Sweid & Sweid, developer of the first residential project from the Banyan Tree brand in the Middle East, has reported strong foreign sales enquiries into the project.

While a significant proportion of apartment leads are coming from within the GCC (35 per cent), there is an increasing number of potential investors from South East Asia venturing into Dubai real estate for the first time, mainly due to Banyan Tree’s strong brand recognition in Singapore.

In fact, 20 per cent of the business flowing through Sweid & Sweid’s Banyan Tree Residences project is from Singapore. Interestingly, Singaporean support is second in terms of foreign sales leads with the UK taking the top spot with 35 per cent. This trend of investment from the UK into Dubai is mirrored by Dubai FDI’s (foreign direct investment) latest annual figures which demonstrate that the UK is a top five country when it comes to capital flowing into the emirate.

Dubai remains a hotspot for the wealthy, attracting high net worth individuals (HNWIs) from different countries who make the emirate their second home. According to New World Wealth, Dubai is ranked fifth 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.

The Banyan Tree Brand clearly resonates with the UK and European audiences. Global room revenue generated at Banyan Tree-owned Hotels and Resorts around the world is led by European visitors (28 per cent), with China also of key importance (24 per cent).

Banyan Tree Residences is in a countdown phase to the opening in Q3 2019. The joint venture between Sweid & Sweid and the high-end luxury brand, Banyan Tree, is bringing unique lifestyle-led residences to the region. It will be the first Banyan Tree Residences to be delivered in the Middle East when it opens its doors later next year. - TradeArabia News Service