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UAE, January 2023: Espace Real Estate announces its robust expansion plans in Dubai’s vibrant real estate sector with a $ 4,000,000 investment in additional office space for 2023. The leading real estate brokerage is cultivating its strong presence in the city to meet the growing market expectations in the apartments, freehold villas, off-plan and new project segments.
Espace Real Estate ended 2022 on an impactful note, achieving growth in excess of 35%, outperforming its target of 25% for the year. The award-winning brokerage is confident it will hit its growth target of 25% again in 2023 with the expectation that the Dubai property market will remain buoyant. Established as a market leader in many of Dubai's freehold communities, Espace Real Estate intends to expand more meaningfully into the off-plan and new projects sector. Espace Real Estate will bolster its world-class services with the expansion of its Off-plan and New Projects divisions. With an impressive team of over 170 employees the brokerage has forecasted to create 144 new jobs to fuel its ambitious expansion plans in 2023.
John Lyons, Managing Director of Espace Real Estate says, “As primarily a secondary-homes brokerage, in the past year we have experienced a 37% increase in buyer registrations in comparison to 2021. Property listings have slowed down by 17%, indicating that robust demand outstrips supply in Dubai's vibrant real estate sector. As demand for Dubai Real Estate shows no signs of abating, we are confident that the property sector and wider Dubai economy will continue to grow in 2023. We are committed to progressively strengthening Espace Real Estate to ensure that we maintain our position as the most prominent property brokerage in the region.
In 2022, Dubai’s real estate sector experienced a boom as property prices reached pre-pandemic levels, with demand for apartments and freehold villas showing no signs of slowing down. According to a recent report by Property Monitor, the off-plan market reached a record high, adding 7,161 units to the market for sale in November 2022 alone with a combined sales value reaching a staggering $ 28.2 billion. The apartments segment contributed 63.7% of total sales, while the freehold villas and townhouses segment represented 22.8% and 13.5% respectively. Furthermore, the new projects have added 44,000 units with an approximate aggregates sales value of $ 36 billion. However, Lyons comments, “While it is true that property prices have reached the previous peak in real terms when adjusted for inflation we have still some way to go.”
Espace Real Estate recorded record-breaking transactions valued in billions of dirhams across apartments, villas, townhouses, and some notable off-plan projects. Looking ahead, the market-leading brokerage identifies that the short-term rentals segment will struggle to outperform the returns available in the long-term rental market, which is a change in the status quo from recent years. There has been a significant increase in the number of properties available in the short-term rental market, which has prevented any significant growth in the average daily rate. Whereas in the long-term rental market, supply is very tight, and rental prices have risen dramatically in previous months, placing pressure on the short-term market.
As the national agenda shifts toward strengthening non-oil sectors, coupled with the introduction of new visa legislation such as the Golden Visas, five-year Green Visas, Freelancer Visas, and one-year residency permits for remote workers; Dubai has increasingly become an attractive residential destination, offering a vibrant lifestyle, business opportunities, and low crime rates in comparison to other developed cities in the world that also have a higher cost of living and tax breaks.
As Dubai’s population continues to grow, Espace Real Estate recorded a significant increase in buyer registration in 2022, with 62% of buyers purchasing a property through mortgage payments. As rental prices continue to rise with gross yields of 6.5%, there is a significant financial benefit to be gained from buying a comparable property rather than renting the same. The leading real estate brokerage emphasizes that as prices continue to soar in the rental market, residents in Dubai will be motivated to become property owners rather than tenants. It is also expected that the very strong Dubai economy and high personal saving rate coupled with the easy availability of mortgage loans will make this more of a reality. Espace Real Estate highlights that these strong market fundamentals have resulted in an increase in demand from foreign investors looking to allocate capital into Dubai’s residential sector.
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