Page 30 - SOL Properties PR Report - July 2024

Fairmont Hotels and SOL Properties to launch Fairmont Residences Solara Tower Dubai - Hotelier Middle East
individuals and investors seeking to diversify their portfolios.

Fairmont Residences Solara Tower Dubai joins a portfolio of 16 Fairmont-branded
residences, along with 22 projects in the pipeline.

The branded residences boom

The development comes at a time when there is ongoing expansion with the luxury
residential real estate market that is projected to grow by more than 8 per cent
by 2029. The Middle East is swiftly emerging as a global centre for branded residential
activity, with Dubai spearheading the movement as the most active market worldwide.
Saudi Arabia has also witnessed a significant surge of 65 percent in its branded
residential development pipeline between 2022 and 2023. Recent data from Savills
reveals close to 200 branded developments across 80 brands in the region, boasting
around 45,000 residential units of various types. This growth spans eight nations
actively engaged in developing this asset class, indicating an expanding market.

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