Sweid & Sweid, developers of the first residential project from the Banyan Tree brand in the Middle East and at the intersection of Emirates Hills, the Meadows, Emirates Golf Course and the Lakes, today reported strong foreign sales enquiries into the project. While a significant proportion of apartment leads are coming from within the GCC (35%), due to Banyan Tree’s strong brand recognition in Singapore*, there are an increasing number of potential investors from South East Asia venturing into Dubai real estate for the first time.
Indeed, 20% of the business flowing through SWEID & SWEID’s exciting branded Banyan Tree Residences project is from Singapore. Interestingly, Singaporean support is second in terms of foreign sales leads; the United Kingdom takes top spot with 35%. This trend of investment from the UK into Dubai is mirrored by Dubai FDI’s latest annual figures which demonstrate that the UK is a top five country when it comes to capital flowing into the emirate.
Dubai’s prime residential property is considered a value proposition for investors, offering premium space for competitive price per square foot, when compared with other global cities. The Dubai Land Department recently announced the introduction of the ‘Real Estate Self Transaction’ (REST), allowing people to conduct transactions from anywhere in the world.
Dubai remains a hotspot for the wealthy, attracting high net worth individuals (HNWIs) from different countries who make the emirate their second home. According to New World Wealth, Dubai is ranked 5th for second-home hotspots for HNWIs after New York, London, Hong Kong and Singapore. The UAE remains one of the biggest recipients of HNWIs, with over 38,000 millionaires moving into the country over the past 20 years.
The Banyan Tree Brand clearly resonates with UK and European audiences. Global room revenue generated at Banyan Tree-owned Hotels and Resorts around the world is led by European visitors (28%), with China also of key importance (24%).
As an Asian brand, it is perhaps unsurprising that there is a lot of interest in Banyan Tree Residences – Dubai, from natives of the country where the brand is head-quartered. Even more interesting is the desire from British nationals in the project. With volatility in the UK from factors such as Brexit and the unstable Sterling currency, many British nationals are looking at alternative options. Investment in a quality branded residence project in Dubai, with its premium facilities, looks a more attractive proposition.
Banyan Tree Residences is in a countdown phase to opening in Q3 2019. The joint-venture between Sweid & Sweid and the high-end luxury brand, Banyan Tree, is bringing a unique lifestyle-led residences to the region. It will be the first Banyan Tree Residences to be delivered in the Middle East when it opens its doors later this year.
About Banyan Tree Residences
Banyan Tree Residences is a Dubai project due for handover in Q3 2019, and incorporates the best of resort living in a residential apartment setting. The urban oasis, containing 10,000 plants and trees, will offer the rejuvenation and relaxation of a spa, with a gardens and pools – an ideal place for residents to find peace of mind, body and soul.
Located where Emirates Hills intersects with DMCC, the Montgomerie Golf Course and the Emirates Golf Course on Al Telal Street, the development features 235 residences and boast magnificent views in all directions. All apartments have expansive floor to ceiling (3.2 meter) and wall to wall windows promoting natural light.
About Banyan Tree Hotels & Resorts
The Banyan Tree Group is a leading international operator and developer of premium resorts, hotels, residences and spas, with a collection of award-winning brands. Banyan Tree offers a Sanctuary to rejuvenate the mind, body and soul in awe-inspiring locations around the globe. Rediscover the romance of travel as you journey to iconic destinations where authentic, memorable experiences await.
To date, the Banyan Tree Group manages and/or has ownership interests in over 43 hotels and resorts, 62 spas, 75 retail galleries; as well as three golf courses in 25 countries.
About Sweid & Sweid
Founded in 2006, Sweid & Sweid is an award-winning Dubai-based boutique real estate firm targeting niche development, investment and build-to-suit opportunities. At its core, the vision to defy market standards and redefine the development process has continued to produce exceptional results.
Sweid & Sweid prides itself on having unique capabilities to deliver international standard grade-A commercial and residential products. This is accomplished through their detail-oriented approach to the different phases of the development cycle; from sourcing opportunities, to funding and execution.