One of the world’s most luxurious car brands has revealed ambitious plans for a new city based in Dubai. Mercedes-Benz has teamed up with property developer Binghatti to build a huge branded ‘city within a city’ in the Meydan area of Dubai.
Officially titled Mercedes-Benz Places | Binghatti City, the project will be a multi-tower district set across an area spanning 9 million square feet.
It will bring together residential towers with an integrated urban ecosystem focused on design, mobility and community.
Binghatti are one of the biggest real estate developers in Dubai, behind upcoming projects such as the luxury watch-inspired Burj Binghatti and the Mercedes-Benz-branded residences in Downtown Dubai.
The Mercedes-Benz city will combine luxury residences with cultural and leisure areas, retail boulevards, parks and green corridors, mobility hubs, wellness and sports zones, as well as dining, entertainment and community spaces.
It will provide daily needs within walking distance of the Dhs30 billion community.
With the new development, they aim to “create a complete city within a city”, Muhammad Binghatti, chairman of Binghatti Developers, said.
The property market in Dubai has benefitted from government initiatives such as residency permits for retired and remote workers, expansion of the 10-year golden visa programme and overall growth in the UAE’s economy on diversification efforts.
The value of sales of homes in Dubai worth more than $10 million jumped 54 per cent annually in the third quarter, consultancy Knight Frank said in its quarterly review of Dubai’s property market last month.
Prime home prices are set to increase by 3 per cent next year, “underpinned by continued robust international HNWI [high net-worth individuals] demand for premium homes, the continued inflows of global wealth [and the global wealthy] and a deepening pool of resident investors”, the report added.
Dubai remained the “world’s busiest $10 million-plus market” globally in the third quarter, recording 103 deals, up 24 per cent annually, Knight Frank said.
The UAE is expected to attract a record 9,800 relocating millionaires this year, drawn by regulatory reforms and a tax-free lifestyle, a report by Henley & Partners and wealth intelligence firm New World Wealth found. In 2024, Dubai had an estimated 81,200 millionaires and 20 billionaires.
Source: thenationalnews & timeoutdubai
