Russian developers take Mediterranean living to Dubai
Russian developers take Mediterranean living to Dubai
Buyers from Russia are known to be enamored with luxury UAE real estate
A Russian developer is partaking of the Dubai property pie with the creation of Mediterranean-style villas in the emirate’s ultra-posh artificial archipelago.
Forum Group has launched XXII Carat, a 4.6-hectare gated community of 22 villas in the West Crest of the Palm Jumeirah, near upscale locations such as W Dubai and Zabeel Saray. Set for completion in the last quarter of 2017, the villas offer generous beach frontage, spanning 720 feet, in addition to 25-metre pools.
Designed in Italian Palazzo style, the Carat villas will evoke Mediterranean seaside living, only with views of the Persian Gulf and the Dubai marina skyline. Villa residents will have concierge service on hand 24/7, among other amenities.
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Forum Group was established in 2008 by CMV, an investment holding company with firms in Europe, Asia and the US. Headquartered in Dubai and Yekaterinburg, Russia, Forum Group has an asset portfolio of more than USD500 million in both the UAE and Russia.
Russians are the sixth largest group of foreign buyers in Dubai’s realty sector, according to the Dubai Land Department. Earlier this year, Russian real estate agency Tranio ranked the emirate as the most popular city for prospective Russian buyers.
Property portal PropertyTrader.ae noted a “definite increase” in visitors from Russia looking at Dubai homes for sale in the first half of 2016. Hits from Russia made up 17 percent of the portal’s traffic in July, compared with 6 percent in January.
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Source: Property Report