- The demand for luxury residential properties has grown in the UAE over the past 10 years.
- Taraf, a leading luxury real estate developer in the UAE, recently launched its $95m luxury project in Palm Jumeirah.
- Wealthy individuals looking to purchase luxury properties in Palm Jumeirah should use a secure mode of money transfer when making payments.
Demand for high-end properties in the UAE continues to grow
The luxury residential property market in the UAE is experiencing a significant surge in demand, as many high net-worth individuals (HNWIs) seek out high-end living options.
According to Ahmad Shibel, CEO of Taraf, developers are preparing to meet this growing appetite by introducing new offerings that cater to luxury living. Taraf has embarked on a new project named ‘Luce’ in the Palm Jumeirah with a value of $95m.
The project features a nine-storey building with 38 apartments ranging from two to four bedrooms, duplex apartments and a lavish penthouse, offering residents the epitome of luxury living.
With private beach access and exclusive lifestyle amenities, including a private lift and swimming pool, Taraf hopes to redefine the standards of upscale living in the city with Luce.
International travellers wishing to purchase new real estate in Palm Jumeirah should use a safe money transfer service when making overseas transactions.
Shibel suggested that luxury architecture and high-end amenities are things that individuals display as a symbol of their hard-earned wealth.
Low Ping, CEO of Yas Holding, an investment company based in the UAE, also noted that there has been a significant demand for luxury residential offerings in Dubai due to an interest in entertainment, real estate and shopping.
Partnering with MZ Architects for the design and Asasat Aldhafra APCC Building Contracting for the construction, Taraf’s new partnerships aim to ensure the highest level of quality.
The luxury real estate market in the UAE, particularly in Dubai, is expected to experience continued demand for luxury residences and villas in the coming years.
According to a recent report, the ongoing global readjustment and the allure of Dubai’s largely untapped luxury property market are driving this trend, with reported sales of 335 luxury units until the end of July.
Shibel and Ping both indicated that Taraf’s new projects will launch this year. With a strong presence in the luxury segment, Taraf’s ongoing project, Terrazzo Residences in Jumeirah Village Circle, is set to make a significant impact on the market.
The development project features two low-rise buildings offering one to three-bedroom apartments with a value of $49m.
HNWIs interested in investing in luxury property in Dubai should use safe international money transfer options to secure their real estate.
UK HNWIs and wealthy internationals wishing to purchase or rent a luxury property can use our online money transfer comparison tool to find the best exchange rates available.
