Dubai-based developer reviving UAE property market with high-end project

A leading Dubai-based Russian property developer is reviving the UAE property market with the launch of a one-of-a-kind ultra luxury mega project on the Palm Jumeirah.
Driven by the robust demand for luxury homes in the city, XXII Carat, part of the Forum Group, is the latest player to enter the ultra-luxury market and has ambitious plans for the future with a number of other projects in the pipeline.
The project comprises 22 ultra-luxury villas of different styles and architecture — Emerald, Ruby and Sapphire. The developers have already sold around 30 percent of the units with construction due to be completed in late 2017. The company launched the large-scale residential project last year and is targeting wealthy buyers from the GCC as well as Russia, India and Europe.
“Demand for luxury properties is on the rise far exceeding supply in the higher price spectrums of the market and there is always a market for high-end one-of-a-kind properties,” said Anton Yachmenev, managing director of the Forum Group.
“We were keen to capitalize on this trend by offering developments that take luxury living to the next level. Buyers are on the lookout for modern, vanguard and expertly appointed villas and we want to give them what they want.
“We have a simple mission, which is driven by the belief that luxury is about more than just the address. We specialize in exquisite developments using the most stringent European building standards and finishes to provide each resident with privacy and unique views of beach and skyline. We have also scoured the globe for the best of the best for our interiors.”
According to the recent Dubai Real Estate Market Report Q3 2016 by global consultancy JLL, the luxury real estate sector remained active for the first nine months of 2016, despite the looming economic downturn and the slowdown in the real estate market.
With Dubai’s real estate sector still outperforming many other global cities, experts are predicting further growth and strong overseas interest by 2020. Key factors driving this growth include attractive rental returns, flexible payment plans and industry regulation. Apartment rental returns in Dubai offer returns of 7.6 percent which dwarfs yields in leading investment locations such as London (3.5 percent), Hong Kong (2.82 percent) and Singapore (2.83 percent).
“Dubai’s luxury real estate market is fast becoming an attractive proposition to a multitude of international buyers and we have invested a considerable amount of resources to ensure that our properties exceed expectations,” added Yachmenev.