Shitij Kapoor

I have been acquainted with the nuances of business and asset development, primarily real estate from a very young age, as I come from a family that owns a pharmaceutical business in India with multiple interests in real estate.

I started my journey in real estate in 2008 by investing my savings in locations like Downtown Dubai and Business Bay and within a short frame of time, I saw significant capital gain in my investments. I then decided to follow this current and put my faith in Dubai’s real estate market. I recognised the market trends and found a market supply gap in newly developed communities, so I decided to develop my projects in such locations as JVC and the Greens, starting from the ground up.

As a realtor, my focus has always been meticulous on projects and locations that are affluent in nature and have big-ticket sizes such as Emirates Hills and Palm Jumeirah, to name a few. I started working on the said projects and the results were extremely fruitful, all this, while I kept fueling and planning for the idea of opening my brokerage firm, which I did.

Founded in 2012, Luxury Concierge Real Estate (LCRE) as the name suggests aspires to be a top luxury brokerage firm. The nucleus of LCRE was to encapsulate Dubai’s opulent luxury market and forge strongholds with all major developers that give us and our clients the advantage of exclusive access and early information on the upcoming launches.

As I mentioned, I worked on big-ticket-size deals myself and was able to close one of the most expensive mansions at Emirates Hills and Jumeirah Bay as a land parcel in Dubai Hills alone worth more than Dh85 million. Furthermore, I would also like to briefly discuss an astonishing Emaar project, Dubai Hills, situated between Al Khail Road and Mohammed Bin Zayed Road.

Dubai Hills Estate is an extensive residential estate and luxury lifestyle master development comprising mainly luxury mansions and huge land parcels for custom developments to the client’s taste and lifestyle. Fortunately, I was able to secure a land parcel there worth Dh36 million for my client, which we developed from the ground up as per his taste and preferences. The capital appreciation on the land after building a magnificent mansion went up to 160 per cent and sold at a whopping Dh144 million, while accruing a construction cost of just Dh32 million.

Value of off-plan projects

We all were witness to how the real estate market in the world’s top cities such as New York, Hong Kong, London and Dubai reacted during the pandemic in 2019. The world was in shock and so was the real estate market.

Buyers and investors across the globe were skeptical about making any further investments due to the high level of uncertainty, although I was able to make my clients acknowledge the value of off-plan projects that were coming up in Dubai. Besides, Dubai’s commendable demonstration of how it handled the pandemic was a definite reassurance to the world that the emirate is indeed one of the safest cities for investment, with higher ROI compared to other metropolis cities.

During the peak of the pandemic, in the year 2020, I pivoted my focus towards off-plan projects where I was able to sell more than Dh300 million worth of off-plan projects by Emaar and Dh285 million worth of off-plan for Damac.

With sheer dedication, I clocked sales worth Dh1.3 billion in the year 2021, and LCRE was awarded one of the top brokerage firms by Emaar and offered a seat at the Emaar platinum club and whereas Damac made us a member of their billion circle round table.

My focus remains the same as targets for the coming years quadruple. Dubai has not reached half its potential, It is an upscale moving market that has not matured yet, and I plan on seizing the opportunities yet to come.