Construction

Banyan Tree Residences reports increased foreign interest

The apartments complex is scheduled to open in Q3 2019 and will have 235 houses

Sweid & Sweid, developers of the first residential project from the Banyan Tree brand in the Middle East, has reported a strong increase in sales from foreign countries in their new project.

The company said that while a significant proportion of the sales are coming from within the GCC, almost 35%, there is an increasing number of potential investors from South East Asia venturing into Dubai real estate for the first time.

Foreign investments from the UK are also in the top spot at 35%, this trend is mirrored by Dubai foreign direct investment’s (FDI) latest annual figures which demonstrate that the UK is one of the top five countries to invest in the emirate.

Banyan Tree Residences are scheduled to open in Q3 2019 and is expected to be a unique lifestyle-led residence, and the first residential development from the joint venture between Sweid & Sweid and Banyan Tree in the Middle East. The residential apartment setting will feature 235 houses and will be ‘an urban oasis containing 10,000 plants and trees’ and offer a spa and have gardens and pools as well. Located on Al Talal Street, the company reported that it will be located where Emirates Hills intersects with DMCC, the Montgomerie Golf Course and the Emirates Golf Course.

Dubai remains a hotspot for the high net worth individual (HNWIs), attracting the wealthy from different countries who are looking to make UAE 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, said the press-release.

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