With US President Donald Trump set to visit the Gulf next week, speculations are rising in the UAE’s real estate market about when and where the next Trump-branded project will be announced. Many are wondering whether Abu Dhabi or Riyadh will be the next destination, as the brand continues to strengthen its position in the region’s elite real estate market.
Discussions about the Trump Tower in Abu Dhabi are quite serious according to well-placed sources. When asked whether the official announcement will be made during the US President’s visit to UAE, sources choose not to comment.
Right now, there’s a lot going on with the Trump Projects in the Gulf. Sales at the 80-storey Trump International Hotel and Tower in Dubai have begun with great momentum, with 2-Bedroom apartments starting from AED 4 Million and the exclusive 4-Bedroom penthouses, of which only 2 exist, are starting from AED 70 Million.
With its prime location at the gateway to Downtown Dubai, the price per square foot for Trump Tower is among the highest in the area. While Downtown Dubai typically sees a wide range of prices from AED 2000 to AED 8000 per square feet, signature developments like Trump Tower and Bugatti Residences by Binghatti can exceed those figures, according to data from GCP.
The Dubai launch follows the success of Trump Tower in Jeddah. “Based on the strong response in Jeddah, Trump Dubai is expected to hit its sale target quickly” said by a property industry source. Moreover, the strategic location in Downtown Dubai further heightens its appeal. It will be interesting to see how quickly the penthouses are sold.
With a hotel occupying 18 levels of the 80 storeys, that boosts the project’s viability for investors.
Both the Trump Towers in GCC will be overseen and constructed by the Dar Global. Dar Global also collaborated with the Trump Organization to create an exclusive golf community in Oman.
Trump Tower in Dubai is the second project of the Trump Organization in Dubai that offers residences. The first project was Trump Estates in Damac Hills with Property Finder listings showing that 6-Bedroom villas were priced at AED 16.9 Million and 5-Bedroom homes were listed at AED 8.3 Million.
Aakarshan Kathuria, the CEO of property firm RiseUp, said that the property prices of Trump Estate’s Villas were initially priced between AED 3 Million to AED 3.5 Million back in 2013. Currently, the ready villas are selling over AED 5 Million.
Along with the Trump International Golf Club, which launched in 2017, the Trump brand maintains a strong presence in Dubai’s real estate market.
Trump Tower Dubai makes its entry into the market, with speculations of an upcoming project in Abu Dhabi.