Dubai developer cashes in on luxury property demand with $54m Creekside mansions

MAG's Ritz-Carlton Residences have a mooring for a 120-foot yacht, a cinema and a gym

A rendering of MAG's Sky Mansions in Dubai. Photo: MAG

Dubai developer MAG has announced the release of four more ultra-luxurious mansions at its Ritz-Carlton Residences project as it seeks to cash in on the strong demand for prime property in the city.

The Sky Mansions, part of the Keturah Resort, are each priced at Dh200 million ($54.45 million) and follow the earlier release of eight mansions in the same development, taking the total to 12.

Each unit comprises of four floors with eight bedrooms, a majlis, media room, lounges, spa, gym and cinema. It also has a private mooring for up to 120-foot yachts.

“The unveiling of the Sky mansions further heightens our overall enthusiasm, as we are thrilled with the response to our launches of the Earth and Water mansions," said Talal Al Gaddah, senior executive vice chairman of MAG.

"The project has been designed in response to strong demand and project sales."

Dubai's property market boomed last year amid a wider economic recovery in the UAE following the coronavirus-induced slowdown.

Record high transaction levels were reached in 2022 while records were broken for the most expensive sale and rental in the city.

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Dubai villa prices — where they rose and fell, December 2022

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Sales transaction volumes in 2022 were up 61 per cent annually, compared with 2021, while off-plan sales volumes rose 81 per cent a year, Dubai Land Department data shows.

Changes to visa rules have made it easier for foreigners to settle in the UAE while ultra-high-net-worth individuals flocked to Dubai on the back of the country's positive handling of the coronavirus.

There has been significant investor interest recently in the prime market, in particular, with prices having risen by as much as 50 per cent in 2022, according to Knight Frank.

The property consultant forecasts the emirate will have the highest prime price growth in the world in 2023, ahead of cities such as Miami and Paris.

The positive outlook has been echoed across the market, with Allsopp and Allsopp also expecting property values to gain 10 per cent to 15 per cent this year.

"Premium/luxury residential locations will continue to enjoy more significant gains until we reach a supply/demand equilibrium point," said chief executive Lewis Allsopp.

"Given that this is unlikely to occur anytime soon, cash-rich investors eyeing value will continue to propel the market forward.

"As the world faces a very uncertain 2023, Dubai is seen as a safer alternative to many home countries. This positive sentiment will see a continuation of heavy inward foreign investment coming into the city across many industry segments."

MAG said its mansions offer investors a unique experience by reflecting the natural elements of the sky.

"The use of glass-framed courtyards, changeable architectural screens and covered terraces allow continuous journeys for the residents to engage with the interiors and gardens," it said.

The overall Keturah Resort, which also contains a Ritz-Carlton hotel, offers homeowners access to the beach and will have a private members-only club, a women’s club, a kids club, Michelin-star restaurants and a retail promenade.