Dubai is spending big on ultra-luxury neighborhoods, building bespoke £100 million homes on man-made islands. These massive mansions are part of Dubai’s growing appeal to the world’s wealthiest people.
The mansions are on a development called Billionaire Island. Many of these homes come with private beaches, and some feature rotating parking tables that automatically turn cars to face the right direction. Other homes have high-end amenities like cinemas, spas, and private elevators.
These homes are designed to the highest standards of luxury, and developers are offering complete customization. There is no request too big, as long as the money is available.
Residents can order exclusive art collections, custom furniture, and any type of interior design they want.
Some of the new mansions have amazing features. One has a huge retractable glass dome covering a pool and spa. Another home has a swimming pool with a movable floor that rises up to blend with garden tiles during parties. In another example, a builder transported a giant glass wall thousands of miles to create the perfect sea view. The client requested a single pane of glass, measuring 17 meters by 4 meters, that could lower into the ground at the press of a button.
The German manufacturer took 45 days to decide if they could complete the order and had to get special permission to transport the glass.
Wissam Damaa, whose company Palace Group built the home, said, “Most of our clients have multiple homes in cities around the world, and they are very specific about what they want and expect.”
The prices for these homes are high, with most ranging from £50 million to £100 million.
Mark Phoenix, CEO of Sankari Properties, said, “The top end of the market is the most profitable. If done right, a developer can sell at the highest prices.”
His company is currently developing a £1 billion ultra-luxury tower.
Dubai’s Rising Demand for Exclusive Properties:
The demand for exclusive properties in Dubai is growing as the city works to reduce its reliance on oil. In 2024, Dubai sold 435 homes worth over $10 million, surpassing New York and Hong Kong. This shows that wealthy buyers are choosing Dubai because it offers more affordable luxury properties.
In Dubai, the price per square foot is much lower. It is only a third of what it costs in New York and a fifth of what it costs in London, making it an attractive choice for investors.
Mahdi Amjad, founder of luxury developer Omniyat, said, “We compare our buildings to New York, and we find that for the same or even lower prices, you get much more space and more experiences and amenities.”
Henley & Partners, a wealth advisory firm, predicts that 6,700 millionaires will move to the UAE in 2024, the highest number of any country.
Middle East Mega-Projects On The Rise:
The Middle East is becoming a hub for mega-projects, as wealth from oil is being reinvested into innovative, large-scale infrastructure developments. Some of the most notable projects include:
- Neom: Saudi Arabia’s flagship Vision 2030 project, Neom is a sprawling $1 trillion city in the desert that aims to revolutionize living and workspaces.
- Emirates Crop One: Dubai’s venture that created the world’s largest indoor vertical farm.
- The Line: Saudi Arabia’s ambitious 170-kilometer-long city, built between two mirrored walls. Powered by AI and designed to be zero-carbon, The Line is a futuristic vision for sustainable urban living.
- Jeddah Tower: Saudi Arabia’s Jeddah Tower will be the world’s first tower over a kilometer high. After years of delays, it now has a confirmed completion date following a $1.2 billion investment.
These projects represent just a few examples of the groundbreaking developments in the region as the Middle East continues to build a reputation for innovation, luxury, and sustainability.
