Dubai’s ultra-luxury property market is entering a new phase with the launch of an AED3 billion collection of ready-built homes developed by Nordic by fäm, a division of fäm Properties. The portfolio spans two of the city’s most sought-after neighbourhoods and represents a break from the industry’s traditional reliance on off-plan sales.
The company’s approach focuses on constructing each property before putting it on the market, giving potential buyers the opportunity to experience the completed homes first-hand. The development also embraces a Scandinavian-inspired philosophy of simplicity and craftsmanship, in contrast to the opulence typically associated with Dubai’s luxury real estate.
The move comes as data from DXBinteract shows that more than AED140 billion worth of ultra-luxury homes have been launched in Dubai over the past five years.
Sales of villas priced above AED40 million have surged from 27 transactions in 2020 to 242 in 2024, with total transaction value rising from AED0.89 billion to nearly AED16 billion.
Firas Al Msaddi, chief executive of fäm Properties, said the decision to build first and sell later is intended to “let the homes speak for themselves.” He added, “The market is overcrowded with claims of luxury. Our aim is to redefine the category with quality craftsmanship, minimalist architecture, and thoughtful design.”
The first two Nordic by fäm villas, located in Al Wasl District, were sold shortly after completion last year for AED61.5 million and AED76 million respectively. The third property, a 21,000-square-foot, fully furnished freehold villa priced at about AED98 million, has recently been released to the market. The six-bedroom residence includes a professional-grade cinema, private spa, gym, and extensive indoor-outdoor living spaces.
A further 22 properties are currently under construction across the Al Wasl and Meydan areas, ranging from 10,000 to 35,000 square feet. The flagship 35,000-square-foot mansion, set for completion in December 2026, is expected to be listed for AED275 million.
According to Al Msaddi, every home in the collection is individually designed, with no replicas or standard templates. “Ultra-modern minimalism is the future of luxury,” he said. “It’s about creating calm, timeless spaces built from natural materials, defined by openness, light, and privacy rather than excess.”
