Inside Dubai’s soaring prime property market

The launch of the first Mercedes-Benz branded residences, a 65-floor tower in Downtown Dubai, came with all the swagger you might expect from the Arabian city. Over a black-tie dinner, 20,000 people (yes, really) watched Muhammad BinGhatti, the chief executive of the Dubai developers Binghatti, and Britta Seeger, a board member of Mercedes-Benz, arrive on stage in a Vision One-Eleven, the latest Mercedes concept car.

The project they unveiled was Mercedes-Benz Places, a “fusion of automotive excellence and architectural innovation”. A 341-metre tower of 150 homes, all with terraces and private pools facing the world’s tallest skyscraper, the Burj Khalifa. Prices range from $2.3 million (£1.8 million) up to $140 million for the triplex penthouse with a private gym, cinema, spa and 20 — yes,

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