A Dubai developer is launching a portfolio of properties worth AED3 billion in a departure from the standard approach in the city’s ultra-luxury market.
Nordic by fรคm is completing each mansion and villa before offering it for sale, in contrast to the off-plan model that dominates Dubai’s high-end property sector.
The shift comes as data from DXBinteract shows that ultra-luxury home launches in Dubai have exceeded AED140 billion in value over the past five years.
Nordic by fรคm breaks Dubai ultra-luxury property model with completed homes
Sales of villas priced at AED40 million and above rose from 27 transactions in 2020 to 242 in 2024. Transaction values increased by 1,700% during this period, from AED0.89 billion to AED15.98 billion.
Nordic by fรคm has sold two properties and brought a third to market. Another 22 mansions and villas are under development in the Al Wasl and Meydan areas. The portfolio includes a 35,000 sq ft mansion scheduled for completion in December 2026, with an expected listing price of AED275 million.
“The market is overcrowded with claims of luxury and ultra-luxury. We wanted to change that by doing the opposite to what normally happens – building first, showing next, and letting the homes speak for themselves. The aim is to create a new architectural benchmark for Dubai which is defined by Scandinavian minimalism, quality craftsmanship, and thoughtful design rather than traditional opulence,” Firas Al Msaddi CEO of fรคm Properties said in a statement.
The first two villas in the Al Wasl District Collection sold for AED61.5 million and AED76 million within weeks of completion last year. The properties are located in Dubai’s closest freehold villa community to the Burj Khalifa.
Dubai ultra-luxury villa sales surge 1,700% as AED3 billion portfolio launches
The third property, a six-bedroom villa priced at AED98 million, has entered the market. The residence spans 21,000 sq ft and includes a cinema, spa with jacuzzi, steam and massage rooms, gym, and indoor-outdoor living areas.
The 21 mansions and villas under development range from 10,000 sq ft to 25,000 sq ft.
“Each home is individually designed and built. There is no template. There are no copies. We’ve used our 18 years of experience here, and our particular expertise in the ultra-luxury segment, to come up with something Dubai truly needed, and hadnโt yet been built,” Al Msaddi added.
