Richard Jordan, Co-Founder and Chief Executive Officer at OFFICIAL, highlights on the new 888 Brickell Dolce&Gabbana Miami as a good investment opportunity for GCC investors
Dolce&Gabbana, the world’s leading luxury fashion brand, unveiled 888 Brickell Dolce&Gabbana Miami, its first real estate project in the United States, in collaboration with developer JDS Development Group. The project, set to be the tallest building in the city at 1,049 feet (319.74 meters), features 259 fully-furnished residences and a 5-star hotel, all custom-designed by Dolce&Gabbana. 888 Brickell Dolce&Gabbana Miami, a place of unparalleled luxury and exclusivity, offers the unique opportunity to experience the authentic Dolce&Gabbana lifestyle in one of the most vibrant cities in the world.
With a first-of-its-kind concept, 888 Brickell Dolce&Gabbana Miami offers ultimate flexibility for owners. Designed as fully hybrid layouts, each residence utilizes a ‘lockout’ function between multiple entry points, allowing seamless conversions between a Private Residence, a Dolce&Gabbana Hotel Suite, and a Dolce&Gabbana Hotel Room. This level of flexibility is ideal for GGC investors who would like to place all or a portion of their residences in the Dolce&Gabbana Hotel without restriction and have one of the world’s leading hotel operators, Highgate, manage the entire process for owners.
Miami, strategically positioned as one of the world’s top destinations for investment, is driven by its significant business growth and its enviable leisure lifestyle with its sunny weather, beautiful beaches, and vibrant culture. The allure of Miami as a global hub for business and leisure is undeniable, positioning it among the fastest-growing cities in the United States and an ideal location for global investors looking to diversify their portfolio and invest outside their home country. According to the National Association of Realtors (2023), Miami is the most in-demand real estate market in the US, attracting those beyond the domestic border with 47% of all international home sales located in Miami-Fort Lauderdale-West Palm Beach.
We have recently seen a significant increase in foreign buyers from the Middle East, looking to capitalize on the strength of the US economy and Miami’s rapid growth since 2020. These investors tend to purchase ‘Trophy Residences’, specifically focusing on new development. 888 Brickell Dolce&Gabbana Miami is an ideal investment opportunity due to its overall offering and ultra-luxurious nature.
The growth of Ultra High Net Worth Individuals (UHNWIs) is a strong contributor and key driving factor to this increasing demand, with the Middle East being the highest growing region with a general increase of 16.9% in 2022. Dubai emerged as the Arab city with the highest number of wealthy residents, totaling 68,400 individuals, followed by Abu Dhabi at 24,200 residents, Doha with 21,500 residents and Riyadh with 18,100 millionaires, highlighting this increasing trend from the region and more specifically from the GCC. This growing trend of luxury real estate investments from the GCC provides a reassuring backdrop for your investment in 888 Brickell Dolce&Gabbana Miami.
With most GCC residents already owning properties in their home countries, Miami is a prime destination for them as a secondary property investment, mainly when investing in the branded residence segment. Leading real estate firm Savills announced that in 2022, North America and the Middle East possessed the greatest number of HNWIs who were looking to purchase a branded residence product, with North America having 53% and the Middle East having 34%, respectively.
Last year (2023), 52 countries chose Miami as the destination where they would like to invest $5.1 billion in real estate. As the overall number of UNHWIs continues to grow, especially in the GCC, we expect these investments to continue to increase as wealthy residents move to Miami.
Dolce&Gabbana further showcased its commitment to the GCC with the launch of its flagship store in Riyadh, KSA, another milestone in its Middle East expansion plans. The brand has seen continuously increasing interest from the region, which can be mainly attributed to an increase in the financial wealth sector and residents’ appetite for the luxury market.
