Dubai’s red-hot property market is once again making headlines — with Brookfield Properties’ latest project catching Bloomberg ’s attention. The nine-tower beachfront Solaya development, which has penthouses priced above AED 24 mn and is developed through Brookfield’s joint venture with Dubai Holding, has drawn wealthy buyers from Europe, Asia, and the US. Bidding is invitation-only and deposits of AED 1 mn are required to register interest, the business outlet reports, citing promotional materials it has seen.

The launch adds to a wave of high-end projects catering to demand for unbuilt luxury homes. Off-plan sales now account for around 70% of property transactions, with luxury prices up 145% since 2019, the outlet reports, citing Knight Frank.

Despite the surge in interest — especially for ultra-prime properties — analysts have been sounding alarms over a potential bubble burst mirroring that of 2008, when speculative flipping and oversupply led to a sharp market correction. Most analysts maintain however that stricter escrow rules and higher down payments have since curbed risk.

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