SWEID & SWEID, developers of the first residential project from the Banyan Tree brand in the Middle East, has reported strong foreign sales enquiries into the project.
While a significant proportion of apartment leads are coming from within the GCC (35%), there are an increasing number of potential investors from South East Asia venturing into Dubai real estate for the first time, the company said.
About 20% of the business flowing through SWEID & SWEID’s Banyan Tree Residences project is from Singapore, it said, adding that the United Kingdom takes top spot with 35%.
Banyan Tree Residences in Dubai is scheduled to open in the third quarter of 2019. The joint-venture between SWEID & SWEID and the high-end luxury brand, Banyan Tree, aims to bring “unique lifestyle-led residences” to the region.
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 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.