Amenity-rich residences have been gaining significant traction globally, and it’s no surprise that this trend is poised to make its mark in our region as well. We’ve seen first-hand how these residences offer a comprehensive living experience, catering to the demands of convenience and exclusivity sought by discerning buyers. The emphasis on ‘move-in-ready’ properties coupled with a desire for aspirational lifestyles underscores the importance of amenities in shaping the real estate landscape in 2024.
But what exactly are amenity-rich residences?
While it’s common for buildings to include basic amenities such as gyms or swimming pools, today, residential apartments are setting themselves apart by offering a comprehensive array of facilities catering to virtually every aspect of modern living. Imagine co-working spaces for hybrid work schedules, conference rooms for meetings and presentations, and entertainment zones like children’s playrooms, lounges, all available within the residence. Beyond prime locations and stunning views, amenity-rich residences boast a myriad of amenities, such as integrated smart technology, digital concierges, app-based services, rooftop infinity pools, saunas/steam rooms, BBQ areas, etc. The global trend towards prioritising wellness and health is reflected in the demand for residences with facilities like gyms and wellness centres. These residences also foster a sense of community with communal dining areas, event spaces, and community gardens. These amenities encourage interaction and build a sense of belonging among residents, reflecting a changing lifestyle.
Internationally, we can witness remarkable examples of amenity-rich residences. For instance, One Wall Street in New York offers a array of amenities, including wellness facilities, co-working spaces, and a world of white glove services. What sets this building apart from the rest is its meticulous attention to the diverse needs of its residents, including pet grooming facilities and a Whole Foods just an elevator ride away, which adds another layer of convenience to daily life.
One Port Street is another example of an amenity-rich residence located in Manchester’s iconic Northern Quarter. As the locality becomes a hotspot for young professionals and local businesses, the development caters specifically to the needs of working professionals. It features a resident’s lounge, co-working space, a 7th-floor rooftop terrace, and private dining areas, providing a comprehensive suite of amenities designed to enhance residents’ lifestyles and productivity.
In Dubai, we’ve noticed a considerable surge in properties that offer extensive amenities, aligning with global trends. Developers of both branded and non-branded residences continually innovate to distinguish themselves through unique offerings, resulting in a series of developments with distinctive amenities.
Projects that we represent, including Hammock Park Residences in Wasl Gate, Sonate Residences in JVT, and Society House in Downtown, additionally exemplify this shift toward amenity-rich living. These developments offer recreational facilities and co-working spaces catering to the diverse needs of modern families and professionals. Not only do these projects offer luxuriously furnished homes and an exclusive all-inclusive community, but they also provide resort-like amenities right at the doorstep for modern families. For instance, Hammock Park Residences offers a unique sandy lagoon, providing a beachside experience within the development, even though they are located away from the actual beach. On the other hand, Sonate Residences has a private cinema, a padel tennis court, herb gardens, and more.
Meanwhile, Society House caters to golf enthusiasts with a hi-tech GOLF simulator and offers a pet grooming salon for pet owners along with additional amenities such as a squash court, multipurpose room for community events and parties, etc. Yet, these projects are just the beginning. As expert real estate marketing consultants, we’ve observed a notable uptick in demand for amenity-rich residences in the region.
So, why is there a rising demand for amenity-rich residences in Dubai?
The answer lies in the city’s evolution and the changing expectations of its residents. With the UAE’s economy projected to grow by 5.7%, driven by international investments and buyers, the region is set to attract even more global attention. According to Knight Frank, the sale of homes priced above $10 million increased by 19% in the first quarter of the year, underscoring its appeal as a destination for affluent buyers and tenants. The investor-friendly environment, freehold areas, and iconic architecture draw high-net-worth individuals seeking an opulent lifestyle. The emirate’s status as a premier tourist destination fuels their desire for residential options that reflect upscale hotels, complete with pools, spas, and concierge services.
In fact, property prices increased in February, 5% more than the city’s previous market peak in September 2014, according to the Property Monitor Dynamic Price Index. This significant increase in property prices is evidence of Dubai’s thriving economy coupled with the growth in demand for luxury residences in the city.
As remote or flexible work becomes more prevalent, fewer people have to commute to work, which increases the demand for homes that facilitate a work-from-home lifestyle. This need has been magnified by the pandemic’s emphasis on health and wellness. Dubai’s status as a business hub attracts professionals who desire residences that provide comprehensive amenities to seamlessly integrate into the city’s lifestyle. Families also significantly contribute to this demand as they actively seek residences that provide family-friendly features such as children’s play areas and proximity to schools. This setup not only enables busy professionals to effectively work from home if they choose but also allows them to maximise quality time with family or engage in leisure activities. Amenities like co-working spaces, gyms, and entertainment zones within these residences allow residents to optimise their time and enhance their quality of life. Moreover, the allure of status and prestige associated with owning or living in a residence with exclusive amenities further drives the demand for such properties in Dubai’s society.
Property developers must recognise this growing demand and invest in projects that offer an array of amenities. Our industry analysis reveals that residents seek homes that seamlessly integrate amenities into their daily routines, eliminating the need for costly memberships and time-consuming commutes. Unique amenities differentiate developments, driving sales and enhancing property values.
In a competitive real estate market, standout amenities attract residents and buyers willing to pay a premium for enhanced convenience and quality of life. For investors, amenity-rich residences present opportunities for higher rental yields and resale values due to the added value brought by desirable amenities.
In essence, these residences are more than just homes. They serve as lifestyle destinations, reshaping Dubai’s real estate industry and redefining urban living as we know it. As Dubai thrives, the continued demand for such properties is undeniable. We look forward to upcoming amenity-rich residences poised to redefine luxury living experiences.
*Article by By Sean McCauley, CEO of Devmark
