- Dubai tied as top city for growth in prime residential property values
- UAE’s overall economy to grow an additional $500 billion by 2026
- Al Maktoum International Airport to further boost UAE’s tourism sector and economy
The overall UAE real estate market spearheaded by its luxury sector has been experiencing a constant growth in recent years due to several contributing factors such as strong foreign investment, rising demand for luxury homes and good return on investment opportunities, just to name a few. Additionally, the increase in the overall ease of doing business and constant procedures being implemented by the country’s leaders and government to make the UAE an even more attractive destination choice, such as easing up the process of obtaining a UAE Golden Visa have also been key reasons behind this continuous surge.
According to a 2024 forecast by global real estate firm Savills’ annual Prime Global Cities Index, Dubai, along with Sydney is expected to outpace other global top destinations with value increases between 4 and 9.9 percent when it comes to the strongest growth in prime residential property values in 2024, after Dubai had secured the top spot during the previous year (2023) with a 17.4 per cent appreciation. This is a testament to Dubai’s constant popularity as a top prime market on a global level, and why we should expect the demand from international investors to keep increasing for many years to come.
Discovery Dunes, the first of its kind in the region with its members-only premium residential community, highlights the importance of this growth in a prime community market such as Dubai. As part of Discovery Land Company, a global leader in private clubs and communities, spread across 35 destinations, including USA, Latin America, Europe, and the Caribbean, the ultra luxury exclusive project aims to be an intimate safe-haven for like-minded families looking to create long-lasting memories. Through a rich, diverse offering across 27 million square feet, Discovery Dunes is located in the Golf district of Dubai South, the largest single, urban masterplan development in the UAE.
To help meet the growth in prime residential property values as a result of the increasing number of investors entering the city and looking to purchase property, Dubai’s leadership has just recently approved a AED 128 billion plan to build a new passenger terminal at the emirate’s Al Maktoum International Airport. Located in Dubai South, just a few minutes away from Discovery Dunes, this is perfectly ideal for club members who are flying from or entering the UAE to benefit from the new development. The new international airport, which will be considered the biggest in the world and accommodating up to 260 million passengers according to Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai and prime minister of the UAE, will serve as a strong contributor to both the country’s overall tourism sector, as well as great convenience for travel and aviation Discovery Dunes members. This new project, along with the reignited construction of the Palm Jebel Ali, has positioned Dubai South to experience immense growth in the coming years.
The new development will also provide a strong positive impact on Dubai South according to various industry analysts and a strong expected boost in demand for both residential and commercial real estate in the city, as well as its adjacent areas. Both property prices and investor interest will be expected to increase when the airport reaches its completion, with overall demand expected to reach over 100,000 properties in Dubai South and its neighbouring areas over the next decade. An entire city is expected to be built around the new airport in Dubai South, where house demand for approximately a million people will be generated,making it one of the up and coming areas for UAE residents to live in. The area will also serve as a great residential option for both buyers and visitors alike with tremendous potential for growth and overall convenience as more developments are expected to be planned once the new airport nears completion.
Mike Meldman, Discovery Land Company Founder and Chairman commented “Expanding to the Middle East, with our first community in Dubai, held substantial strategic appeal for a multitude of reasons for us including the economic vitality, strong increasing demand and being an attractive destination for both visitors and expatriates, just to name a few. These factors render the country an ideal locale for all kinds of international business ventures, especially when considering the rapid population growth and the increasing influx of ultra-high-net-worth (UHNWI) coming into the country, a trend which is expected to continue increasing for the unforeseen future. Through Discovery Dunes, we aim to provide unforgettable experiences that our members and their entire families can enjoy and what better choice to do this than a community minded country such as the UAE, through all its historic and vibrant emirates and one of the top destinations in the world for both visitors and residents alike.”
UAE’s overall financial wealth is expected to continue growing in the upcoming years generated by family offices and ultra-high-net-worth individuals (UHNWIs) and is anticipated to contribute an additional $500 billion to the overall economy by 2026 as per a survey conducted by KPMG and Agreus. The continuous overall growth of the economy will pave the way to new revolutionary developments and projects that will help meet the current demand of these wealthy individuals and families, providing them with additional incentive of choosing the UAE as either their permanent or secondary home destination. Private residences will definitely be a strong contributor to this growth due to the various benefits they provide for members such as meeting new people, accessing exclusive facilities, improving health, getting acclimated within the local community, having a private home away from the hustle and bustle of the city, just to name a few.
Discovery Dunes aims to provide its members with a feeling of ‘elevated luxury’ through various exclusive facilities, including Dubai’s first and only private golf course designed by the legendary Tom Fazio; a course that does not adopt a tee time policy and welcomes all golfers from beginner to pro. Other key facilities include an ‘Outdoor Pursuits Programme’, offering an on-site team to curate a highly bespoke experience with a variety of activities that cater to all abilities, age groups and local interests from road biking and organized bike tours, equestrian sports, kite surfing, and much more. Additionally, members can benefit from the inviting ‘Clubhouse’ with sweeping views and world class amenities featuring a health and wellness center, along with having a fully dedicated concierge style services team to enhance members’ experience through various tasks such as organizing travel arrangements, home preparations while they’re away, restaurant reservations, booking golf lessons, just to name a few.
Through both Discovery Dunes and globally, Discovery members can also experience organic farms, equestrian facilities, kids clubs and cultural programming, as well as access to Discovery Downtown, located at ‘The Dubai EDITION Hotel’ which includes a signature Discovery restaurant and lounge, a private dining room, work pods, indoor-outdoor terrace and a state-of-the-art golf simulator, allowing the club to host cinema screenings, among many other activities and benefits.
