Christie’s International Real Estate expands into Dubai through an affiliation with Premier Estates
Owners Dinesh Chhatwani and Jacqueline Johns have been in real estate sales since 2004
Christie’s International Real Estate is pleased to welcome Premier Estates to the world’s leading network of luxury property specialists. The British-run company has been in operation since 2016 with principals Jacqueline Johns and Dinesh Chhatwani, both of whom have been marketing real estate in Dubai since 2004.
Helena De Forton, director of regional operations for Europe, Middle East, Russia, India and Africa of Christie’s International Real Estate, said: “Dubai is in the midst of a Renaissance for international buyers, due in large part to all the long-standing and more recent legislations put in place. Add to that, the value propositions and the lifestyle the city offers and it is little wonder the market has demonstrated such a dramatic uptick.
We are delighted to invite Premier Estates to our exclusive global network,” said Ms. Johns: “Both Dinesh and I are thrilled to be joining such a reputable brand. Combining our years of Dubai experience with a respected brand such as Christie’s International Real Estate brings a much needed global marketing expertise. We can now offer our clients global exposure and also an ability to refer them throughout the affiliate network, confident they will receive the same white-glove service they have come to expect.”
The United Arab Emirates is extremely tax-friendly, with no capital gains, inheritance or personal taxes. Real estate transaction costs are low, 4 per cent payable to the Dubai Land Department, responsible for the sale of every property in the country. In the U.K.stamp duties can be as high as 12 per cent. In France, 10–20 per cent is not uncommon. The UAE government has also eased visa restrictions to welcome foreign investors. For instance, as of 2021, it is possible to self-sponsor a one-year visa for remote work in the UAE, even if the employer is headquartered overseas.
The country also offers five-year visas for homeowners above the age of 55 and those owning luxury properties, valued above US$550,000. As a result, the city’s real estate sector is seeing a 15 per cent rise in transaction volume and 37% increase in value in January 2021 to the same month a year ago, this according to the Dubai Department of Land Development. Dubai’s all-time record sale was posted just this year, in March, to a Swiss family and listed at US$30,3000,000.
Said Mr. Chhatwani: “Current demand in Dubai is strong — and getting stronger. During Covid-19, Dubai has performed way beyond expectations and is a safe haven toboth live and invest. The government has done its part too, providing economic stimulus, introducing retirement visas and liberalizing lifestyle standards to be more in keeping with those of the West.”
The UAE’s luxury price per square foot is two-five times less expensive than other international enclaves. The city’s mainland properties sell for between $400 and $600 per square foot, while island-based properties — such as, Jumeirah Bay and The World — top out at $1,000. In comparison, Monaco hovers around $4,500 per square foot; London, $1,930; New York, $1,860; and Miami, $750.
In the UAE, foreign nationals are restricted to areas where freehold ownership is permitted. This area is, however, vast and growing, stretching from the shorelines and Palm Jumeirah’s private beaches to the sprawling greenery of Dubai Hills Estates. In fact, Dubai’s most sought-after communities belong to freehold areas, where foreigners can purchase, sell and lease homes, such as stately mansions, waterfront villas and panoramic-view penthouses. In the last five years, this also includes new branded residences and developers incorporating more luxury penthouses into their plans with design elements from across the globe to create international trophy homes.
Dubai, home to the world’s tallest building — the Burj Khalifa — is decidedly cosmopolitan with fine dining, world-class shopping and the arts while at the same time offering opportunities for golf, yachting and even a venue where individuals can try their hand at Formula One car racing. This has attracted buyers, primarily from the U.K., China, France, India, Saudi Arabia, Switzerland and Israel.
About Christie’s International Real Estate
Christie’s International Real Estate has successfully marketed high-value real estate around the world for more than 30 years. Through its New York City brokerage and invitation-only Affiliate network spanning 48 countries and territories, Christie’s International Real Estate offers incomparable services to a global clientele at the luxury end of the residential property market. The company has offices in London, New York City, Hong Kong, Los Angeles, and Palm Beach, and its affiliated brokerages have recorded approximately US$500 billion of real estate transactions over the last five years (data as of December 312020.) For additional information, please visit christiesrealestate.com.