Brazilian football player Neymar Jr has purchased a high-end penthouse worth Dh200 million ($54.5 million) in the Bugatti Residences by Binghatti, the world’s first Bugatti-branded residential project in Dubai. Located in Business Bay, the development offers various customised features and a French Riviera-inspired private beach, designed to cater to the most discerning high-net-worth people, the Dubai developer said in a statement.
Neymar Jr’s penthouse, part of the Sky Mansion collection, includes a private pool, a private car lift to transport cars directly to the penthouse and views of Downtown Dubai. Neyman Jr, known for his dribbling, speed and being one of the most-followed athletes on social media, joined Al-Hilal, a Saudi Pro League team, in 2023.
First revealed in May last year, in terms of amenities, the building will have a Riviera-inspired beach, pool, spa, fitness club and a chef’s table. There will also be valet, chauffeur and concierge services, an exclusive members-only club, and two garage-to-penthouse car lifts. Construction is expected to be complete in three and a half years, the developer said in May last year.
Branded residences refer to property developments that carry the stamps of iconic brands. The business provides developments with its branding, services and amenities, according to global real estate consultancy Knight Frank.
Often – but not always – branded residences will sell for a premium above their non-branded counterparts. Other carmakers that have also branched out to real estate include Porsche and Bentley.
Binghatti, whose portfolio includes more than 70 projects worth over Dh40 billion, has delivered over 15,000 residential units as of this year, and has developed partnerships with global brands such as Bugatti, Mercedes-Benz and Jacob & Co. Half of the properties in one of its latest branded residences projects in Downtown Dubai – Mercedes-Benz Places – sold out in a day when it was launched in January.
Rising demand for Dubai’s branded residences
Dubai, the commercial and tourism hub of the Middle East, is developing a number of branded residential projects in partnership with hotels, fashion and automotive brands, such as Bugatti, Pagani and Mercedes-Benz. Demand for branded residences in Dubai is expected to remain strong as wealthy buyers continue to boost spending amid a boom in the real estate sector.
More than 4,600 branded units are expected to be delivered in Dubai in the next five years, with more projects in the pipeline, Knight Frank said earlier this year. High net worth people are expected to spend $4.4 billion on Dubai property this year, up 76 per cent on last year, according to a Knight Frank report following a survey of 317 wealthy people, with an average net worth of $20 million globally and $8 million in the Gulf region.
Since its launch, the Bugatti Residences project has recorded some of the highest transaction prices in the emirate. The project achieved a record-breaking highest rate per square foot in Dubai’s Business Bay district in a transaction valued at Dh9,674 in November last year, according to the developer, citing records from Dubai’s Land Department.
