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 custom residences and a 5-star hotel, all custom designed by Dolce&Gabbana. 888 Brickell will be a place to savor the splendor of luxury, and to experience the authentic Dolce&Gabbana lifestyle in one of the most vibrant cities in the world.
Dolce&Gabbana further showcased its commitment to the GCC with the launch of its flagship store in Riyadh, KSA, as another milestone in its Middle East expansion plans. The brand has seen continuously increasing interest from the region, which can be mainly attributed to both an increase in the financial wealth sector, as well as residents’ appetite towards the luxury market.
With the GCC’s financial wealth expected to reach USD 3.5 trillion by 2027 at a Compound Annual Growth Rate (CAGR) of 4.7% as per a new report by global management consulting firm Boston Consulting Group (BCG) and 27% of this wealth coming from Ultra High Net Worth Individuals (UHNW) in 2022[1], residents will likely start aiming for secondary investment opportunities outside the region to diversify their asset portfolio.
Miami is currently one of the world’s top destinations for investment driven by its significant business growth and its enviable leisure lifestyle making it the fifth most important property market globally in respect of annual transaction volumes over US$10 million, only trailing London, New York, Los Angeles and Hong Kong[2].
With most GCC residents already owning properties in their home countries, Miami is a prime destination for them as a secondary property investment, particularly when it comes to investing in the branded residence segment of the market. 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 sitting at 53%, followed by the Middle East at 34%[3] respectively.
Overall the number of UHNWIs globally rose 4.2% to 626,619, from 601,300 last year (2023), led by North America at 7.2% followed by the Middle East at 6.2%, according to the ‘Wealth Report’ published this year by leading real estate consultancy and agency Knight Frank[4]. This further emphasizes the growing wealth trend for the region, especially from countries such as the UAE, KSA and Qatar which are leading this growth.
