Staff Report,
Dubai, UAE
Estilo Architects, a renowned luxury architectural firm in the Middle East, Europe, and Africa, has reported an outstanding 75% year-over-year (YoY) gross income growth for the first half of 2023.
The firm, which operates both as a developer and designer, has established an exceptional residential portfolio over the last decade. It provides comprehensive services in architecture, interior design, and construction. It notably functions in luxury estate segments, such as Palm Jumeirah and Emirates Hills, and plans to explore new locations in Dubai including Dubai Hills and Jumeirah Bay. The company’s expansion in 2023 has seen Estilo set foot internationally in Greece and The Democratic Republic of the Congo. It also has future plans to enter into Los Angeles and other parts of Europe.
Estilo has witnessed 26 percent rise in the total number of projects attributing the gross income figure to an average project value increase of 55 percent YoY. In 2023, Estilo Architects celebrated its involvement in a record-breaking deal worth Dh110 million (US$30 million). Another unprecedented deal made by Estilo was a Dh10 million (US$2.75 million) rental for one year, which set a new standard for luxury rentals in Dubai. This achievement surpassed the Palm’s previous year’s rental record of Dh8 million (US$2.18 million), also set by Estilo. The firm is set to break its own record again in the final quarter of this year with the design and build of a Palm property for Dh150 million (US$40 million), underscoring the brand’s continued success.
Dubai’s residential real estate market displays a range of growth prospects over the upcoming 12 to 24 months. Palm Jumeirah continues to stand as a dominant force, registering a remarkable 20 percent YoY growth in transaction volume, solidifying its position as Dubai’s most bustling residential hub. Jumeirah Bay, despite its higher pricing, has experienced substantial construction activities and an impressive 35 percent increase in high-value transactions in the past six months. Dubai Hills, recognised for its remarkable expansion and favourable pricing in comparison to ultra-luxury areas, has recorded a significant 25 percent YoY growth in transaction volume. Meanwhile, Emirates Hills, considered a highly sought-after locale, maintains its appeal among discerning buyers with consistent property price increases of approximately 8 percent YoY.
Ezaht Al Doory, CEO at Estilo Architects commented: “Our unwavering commitment to excellence, sustainable practices, and dedication to evolving luxury trends have solidified Estilo Architects’ status as the preferred choice for discerning clients seeking the epitome of opulence in Dubai and beyond. With an exceptional portfolio of luxury homes, we continue to redefine luxury real estate.”
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