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New residential construction projects continue to take shape in luxury hotspots such as Dubai, ... [+]GETTY
As homeowners continue to remain cautious about selling due to high mortgage rates and home prices, new residential construction remains on the rise. According to the Business Research Company, 2024 global projections for the residential construction market include a compound annual growth rate of 5.4%, totaling $4628.16 billion. By 2028, the residential building construction industry is predicted to grow to $5802.69 billion driven, in part, by population growth and the persistence of remote work.
While many of these new builds are intended to provide affordable housing and combat low inventory, others strive to exceed modern luxury demands, setting a new standard for premier properties.
Here’s a look at the latest luxury residential construction in three distinct markets.
The new Rixos Financial Center Road Dubai Residences in Downtown Dubai recently opened to AED 1 ... [+]DRIVEN PROPERTIES
There is perhaps no city in the world more associated with new luxury construction than Dubai. In 2023, more than 50,000 new residential units were added to the city’s market. Despite this impressive growth, the increase in new residents was double that of the recent development, according to the Dubai Statistics Center, creating an intense demand for housing. In particular, luxury real estate shortages have been unable to meet the market’s demands and will continue to do so thanks to dwindling land availability. In turn, this has increased the competition for new luxury properties.
In just one day, the recently launched Rixos Financial Center Road Dubai Residences saw an incredible AED 1 billion (USD 272 million) in sales. Located in Downtown Dubai near the Dubai Mall and Dubai Canal, the upcoming 84-story structure will be the first of its kind for the luxury hotel brand.
This project will offer a total of 260 residences, including 1- to 4-bedroom units and duplex ... [+]DRIVEN PROPERTIES
“The overwhelming response underscores the demand for unparalleled luxury and world-class amenities in the heart of Dubai. Rixos Financial Center Road Dubai Residences has truly set a new benchmark in the region’s blossoming real estate landscape,” said Abdullah Alajaji, CEO and Founder of Driven Properties, in a release.
Developed by East and West Properties and presented by Driven Properties, the Rixos Financial Center Road Dubai Residences will total 260 residences, ranging from 1- to 4-bedroom units and 4- and 5-bedroom duplex penthouses. Ownership offers a long list of resort services, including in-residence catering, housekeeping and private transportation. Building amenities also check all the boxes, with a Turkish hammam, sky lounge pool and private screening room, as well private screening room, golf simulator and indoor/outdoor fitness center, to name a few.
In West Lake Hills, Texas, the new ultra-exclusive enclave of Wildcat Club features a collection of ... [+]MORELAND PROPERTIES
Last year, Austin topped the list of fastest-growing United States cities for millionaires. From 2012-2022, the Texas capital saw a millionaire growth rate of 102% and, as of December 2022, was home to more than 30,500 residents with seven-digit net worths. As a result, the luxury housing market boomed, bringing about historic lows in inventory and subsequently fueling a wave of new construction homes. Today, supply has swung back to relative highs and competition for buyers' attention is seemingly more determined by exceptional designs and amenities than completion dates.
Estate 3, pictured, sits on the largest parcel in the community (4.5 acres) and will take in ... [+]MORELAND PROPERTIES
The upcoming Wildcat Club in the Austin interior suburb of West Lake Hills exemplifies this growing presence of ultra-luxe properties. Covering 12 acres, the exclusive community will consist of six estates built by Foursquare Builders with designs from a who’s who of Austin’s leading architectural firms, including System D Architecture, Furman + Keil Architects and Jay Korder. Estate sizes will vary in both lot acreage and residence square footage, ranging from 1 acre to 4.5 acres and 5,500 square feet to 9,500 square feet. Amenities—including wine rooms, guest houses and saunas—will also differ depending on the individual estate.
The 971 Villas collection on Dubai's Jumeirah Islands features a collection of four- and ... [+]DRIVEN PROPERTIES
In addition to striking structures, Dubai has also built a reputation for impressive man-made islands. Sitting on the sea or saltwater lakes, these archipelago communities extend the coastline to create coveted waterfront real estate. One such island cluster is the 2004-completed Jumeirah Islands just off the shores of the Persian Gulf.
The residences features such high-end materials as beige Travertine, Reverso Grigio porcelain and ... [+]DRIVEN PROPERTIES
A new development on the Jumeirah Islands called The 971 is feeding Dubai buyer’s consistent appetite for one of the city’s most prized housing options—villa residences. The rarity of such properties means residences start in the $6-million range. Scarcity, however, is certainly not the only reason for the sizable price tag. Villas come in a variety of finishes curated from high-end materials, including beige Travertine, Reverso Grigio porcelain and Ceppo di Gré limestone as well as gunmetal and brass. Owners will have access to the Jumeirah Islands Clubhouse, providing fine dining, lounges and wellness amenities.
The new 28-Miles Project in Whitefish, Montana features a range of high-end finishes, a clean Nordic ... [+]NATIONAL PARKS REALTY
The small ski resort town of Whitefish, which saw steady growth over the past decade, has struggled to keep up with demand and, as such, is in the middle of a new construction boom. In 2021, the number of building permits hit an all-time high, totaling 1,167, a staggering number given the town’s population of roughly 8,500. Known for its scenic mountain surroundings and outdoor recreation, Whitefish has quickly developed its downtown area, making it a destination in the otherwise largely undeveloped northern Montana region near Glacier National Park.
Located on the outskirts of Downtown Whitefish, the 28-Miles Project residences sit along the ... [+]NATIONAL PARKS REALTY
While remote properties are still highly sought after, downtown residences have gained popularity thanks to recent developments, including new restaurants and bars as well as luxury condominiums like the 28-Miles Project. Located on the edge of Downtown Whitefish, the newly completed residences sit along the Whitefish River, with each three-bedroom, three-bathroom unit offering river access. Designs follow Nordic inspirations with clean lines and natural materials throughout the over 2,600-square-foot layout.
Source: Forbes
