By The Close Of The Forecast Period, Expected That The Middle East’s Current Supply Will Have Increased By 86%.
According to a study by a top property services company, the UAE is expected to see a 22% increase. The number of high-net-worth households makes the world’s top hotspot for Dubai branded residences in terms of supply and pipeline.
According to Savills’ most recent Spotlight on Branded Residences Dubai, based on the supply of finished and upcoming projects. South Florida and New York are the two most popular locations for branded residences globally. According to a Savills report, these areas are home to thriving markets for luxury real estate. In addition, draw a variety of domestic and foreign buyers for both commercial and cultural purposes.
While the branded residences market expects to grow globally, Middle Eastern pipeline expansion will be driving the market forward. Egypt, Cyprus, Saudi Arabia, Qatar, and Costa Rica each saw growth of more than 300%. When measured in terms of the scale from the current supply of branded residence schemes.
The branded residences industry has expanded by over 150% in the last 10 years. In addition, there are still plenty of projects in the pipeline for new branded residences. Currently, every continent, except for Antarctica, is home to 640 schemes totaling almost 100,000 units. The report predicted that supply levels would surpass 1,100 schemes by 2027, effectively doubling current levels.
“After many years of development, branded residences sector has shown itself to be resilient and adaptable to challenging market conditions. Providing buyers with security and dependable quality and developers and brands with appealing returns. The sector expects to continue to grow shortly. Thanks to a strong and geographically diverse pipeline and the continued support of developers and brands, according to Riyan Itani, head of global residential housing consultancy, Savills.
Global Brands with Middle East and Asia Pacific
Global brands are investing more in and developing in growth hotspots in the Middle East and Asia Pacific. That are generating both pure economic growth and wealth creation. Over the past ten years, the levels of supply of schemes have increased, respectively, by 400%and 21%, in two regions.
By the end of the prediction period, expected that the Middle East’s current supply would have increased by 8%. In terms of supply growth, Central and South America (71%) come in second place. Moreover, Europe (55%) rounds out the top three fastest-growing regions.
Over the forecast period, more than 30 schemes expect in each of the following countries: the US, the UAE, Vietnam, and Mexico. The US will add over 70 schemes almost.
The Middle East (34%), Asia Pacific (34%), and North America (53%) experienced the highest growth rates in the number of HNWIs over the past five years (31%). This is consistent with what we have observed to be the strongest growth in the stock of branded house in Dubai. Over the same time, according to Swapnil Pillai, associate director of research at Savills Middle East.
Over the following five years, there will be a significant increase in the number of HNWIs in the Middle East. High-net-worth households are anticipated to increase in number by 22% in the UAE. While wealthy residents are also anticipated to increase in number by 13% in Saudi Arabia, 51% in Kuwait, and 22% in Qatar. The market for Dubai Branded House developments in the area should benefit from this.
According to the report, even though it is still high, branded Dubai House development progress in the top locations of Dubai, South Florida, and New York. That is slowing as many brands search for expansion opportunities in developing cities and resort areas.