prices, infrastructure developments such as the expansion of the Dubai Metro, excellent investment opportunities and a buoyant economy are proving to be a dynamic combination. Kerzner International through their Atlantis and One&Only brands, has always redefined destinations and introduced awe-inspiring and never-before-seen experiences, and this next phase in Atlantis’s development is no exception.”
Dubai is both a popular destination and a thriving community, a city which many of the worlds’ most successful figures choose to make home. Between 2006 and 2016, Dubai experienced a 76% population increase, with an additional 15% expected by 2026. Between 2015 and 2016 alone, Dubai saw a 12% increase in ultra-high-net individuals, outpacing New York, London, Hong Kong, Singapore and Tokyo. The number of ultra-high-net-worth individuals (UHNWIs) living in Dubai is expected to increase by 60% in the 10 years leading up to 2026. Transactions on prime residential property are up in Q2 (6.6%) and Q3 2017 (5.7%), the first consecutive annual increase since Q2 2013. These assets are holding their value with prime property prices rising by 6.1%, which sits in line with other key global cities such as London (6.3%) and Hong Kong (6.2%). As a result, Dubai is increasingly emerging as a prime global destination with buyers flocking to the Royal Atlantis Residences from across the globe.
Mr Issam Galadari, Director, The Royal Atlantis Residences, said “The time is right for the next phase of the iconic Atlantis brand. Taking resort living to new luxury heights, The Royal Atlantis Resort & Residences responds to a calling from a highly discerning, affluent, international demographic seeking a new class of offering, currently not available elsewhere in Dubai. The high-net-worth global citizen is ready for the new dawn of residential experience. The development will become the new landmark of Dubai and will support the ‘Dubai Plan 2021’ in positioning the city as one of the best places to live in the world.”
Renowned for innovative food and beverage concepts, Kerzner International has a series of new world-class restaurants with award-winning celebrity chefs for The Royal Atlantis, as well as new entertainment experiences, yet to be revealed. Residents will also have the added coup of room service from the 23 dining establishments at Atlantis, The Palm at their fingertips, meaning Michelin Star, chef grade food can be delivered in residence at any time. Mini sybarites can experience their own adventures, from discovering exotic marine life at the neighboring The Lost Chambers Aquarium at Atlantis, The Palm; taking the plunge at Aquaventure Waterpark; or indulging in culinary lessons with award-winning chefs.