While us mere mortals worry about our mortgages and what the lack of credit and affordability in a market means for everything from our day to day living costs to the value of our homes, the super rich and mega wealthy are seemingly unaffected and are going about their daily business as if all in the financial world was perfect! To prove this point, high end, luxury property in Dubai is bucking the pricing trend, and it’s the super expensive properties that are flying off the realtors’ books according to a report in the Sunday Times.
The Sunday Times has a feature story this week all about the Luxury property in Dubai that the likes of leading Hollywood stars are snapping up. Kate Hudson is reportedly the latest in a fairly long line of wealthy buyers who have bought in to Dubai’s bling-bling lifestyle. She is reported to have purchased a pad in the brand new Versace development.
This development is wall to wall Versace – from the name above the development’s door to the dinner plate you feed your dog from! The development of Versace condominiums in Dubai has come about following the success of a similar model in Australia. The Australian Palazzo Versace development has apparently returned some who bought into it just a few years ago up to 100% gains. It’s hoped the development in Dubai will do the same.
Palazzo Versace Dubai is actually a resort development that consists of a hotel as well as 169 private residential units. And unlike elsewhere in the emirate where it is reported there has been a downturn in interest among individual investors looking for single units to buy to let to the professional market, the high end and luxury Dubai property market is still in full swing in terms of demand.
The Versace development is not the only high-end model to be succeeding substantially in Dubai. Giorgio Armani is deeply involved with the Burj Dubai tower project. The units he is designing the finish for are for sale by invitation only to an elite group of hand selected potential clients.
Imagine being asked if you want to buy a select property rather than having to go out there and pound the pavement in search of a suitable home! Ah, how the other half live and are continuing to afford to live too!