With high value deal conversions in the pipeline, the real estate company expects to reach new sales records in the luxury segment in Q4
Dubai-based Gulf Sotheby’s International Realty, a franchise of the world’s largest luxury realty network Sotheby’s International Realty, has announced a record-breaking AED810M in sales for its exclusive range of luxury properties within the first three quarters of 2019, an increase of 15% from the same period last year.
This success is attributed partly due to one of the biggest land deal in La Mer. A total of 5 villa plots were bought to build a super-mansion by a private buyer. Transacted at a whopping cost of over AED180 million, dwarfing any other residential deal in the market.
The deal was closed by Leigh Williamson, Associate at Gulf Sotheby’s International Realty.
This came right after the exquisite One Palm Penthouse deal recorded earlier this year at AED 75m.
The rise in luxury transactions and demand was witnessed within established areas such as Emirates Hills and Palm Jumeirah, while Jumeirah Bay Island and Dubai Hills are earmarked as up-and-coming, in-demand areas. The majority of Gulf Sotheby’s International Realty’s clientele includes personal buyers and investors from the CIS, Europe and GCC markets.
Chris Whitehead, Managing Partner at Gulf Sotheby’s International Realty, says: “Dubai remains a desirable location to purchase property - both as an investment opportunity and as a place to live. We have achieved the remarkable success due to our focus on exclusive sellers and unique stock.
"Sotheby’s International Realty is globally synonymous with luxury real estate, and we have managed to replicate that reputation within the Gulf region. Our clients have entrusted their properties to us and we are proud to host the majority of the market’s distinctive properties listed with our experienced team, which include the highest number of senior luxury brokers in the market. This is in line with our growth strategy in 2020 to primarily focus on representing more exclusive stock.”
Recognised as the leading luxury property real estate company in Dubai, some of Gulf Sotheby’s International Realty’s successful deals from Q1 to Q3 of 2019 also include AED 120m worth of luxury villas in Emirates Hills; collective transactions in Al Barari and Jumeirah Islands totalling over AED 90m; AED 100m worth of plots in Jumeirah Bay; the biggest penthouse in Index Tower helping to achieve over AED 40m worth of transactions in DIFC; and lastly, more than 10 villas and plots in Palm Jumeirah put a grand total of over AED 250m worth of properties sold.
The luxury property market in Dubai is proving to be more resilient, witnessing increased transactions due to a persistent decline in prices – therefore making such properties attractive, especially to foreign investors. According to reports, the decline in prices has made the Emirate’s luxury properties even more affordable to investors than its global counterparts in London, New York, Paris and Singapore. The increased demand on luxury properties stems from the UAE and GCC countries, including Saudi Arabia, Bahrain and Kuwait.
According to George Azar, Chairman of Gulf Sotheby’s International Realty, the key to success within the luxury segment lies in exclusive listings and partnerships with specialist agencies to market the property at its true value and avoid undercutting the prices. He comments, “We represent a multitude of luxury properties in the UAE and GCC, and our pool of senior property consultants gain the trust and confidence of our notable client base. We have a celebrated reputation of exceeding client’s expectations, so we are confident that we will sustain our continued sales growth.”
“The luxury property market in Dubai may have been slower in recent years, but Dubai remains one of the most affordable markets in the world; therefore, we will witness plenty of activities in the luxury property market until the last quarter of 2019 and beyond,” concludes Azar.