With over Dh500 million or $150 million sales completed last year, RNR as many other companies, benefitted from the positive impact of Expo 2020 in Dubai, which was a total success attracting more than 20 million visitors.
RNR, owned by twins Rakesh Mirchandani and Rajesh Mirchandani, is a boutique real estate company that assists to sell, buy or rent a property in Dubai. RNR also provides property management services. With its Easy programme and services, the company makes property management simple and easy for clients, including the non-resident ones. RNR has been serving clients and investors for 17 years and has always proudly said that it lives in the best city in the world and sells and rents the best real estate.
The Palm, also known as the eighth wonder of the world and one of the master communities, is where RNR noticed a strong demand, especially in the luxury segment. It is home to many spectacular five-star hotels such as the newly opened St Regis and beach clubs such as Fluid and the highest infinity pool. All these offer you an enviable lifestyle. RNR’s The Palm experts are Beesham K Lohana and Kavita Kumar. They both have the expertise and knowledge of the area and have recently completed two high-valued sales transactions of villas on The Palm, that were sold at Dh60 million and Dh62 million.
After the pandemic, RNR experienced a high demand and increase in prices. The holiday homes and short-let demand increased tremendously, especially for villas. Normally, the average rental yield or ROI for properties would be 4-5 per cent annually, but in the past 18 months, RNR experienced annual rent returns of up to 10 per cent. The increase in rent has helped many of the company’s owners/clients capitalise on their investments.
During the pandemic, the UAE ranked amongst the 10 countries globally for its leadership and proactive approach. It was considered to be one of the safest places to live and as a result of this, many wealthy or HNW/UHNW investors, family offices decided to move here.
The recent reform on the golden visa of 10 years by lowering the investment value to Dh2 million will serve as a major catalyst and will attract a lot of foreigners and foreign investment into real estate in Dubai. Tax benefits, including no inheritance or capital gains tax are other important factors for investors, especially those from Europe.
As the population grows, the real estate will expand too and the legacy will continue.