Fairmont Hotels & Resorts is set to launch its branded residences in Dubai. The luxury hotel brand by Accor has joined hands with the U.A.E.-based developer, SOL Properties, to announce Fairmont Residences Solara Tower Dubai.
Located in Downtown Dubai, the 55-story project is currently underway and anticipated to be completed by Q3 2027.
The project brings together Fairmont’s luxe brand standards with SOL’s experience in luxury real estate. The residences will feature spacious layouts and custom amenities, with terraces offering views of the Burj Khalifa and the Dubai Fountain.
Catering to the evolving needs of urban homeowners, Fairmont Residences Solara Tower will offer a resort-like experience and a complete range of premium services and amenities, which include exclusive access gourmet residences, private pool, fitness center, spa and wellness center.
“By combining Fairmont’s hospitality and service with our integrated residential environment and attention to quality, this project is certain to offer residents unmatched lifestyle experiences,” said Ajay Bhatia, founder and CEO of SOL Properties.
The project is supported by Accor One Living, the platform focused on the design and operation of mixed-use hospitality solutions for a new generation of investors and homeowners.
Fairmont Residences Solara Tower is the latest entrant to Fairmont’s portfolio of 16 branded residences across the world. The brand has 22 more projects in the pipeline.
Dubai has established itself as a sought-after destination for luxury hotels and homes, attracting HNWIs and investors looking to diversify their portfolios with the city’s strategic location and investor-friendly regulations. Citing a report by Mordor Intelligence, Fairmont said in a release that the luxury residential real estate sector in Dubai is likely to grow by over 8% by 2029. Despite the pandemic impacting the sector’s growth, residential property prices across the U.A.E. began to climb from 2022, aided by supportive economic reforms.
The steady demand for luxury homes in Dubai has resulted in the emirate becoming a “super-prime hub” of global sales of homes worth more than $10 million. By the end of the first quarter, Dubai topped Knight Frank’s ranking as the city with the highest sale of homes (105 sales) worth over $10 million. In 2023, the city was the fourth most active luxury residential market in the world.
The growing wealth in the city has benefitted from several factors, including the government’s response to the pandemic and the rollout of several new residency visa options, Knight Frank said. The property consultancy firm also highlighted the diversity in Dubai’s buyer base, which has contributed to the overall market’s performance.