Prime Highlights
- H&H Development expects Dubai’s ultra-luxury property market to remain strong in 2026, driven by high demand from overseas buyers despite earlier market concerns.
- The developer has launched presales at the Dh5.5 billion Janu Dubai project, featuring branded residences, high-end apartments, and a 150-key hotel.
Key Facts
- Chairman Shahab Lutfi recently sold a Dubai penthouse for $108 million, reflecting continued growth in the ultra-premium segment.
- Last year, around 500 homes priced over $10 million were sold in Dubai, including 68 transactions above $25 million, the highest globally according to Knight Frank.
Background
According to Dubai-based H&H Development, the emirate’s ultra-luxury property market is set to continue its growth into 2026, supported by heightened demand from international buyers.
Chairman Shahab Lutfi recently sold a Dubai penthouse for $108 million and said demand has not slowed despite earlier concerns. “Prices have gone up, and buyers are still coming,” he said in an interview.
H&H has launched presales this week for Janu Dubai, a Dh5.5 billion mixed-use project located in the Dubai International Financial Centre. The project includes branded residences, a 150-key hotel, and 57 high-end apartments. An office tower within the project has already been purchased by Aldar Properties ahead of construction.
The developer also signed a deal to bring a 106-key hotel under the Capella Hotels and Resorts brand to Dubai for the first time. The Janu brand operates under the Aman Group.
Lutfi said wealthy buyers from the UK, Switzerland, and France are driving demand, with many relocating families and businesses to Dubai. He added that even geopolitical tensions in the region have not weakened sales.
According to Knight Frank, around 500 homes worth more than $10 million were sold in Dubai last year, the highest globally. Of these, 68 transactions exceeded $25 million.
While UBS Group has warned about rising bubble risks, Lutfi said Dubai remains at least 50 percent cheaper than cities such as New York and London, making it attractive to global cash buyers.
