Dubai's ultra-luxury real estate market enters a new phase with the launch of a AED 3 billion collection of prefabricated homes developed by Nordic by fäm, a division of fäm Properties. The portfolio spans two of the city's most sought-after neighborhoods and represents a break from the industry's traditional reliance on off-plan sales.
The company's approach focuses on building 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 properties.
The move comes as data from DXBinteract shows that more than AED140 billion worth of luxury properties have opened in Dubai in the last five years.
Sales of villas priced above AED 40 million have increased from 27 transactions in 2020 to 242 in 2024, with the total transaction value increasing from AED 0.89 billion to almost AED 16 billion.
Firas Al Msaddi, managing director of fäm Properties, said the decision to build first and sell later was aimed at “letting the houses speak for themselves”. He added: “The market is overcrowded with luxury aspirations. Our aim is to redefine the category with high-quality craftsmanship, minimalist architecture and thoughtful design.”
The first two Nordic by fäm villas in Al Wasl district were sold shortly after their completion last year for AED 61.5 million and AED 76 million respectively. The third property, a 21,000 square meter fully furnished freehold villa priced at approximately AED 98 million, was recently launched on the market. The six-bedroom residence features a professional cinema, private spa, gym and expansive indoor and outdoor living spaces.
An additional 22 plots ranging from 10,000 to 35,000 square feet are currently under construction in Al Wasl and Meydan areas. The 35,000 square meter flagship mansion is scheduled to be completed in December 2026 and is expected to be listed for AED 275 million.
According to Al Msaddi, each house in the collection is individually designed, without replicas or standard templates. “Ultramodern minimalism is the future of luxury,” he said. “It’s about creating calm, timeless spaces using natural materials that are characterized by openness, light and privacy rather than excess.”