Luxury Branded Apartments in Middle East Drive 58.5% More Value

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DAMAC Properties Partnership with Versace in Lebanon is setting new standards in luxury.

DAMAC Properties

Luxury brands offer credibility and help potential customers identify with the lifestyle on offer. The key is working with the right brand which can help enhance the development and bring added experience to the interior design process.

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Projects in the Middle East associated with luxury brands are demanding nearly 60 per cent more value than non-branded projects in the same area, according to the latest research.

In a detailed global report conducted by Knight Frank, luxury branded hotel apartments in Dubai were fetching as much as AED 5,000 per sq. ft. compared to ordinary unfinished apartments in the same area attracting AED 3,000-3,500 per sq. ft.

“Luxury brands offer credibility and help potential customers identify with the lifestyle on offer,” says Niall McLoughlin, Senior Vice President of DAMAC Properties, as they are set to launch Versace-branded projects in Lebanon and the Kingdom of Saudi Arabia. “The key is working with the right brand which can help enhance the development and bring added experience to the interior design process.”

Dubai and the Middle East region comfortably outperformed the global average (34 per cent) for the increase in value the association to a luxury brand can provide. The report, which was conducted across 17 global cities, concluded that branded properties are outstripping the rest of the market due to “innovation in the property market, high clientele services, design and the trust associated with buying into a known brand.”

In line with the increased demand for brand associations in the Dubai property investment market, DAMAC Properties is currently well into construction of two projects in partnership with the luxury Italian fashion house Versace.

Al Jawharah in Jeddah, the Kingdom of Saudi Arabia and DAMAC Tower in Beirut, Lebanon are both collaborative ventures between DAMAC Properties and Versace Home. The projects will offer a discerning Versace lifestyle with bespoke Versace Home interior design features throughout.

Targeted for completion next year, the towers will be the first exclusive Versace Home branded residential projects in the UAE real estate region and are already attracting recognition for their design and quality.

Al Jawharah was recently recognised at the International Property Awards in the Best Interior Design category for the partnership. DAMAC Tower also won the prestigious Bloomberg International Property Award in 2010 for Best High Rise Architecture.

"If you are going to associate with a brand like Versace, it is so important to make sure that the project correctly represents the brand," said McLoughlin. “We have made sure that the design is reflective of the opulence and quality expected of Versace. That runs through to the services we will provide and also the communal areas including the gymnasiums and swimming pools. Residents will be able to fully submerge themselves in the Versace lifestyle.”

The Knight Frank report on luxury branded apartments also confirmed that main prime city markets saw prices rise by 15.5 per cent in the three years to June 2012, compared to only 3.5 per cent in wider mainstream markets. It is the prime areas where the vast majority of luxury branded apartments can be found, driving the market upwards following the dips seen back in 2008 and 2009.

DAMAC Properties has completed 37 buildings to date with 7,817 units and spanning 13,945,299.00 sq. feet. DAMAC Properties also has a further 65 buildings at various stages of progress across the Middle East, North Africa region. These consist of 11,998 units spanning over 23,000,000.00 sq. feet. The company’s projects are located in the most desirable and exclusive locations and are built to the highest quality specification that has become synonymous with the group.

DAMAC Properties was established in 2002 as a private residential, leisure and commercial developer in Dubai and the Middle East. Since then, DAMAC Properties has expanded rapidly into North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.

In October 2011, DAMAC Properties launched their hospitality division called DAMAC Suites & Spa and will have 4,000 hotel apartments under development by the end of 2013. This will position the company as one of the largest Hotel Apartment operators and developers in the region.

In addition to support services provided by the Dubai headquarters, the company’s comprehensive Customer Care Program provides solutions through its vast network with offices in the UAE, UK, Jordan, Iraq, Lebanon, Egypt, KSA and Qatar.

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