Turnkey architectural studio launches in Dubai to deliver luxury developments
Despite challenging market conditions for residential projects, a turnkey architectural studio, Estilo Architects, has launched an office in Dubai to provide luxury residential projects across the UAE.
Offering fully bespoke, turnkey design and construction services, Estilo Architects has completed single home and larger residential developments in the UAE, the wider Middle East, Europe, the US, Africa and Asia.
A report released by Jones Lang LaSalle research stated that Abu Dhabi and Dubai's residential markets are facing an oversupply of units with the value of residential properties declining by 25 percent since its peak in 2014. It also noted that a further five to 10 percent decline in property value is expected in 2019 due to the supply of homes current exceeding demand.
Prime residential prices have also declined, added the report, which fell by 11 percent in 2018. Despite the residential market slump, though, the residential sector life-cycle and upcoming Expo 2020 are indicators that property prices may experience an upswing in the mid to long-term.
Of the decision to establish Estilo Architects in such market conditions, Ezaht Al Doory, managing partner of Estilo Architects, said, "Despite the well-publicised softening of the UAE real estate market and the increasing demand for affordable homes, there is still a healthy appetite for luxury properties in the emirates."
In addition to providing services to homeowners and property investors, Estilo Architects will also expand into purchasing properties with a view to upgrading or completing them to premium standards. These properties will then be put on the market for buyers looking to invest in high-end homes.
"Traditionally, clients have used multiple service providers and contractors when building a new home or renovating an existing property," Al Doory said. "This has led to frustration, as communication between the different parties can lead to inaccuracies, delays and unforeseen costs. By offering a turnkey solution, we are able to move through the project, from start to finish, seamlessly."