The UAE has appeared as the third-largest country market for branded residences in the world, with Dubai taking the top spot among cities in the world ahead of Miami and New York, according to Savills’ latest Spotlight on Branded Residences report.

According to the Report Dubai, Miami and New York are the top three locations for branded residences globally. These cities hold established luxury property markets and attract a range of local and international buyers. Globally, the branded residences sector has expanded by 230 percent over the past decade. Today, there are 580 schemes open and operating with almost 100,000 units between them.

 “The market is forecast to exceed to more than 900 schemes by 2026, almost doubling the current supply. This growth is coupled with the rise in the number of brands participating in the space, rising from 69 in 2011 to 133 in 2021,” according to the report.

The report’s forecasts indicate that the United States, Mexico, and the UAE will lead the real estate market in terms of the number of new housing projects belonging to luxury brands during the next five years. The report also noted the growing presence of Egypt as a distinguished destination in the sector, with expectations of doubling its supply volume by 2026.