New Armani residential project sales kicks off

Dubai's off-plan property market is set to conclude 2023 on a high note with the launch of sales for the highly anticipated Armani-branded project on the Palm Jumeirah. Developed by Sharjah-based Arada, the project, named 'Armani Residences by Arada,' will take shape on the crescent just before the Waldorf Astoria Palm Jumeirah. Featuring only 53 exclusive units, the residential offering starts at a premium Dh20 million for its two-bedroom homes.

The first Armani homes, of course, are at the Burj Khalifa.

The new one – ‘Armani Residences by Arada’ - will take shape on the crescent just before the Waldorf Astoria Palm Jumeirah.

Unit prices – and there are only 53 of them – start at a steep Dh20 million plus for the two-bedroom units. (There are also the ‘presidential suites’, but those prices have not been confirmed to the market.)

The second Armani comes to market at a time when super-luxury offplan property buying in Dubai continues to hold steady. The last two years have seen record deals on apartments and villas, with July last recording a Dh422 million one for a penthouse at the Jumeirah Marsa Al Arab. And earlier in the year, the Bulgari Lighthouse set up a deal for another penthouse. The price? Dh410 million.

“In Dubai’s super-luxury real estate, the asking prices continue to climb – offplan launches are happening with prices easily above Dh15 million,” said an estate agent.

Another imminent launch is from Emaar, using its ‘Address’ brand. Located in Za’abeel Dubai, the project will also be the second Address launch in recent weeks, with the earlier one being in Ras Al Khaimah, at the much happening Al Marjan Island development.

"UAE's mega-developers will not be staying away from the offplan 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 Dubai's property market - and its buyers - truly took to branded residences. Nearly all of the world's biggest hospitality companies had their names associated with new launches. Brands in high-end fashion and in the automotive space - such as Pagani - too came into the reckoning in Dubai property. More recently, there have been announcements related to Mercedes-Benz and by the jeweller Franck Muller.