UAE, April 2023: Dubai’s leading property brokerage, Espace Real Estate has experienced its most successful quarter within the city’s Luxury Property market, achieving a YoY 150% increase in total sales transactions above AED 20 million. Espace Real Estate’s phenomenal performance in the first quarter of the year includes a new record for company revenue achieving a 55% increase above the brokerage's previous best quarter. In other signs of growth in the market, it also saw an increase of 28% in the number of buyer registrations, while also securing a YoY 31% increase in the number of properties sold by the Espace team.
Dubai has been ranked as the world’s fourth-most active market in the luxury residential segment according to a recent global wealth report. Globally, with 219 US$10 million+ home sales during 2022, Dubai ranks just behind New York (244 sales), Los Angeles (225 sales), and London (223 sales). While Dubai's residential market activity recorded a 29% YoY increase across every price bracket in Q1 2023 the luxury end of the market saw the biggest increase in activity.
Transactional Volume Increase Per Price Segment (AED) (Secondary Market Sales)
0 to 5M= +28%
5m to 10M = +41%
10m to 20M = +7%
Above 20M+ price bracket = + 149%
Overall = +29%
Espace Real Estate expects that the luxury property sector will continue to grow in 2023 as the Emirate receives a steady influx of high-net-worth individuals (HNWI) and foreign investors seeking residency in the UAE.
John Lyons, Managing Director at Espace Real Estate says, “Dubai has progressively positioned itself as a leading destination for HNWI and ultra HNWI, on par with competitive markets in the UK, US & Europe. It is clear that the government has adopted a practical approach to attracting wealthy individuals to make Dubai their new home. The ease of doing business and low tax regime, coupled with the lowest crime rates in the world has positioned Dubai as the number one destination for an increasing number of the world's elite. At Espace Real Estate, we are excited to see the luxury sector thrive and look forward to facilitating more sales in Dubai’s robust property market.”
Dubai sits among the top players in the global trophy asset market, boasting the sale of the most expensive apartment in the market's history. The three-story penthouse in Bvlgari Lighthouse, the ultra-luxury development located on Jumeirah Bay Island, sold for $112 million. However, Espace Real Estate states that this sale price was 5% lower than the building's average selling price, based on price per sq. ft. basis. The penthouse was sold for $3,687 (AED 13,543) per sq. ft., which for context is approx. five times the price per sq. ft of many of the best apartments currently available for sale in Dubai Marina.
With a dynamic team of RERA-certified brokers, the award-winning property brokerage aims to capitalise on the luxury sector with its knowledgeable luxury property team. Recently promoted to the position of Luxury Director, Artur Ahmedov has personally displayed a phenomenal performance in Q1 2023, selling a total of over half a billion dirhams worth of luxury real estate $148,564,261 (AED 545,600,000) across the Emirate. Espace Real Estate has already doubled the team-size within its Luxury Property Department, aligning with the brokerage’s aim to hire 12 real estate brokers per month for the rest of the year.
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