Mercedes-Benz is entering the luxury real estate sector in Dubai with attention-grabbing residences boasting views of the Burj Khalifa.
Mercedes-Benz is making its foray into the luxury real estate sector in Dubai with a $1 billion investment, introducing residences with views of the Burj Khalifa. With apartment prices starting at $2.5 million, the project is expected to have an average price of around $10 million.
Dubai’s New Address for Luxury Living: Mercedes Residences
The project is being developed in partnership between Mercedes-Benz Group AG and Binghatti Properties, a real estate company based in the United Arab Emirates. Comprising 150 apartments, the residence aims to offer a blend of luxury and comfort. The Mercedes-branded housing project is also generating significant interest in Turkey, drawing the attendance of many figures from the business and social spheres to its promotional events. International Real Estate Expert Şerif Nadi Varlı highlighted the intense interest in the project, stating that they are working diligently to meet the demand.
The Dubai real estate market has become a favorite among investors due to its rapid growth in recent times. Reaching record levels in the first quarter of 2024, the market is notable for supply constraints, growth in the luxury segment, and rising rental prices. Experts note Dubai’s progress towards becoming a global hub and anticipate the upward trend in the real estate market to continue. Playing a significant role in Dubai’s rise, Dubai International Airport is preparing to become the world’s largest airport with a $35 billion expansion project. Upon completion, the airport will have a capacity of 260 million passengers and 400 aircraft gates.
The increasing population and limited housing supply in Dubai are driving up rental and sale prices. Experts expect this trend to continue into 2024 and 2025. Consequently, Mercedes residences, offering luxury and comfort, present an enticing opportunity for investors.
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