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Arabian Business
22-05-2025
- Automotive
- Arabian Business
UAE emerges as hub for limited-edition luxury cars amid wealth influx
The influx of ultra-high-net-worth individuals (UHNWIs) into the UAE from around the world has set off a personalisation-based trend in the ultra-luxury auto sector in the region, with wealthy buyers demanding vehicles that reflect their status, cultural identity, and individuality through bespoke creations and limited editions, industry experts said. The market is also seeing a major shift in buyer profiles, with younger purchasers – often successful entrepreneurs or upwardly mobile executives in the 18-29 age bracket – emerging as the new demand setters with frequent vehicle changes and upgrades, displaying their success through highly customised, ultra-rare vehicles. Adding to the new excitement for market players is the trend of women increasingly becoming influential in this segment, with direct purchase decision-making as they occupy more senior professional positions. 'Personalisation has of late become the defining element of the ultra-luxury automotive experience [in the UAE],' Christophe Caïs, Founder and CEO of CXG, a leading data-driven consulting and solutions provider for premium and luxury brands, told Arabian Business. 'The new set of UAE buyers specifically expect premium features, customised interiors, and climate-specific adaptations,' he said. Industry insiders said the region's favourable road infrastructure, lower vehicle costs, and accommodating tax policies add to create an ideal environment for ultra-luxury vehicles to thrive. SUVs dominate due to their versatility in both urban environments and challenging terrain, they said. The segment's newfound market drivers are evidenced by substantial investments in increasingly immersive retail experiences, with Dubai seeing the opening of the world's largest independent McLaren showroom and the inauguration of a Rolls-Royce showroom. View this post on Instagram A post shared by Rolls-Royce Motor Cars Dubai (@rollsroyce_agmc) Luxury car market trends Market players said the luxury automotive sector in the UAE – as well as in the wider Middle East – is also seeing distinctive preferences compared to other global markets. While European and Asian buyers increasingly prioritise fuel efficiency and environmental considerations due to regulations and social norms, Middle Eastern customers embrace bold displays of wealth and performance without social stigma, they said. Caïs said their clients demand vehicles that reflect their status, cultural identity, and individuality through bespoke creations and limited editions. 'This trend has reached extraordinary levels – from Rolls-Royce's diamond-infused paint finishes to Ferrari's Gulf-inspired special editions featuring regional design elements like beige leather interiors with golden embroidery,' he said. Caïs said nearly every ultra-luxury manufacturer now operates dedicated personalisation divisions, with programmes like 'Q by Aston Martin' and 'Rolls-Royce Bespoke' seeing 100 per cent customisation rates for certain models in the region. Industry observers said the fundamental driver of the current shifts taking place in the region's ultra-luxe auto sector is emotional resonance. Middle Eastern buyers want vehicles that represent their unique identity, expressed through bold colour choices, precious materials, and intricate details that ensure absolute uniqueness, they said. The shifting preferences, driven by unique regional preferences, economic strength, are projected to help the ultra-luxury automobile market in the UAE and wider region to grow at a steady close to 5 per cent rate through 2032, from the estimated over $20 billion in 2024. Luxury EVs gain momentum in UAE, KSA, wider Middle East Sector experts said electric vehicles are fast gaining traction in the ultra-luxury segment in the region, though adoption remains in early stages in some of the markets. Established brands are introducing electric flagship models, such as the Rolls-Royce Spectre and the upcoming Ferrari Elettrica, while Chinese EV leader BYD, though yet to make a mark as a luxury auto player, is making inroads into the segment with its Yangwang and Denza brands. Developments such as Saudi Arabia's Public Investment Fund (PIF) investing in Lucid Motors to establish local manufacturing in Jeddah and the UAE's aggressive push on expanding charging infrastructure, offering tax incentives, are also aiding uptick in EV adoption in the region. Caïs said the next 2-4 years promise continued growth with electric vehicles playing an increasingly central role in the region. 'Asian luxury brands like BYD will intensify competition, while autonomous driving will gradually penetrate the segment – primarily in limousine-style vehicles rather than sports cars, where the driving experience remains paramount,' he said. The CXG chief executive, however, said to maintain a competitive edge, brands must differentiate through elevated customer experiences that make clients feel part of an exclusive community. 'The real battleground, however, will be after-sales service. Over-the-air (OTA) software updates and AI-enabled deeper customisation through technologies like 3D printing will become critical differentiators, with brands implementing robust service strategies best positioned to capitalise on regional momentum,' he said.
Independent Singapore
14-05-2025
- Business
- Independent Singapore
72 luxury condos sold for S$611.4 million in Q1 2025, more projects to launch in the coming months
Photo: Freepik/wirestock (for illustration purposes only) SINGAPORE: A total of 72 luxury condos worth S$611.4 million in total were sold in the first quarter of 2025 (Q1 2025), up 63.6% compared to the previous quarter and 35.8% higher year-on-year (YoY), EdgeProp Singapore reported, citing Huttons Asia's report. Of the 72 units sold, 64 were resale deals and eight were new units from developers. Seventeen of these were sold for S$10 million or more, a level similar to Q1 2023, before cooling measures kicked in April. Among high-transaction deals, 12 were purchased by foreigners and permanent residents (PRs). The most expensive unit was a 5,899-square-foot (sq ft) home at Park Nova, which was sold for S$38.9 million. The report also noted a rise in the rental market for luxury non-landed homes. Rents went up by 6.6% QoQ to an average of S$14,672 per month. Huttons attributed the growth to foreign tenants waiting for their permanent residency approval in Singapore. The luxury condo market picked up in Q1 2025 but has eased since, partly due to US tariffs announced in April, according to Huttons. Huttons said it expects more new luxury non-landed projects to launch in the coming months, likely aimed at ultra-high-net-worth individuals (UHNWIs) who remain confident in the city-state as a safe haven. /TISG Read also: Singapore's HDB resale flat price growth continues to slow at 1.6% in Q1 2025
South China Morning Post
14-05-2025
- Business
- South China Morning Post
Singapore's NUS, China's Tsinghua University among world's top producers of rich alumni
The National University of Singapore (NUS) and Tsinghua University are Asia's top universities for generating ultra-wealthy alumni, according to research by Altrata. The alumni population of NUS contains an estimated 3,400 ultra-high-net-worth individuals (UHNWIs), defined as people with fortunes of at least US$30 million, the data company said in a report on Wednesday. Tsinghua has produced an estimated 1,400 such graduates. NUS ranks 17th on a global basis and third on a ranking that excludes US universities, while Tsinghua ties with the University of Manchester for sixth on the non-US ranking but would be outside the top 20 of the overall global ranking, according to the report. US schools dominate the global list, topped by Harvard University with an estimated 18,000 UHNWIs, or 4 per cent of the world's estimated population of 483,500 such individuals, the report said. Of the top 20 universities, 17 are in the US, including second-placed University of Pennsylvania with 9,300 UHNW alumni, followed by third-ranked Stanford University with an estimated 8,400 UNHW alumni. 'The number of UHNW alumni from all of the top 20 non-US universities – an estimated 34,400 – is lower than the combined total of just the top three US institutions,' lead authors Maya Imberg, Maeen Shaban and Bettina Lengyel said in the report. 'This reflects the country's status as by far the biggest UHNW market and underlines the strong academic reputation and appeal of the US university system, with its large number of prestigious institutions providing a well-established pathway to wealth.'
Hindustan Times
05-05-2025
- Business
- Hindustan Times
Uday Kotak and family buy entire building of 22 flats in Mumbai's Worli for over ₹400 crore
Uday Kotak, founder of Kotak Mahindra Bank, and his family have bought the entire building of 22 flats in Mumbai's Worli for over ₹400 crore. In the latest transactions, they have acquired 10 additional sea-facing apartments for over ₹200 crore in the Shiv Sagar Building. One of the transactions was recorded at a maximum price of ₹2.89 lakh per sq. ft., according to property registration documents. In January 2025, the family made headlines by purchasing 12 apartments in the same building for ₹202 crore. In total, the Kotak family has acquired 22 apartments in the building for over ₹400 crore, as per property records. This transaction not only sets a new benchmark in real estate prices but also stands out as a unique deal, with the family purchasing an entire building. According to local brokers, the outright purchase of an entire housing society is a very rare phenomenon in the Mumbai real estate market. In 2024, Rekha Jhunjhunwala made headlines for buying units in a building to ward off any obstruction to the vista of the Arabian Sea from her Malabar Hill home. The Kotak family's acquisition, on the other hand, is expected to facilitate the expansion of their residence on the adjacent plot, said real estate experts. Also Read: Uday Kotak and family buy 12 flats in Mumbai for over ₹200 cr, set national price record at ₹2.71 lakh per sq ft Vicky Arora, a real estate consultant from Worli, stated, "For high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNWIs), it's not just about additional space. There have been cases where HNIs buy adjacent plots or homes to prevent any construction nearby that could disrupt their privacy, view, or peace of mind. However, the primary reason for acquiring neighbouring plots is typically to combine them and create extra space for the family." The Shiv Sagar building that Uday Kotak and his family have acquired is adjacent to Champagne House that was acquired in 2018 for ₹385 crore. According to a Mint report published in 2018, Uday Kotak and his family purchased a sprawling bungalow at Worli Sea Face owned by Ranjit Chougule, executive of the defunct wine firm Indage Vintners, for ₹385 crore. Also Read: Aamir Khan's housing society will have luxury apartments priced above ₹1 lakh per sq ft post redevelopment Property registration documents accessed by show that the 13 separate transactions were registered on January 30, 2025, February 25, 2025 and one apartment on September 5, 2024. The documents showed that the 13 apartments have carpet areas between 173 sq ft and 1,396 sq ft, for a total of 7,418 sq ft. Further, property registration documents accessed by for 10 apartments show they were purchased for a total of over ₹188 crore, with apartments ranging from 444 sq ft to 2,200 sq ft. The documents show that these 10 apartments were registered between March 5, 2025, and April 21, 2025. Also Read: Oberoi Realty sells 2.1 lakh sq. ft. of apartments worth ₹970 crore in Mumbai's Goregaon Meanwhile, an email query has been sent to Kotak Mahindra Bank, where Uday Kotak is a non-executive director, but there was no response. The building overlooks the Arabian Sea and the Mumbai Coastal Road. Worli is a posh locality which is home to several high-net-worth individuals.
Hindustan Times
05-05-2025
- Business
- Hindustan Times
Uday Kotak and family buy entire building of 23 flats in Mumbai's Worli for over ₹400 crore
Uday Kotak, founder of Kotak Mahindra Bank, and his family have bought the entire building of 23 flats in Mumbai's Worli for over ₹400 crore. In the latest transactions, they have acquired 11 additional sea-facing apartments for over ₹200 crore in the Shiv Sagar Building. One of the transactions was recorded at a maximum price of ₹2.89 lakh per sq. ft., according to property registration documents. In January 2025, the family made headlines by purchasing 12 apartments in the same building for ₹202 crore. In total, the Kotak family has acquired 23 apartments in the building for over ₹400 crore, as per property records. This transaction not only sets a new benchmark in real estate prices but also stands out as a unique deal, with the family purchasing an entire building. According to local brokers, the outright purchase of an entire housing society is a very rare phenomenon in the Mumbai real estate market. In 2024, Rekha Jhunjhunwala made headlines for buying units in a building to ward off any obstruction to the vista of the Arabian Sea from her Malabar Hill home. The Kotak family's acquisition, on the other hand, is expected to facilitate the expansion of their residence on the adjacent plot, said real estate experts. Also Read: Uday Kotak and family buy 12 flats in Mumbai for over ₹200 cr, set national price record at ₹2.71 lakh per sq ft Vicky Arora, a real estate consultant from Worli, stated, "For high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNWIs), it's not just about additional space. There have been cases where HNIs buy adjacent plots or homes to prevent any construction nearby that could disrupt their privacy, view, or peace of mind. However, the primary reason for acquiring neighbouring plots is typically to combine them and create extra space for the family." The Shiv Sagar building that Uday Kotak and his family have acquired is adjacent to Champagne House that was acquired in 2018 for ₹385 crore. According to a Mint report published in 2018, Uday Kotak and his family purchased a sprawling bungalow at Worli Sea Face owned by Ranjit Chougule, executive of the defunct wine firm Indage Vintners, for ₹385 crore. Also Read: Aamir Khan's housing society will have luxury apartments priced above ₹1 lakh per sq ft post redevelopment Property registration documents accessed by show that the 13 separate transactions were registered on January 30, 2025, February 25, 2025 and one apartment on September 5, 2024. The documents showed that the 13 apartments have carpet areas between 173 sq ft and 1,396 sq ft, for a total of 7,418 sq ft. Further, property registration documents accessed by for 10 apartments show they were purchased for a total of over ₹188 crore, with apartments ranging from 444 sq ft to 2,200 sq ft. The documents show that these 10 apartments were registered between March 5, 2025, and April 21, 2025. Also Read: Oberoi Realty sells 2.1 lakh sq. ft. of apartments worth ₹970 crore in Mumbai's Goregaon Meanwhile, an email query has been sent to Kotak Mahindra Bank, where Uday Kotak is a non-executive director, but there was no response. The building overlooks the Arabian Sea and the Mumbai Coastal Road. Worli is a posh locality which is home to several high-net-worth individuals.
