Page 48 - SOL Properties PR Report - July 2024

Fairmont joins hands with SOL to launch branded residences in Dubai - HOTELSMag.com
“By combining Fairmont’s hospitality and service with our integrated residen al environment
and a en on to quality, this project is certain to offer residents unmatched lifestyle
experiences,” said Ajay Bha a, founder and CEO of SOL Proper es.

The project is supported by Accor One Living, the pla orm focused on the design and opera on
of mixed-use hospitality solu ons for a new genera on of investors and homeowners.

Fairmont Residences Solara Tower is the latest entrant to Fairmont’s por olio of 16 branded
residences across the world. The brand has 22 more projects in the pipeline.

Dubai has established itself as a sought-a er des na on for luxury hotels and homes, a rac ng
HNWIs and investors looking to diversify their por olios with the city’s strategic loca on and

investor-friendly regula ons. Ci ng a report by Mordor Intelligence, Fairmont said in a release
that the luxury residen al real estate sector in Dubai is likely to grow by over 8% by 2029.
Despite the pandemic impac ng the sector’s growth, residen al property prices across the
U.A.E. began to climb from 2022, aided by suppor ve economic reforms.

The steady demand for luxury homes in Dubai has resulted in the emirate becoming a “super-
prime hub” of global sales of homes worth more than $10 million. By the end of the first
quarter, Dubai topped Knight Frank’s ranking as the city with the highest sale of homes (105
sales) worth over $10 million. In 2023, the city was the fourth most ac ve luxury residen al

market in the world.

The growing wealth in the city has benefi ed from several factors, including the government’s
response to the pandemic and the rollout of several new residency visa op ons, Knight Frank
said. The property consultancy firm also highlighted the diversity in Dubai’s buyer base, which
has contributed to the overall market’s performance.

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