TUESDAY, SEPTEMBER 13, 2022 KHALEEJ TIMES
PRIME PROPERTIES Dubai’s Real Estate Market Spikes
The Group takes pride in providing clients with the highest possible level of service and support with their property requirements
Transparent and investor-friendly policies have led to a surge in local and global property buyers leading to a spike in demand
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ubai’s real estate market has shown upward mobility in recent times, putting it on course for the strongest first-half performance ever, with nearly 43,000 sales transactions, the total value of which exceeded Dh114.5 billion. According to market assessment by experts, Dubai’s real estate sector has shown strong numbers in the first half of this year. The strong momentum and exceptional performance of the market has attracted investors as proof of the same were the recently concluded June 2022 sales, which are considered the best since 2009.
One Za’abeel
Redefining Project Delivery
Atlantis The Royal
Most market experts agree that the exceptional performance of the real estate market in recent months is leading to attracting investors. The increasing demand, the high real estate prices, and the high return on investment has also resulted in the influx of foreign investors. Furthermore, the upward trend is expected to continue during the second half of this year with the influx of more foreign investors, thanks to the stimulating measures taken by the UAE government, such as modernising visa procedures, besides ensuring economic stability. Moreover, there is positive hope that with the continuous changes affecting the labour law in Dubai, coupled with the availability of mega projects, will lead to global companies and brands entering the market. Some of the mega structures include well known names such as the One Za’abeel and Atlantis The Royal. As per the findings of JLL’s latest Global Real Estate Transparency Index (GRETI), the real estate markets of Dubai and Abu Dhabi have been recognised as the top global improvers in 2022. Dubai also entered the ‘Transparent’ tier for the first time underlining its position as the most transparent property market in the Middle East and North Africa region. — ali@khaleejtimes.com
Tell us about the journey of Metropolitan Premium Properties in the region and the concept behind it. Metropolitan Premium Properties (MPP) is a full-service real estate agency offering customised solutions to developers, owners and investors who are looking to maximise value from their luxury real estate assets. Founded in November 2012, MPP specialises in selling luxury properties, specifically penthouses starting from Dh10 million. How has the performance been for the luxury secondary market and what are your predictions for the future? The Metropolitan Group’s flagship real estate companies, MPP and Abu Dhabi-based Metropolitan Capital Real Estate (MCRE) registered a 400 per cent increase in full-year property deals compared to the same period in 2020. The company also saw its average transactions value more than double from $500,000 to over $1.1 million last year with off-plan sales increasing five times while sales of secondary units showed a three-fold growth compared to 2020. We have also observed that 70 per cent of our clients are purchasing secondary homes while 30 per cent are opting for investment purposes. In regards to the overseas customers, 30 per cent are from the CIS, 30 per cent from European countries, 20 per cent from the GCC and 20 per cent from the rest of the world. We expect this trend to continue this year as well.
one of the most sought-after projects upcoming for handover. The Address Jumeirah Resort and Spa is another gem with private beach and hotel services. The upper luxury villas in Dubai Hills, Mohammed bin Rashid City, Al Barari and Emirates Hills are also in high demand for own use. We recently sold two luxury properties at the BV Residences – BVLGARI for Dh88 million and have properties that cater to different tastes.
Alina Adamco Secondary Market Sales and Leasing Director Metropolitan Premium Properties
What makes UAE the perfect platform for luxury real estate? Dubai has bounced back strongly from the pandemic and this level of sales was last seen in 2014. The government’s economic incentives, new residency visas, the Expo 2020 Dubai and the world’s best vaccine roll-out programme have all resulted in attracting greater investor interest from around the world. Also, prices per square foot are lower than in other international cities and investors can also achieve, on average, between 5-10 per cent higher rental yields than other established markets. What have been some of the projects you have been associated with? The upper luxury resale market is at its best now with high-net-worth individuals (HNWI) relocating to Dubai and purchasing luxury properties for personal use. The Royal Atlantis is
Tell us something about your future plans for Metropolitan Premium Properties? In line with the phenomenal growth in the UAE’s real estate market, MPP announced the opening of its new offices in Sharjah and Ras Al Khaimah for Q4 this year. The new office locations are in addition to the offices it opened earlier this year at Business Bay and Emaar Business Park. MPP is also set to open a boutique office later this year in Palm Jumeirah that will cater to ultra-luxury properties i.e., properties ranging from Dh20 million and above. Anything else you would like to add? MPP has expanded its team with several key appointments to keep pace with its growing ambitions. A total of six heads of divisions have already joined the organisation in 2022 with three more to be hired before the end of the year. The company is targeting a head count of 450 by the end of this year with a growing focus on hiring agents with experience in the luxury segment. As a certified ‘Great Place to Work’ in the GCC, the agency is investing in performance support, rather than traditional training, to create an inclusive operating environment. MPP has also introduced a comprehensive new joiner induction experience, supported by ongoing coaching and skills programmes that offer practical learning experiences.