- GCC’s Financial Wealth is expected to reach USD 3.5 Trillion by 2027
- Miami ranks as the fifth most important property market in the world
GCC —: 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, 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.
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% 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. 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.
Alfonso Dolce, CEO at Dolce&Gabbana says: “We are proud to keep the value of Italian Fatto a Mano as the defining ethos within all our projects: after the launch of our Casa Collection, it was natural to think of a residential project developed in accordance with the very best in Italian hospitality. We are happy to be able to present our first residential project in Miami, a city that has always welcomed us with enthusiasm, a global destination with an unparalleled culture and lifestyle: we can’t wait to pave the way for our interior design experience at 888 Brickell.”
Michael Stern, Founder and CEO at JDS Development Group says: “At a time when Miami is enjoying an incredible renaissance, we are proud to launch a global first collaboration at 888 Brickell with Dolce&Gabbana. For us, Dolce&Gabbana is the perfect partner to realize this new chapter and future vision for our iconic tower. The global fashion house’s pursuit of quality and detail in design — together with their ability to create a beautiful world of authentic lifestyle filled with incredible hospitality — ensures we are absolutely embarking on a successful, creative journey for our future residents and visitors from all over the world with a strong focus on the GCC as one of our top regions to welcome buyers and guests from.”
Renowned for their unwavering dedication to craftsmanship and their relentless commitment to sourcing luxurious and well-considered materials, Dolce&Gabbana elevates the design of 888 Brickell Dolce&Gabbana Miami to an unmatched level. Each of the 259 residences, encompassing a range from 1-4 bedrooms, is meticulously curated by Domenico Dolce and Stefano Gabbana. From bespoke hardware and rare wood and stone species to impeccably tailored furniture and hand-crafted millwork, Dolce&Gabbana brings its signature glamour and grace to every square inch of the residences.
The new luxury development will provide a variety of private resident amenities as well, including a 44’ lap pool, poolside lounge, theater, creative workspace & meeting suites, a billiards & game room, a children’s playroom and much more, adding both a business and entertainment aspect to all its residents.
Every home is a complete turnkey offering, thoughtfully designed to effortlessly transition from a private residence to separate, individual private suites. Exuding sophistication and refinement, the residences at 888 are fully appointed, ensuring a seamless experience.
Dolce&Gabbana and JDS Development conceived, designed, and programmed every inch of the 115,000 square feet of amenities throughout the property. The idea is to just show up, and everything is taken care of. From the moment you wake up to the moment you go to sleep, every whim and desire is anticipated.
Home to a premier hotel with world-class hospitality, 888 is an unprecedented hybrid of lifestyle-driven hospitality and elevated residential development. Spread over eight floors, 888 features a robust suite of amenities focused on entertaining, sports, leisure, wellness and fitness, and dining.
