Dubai's leading real estate brokerage, Espace Real Estate has experienced its most successful quarter in the city's luxury real estate market, achieving a 150% year-on-year increase in total sales transactions of over AED 20 million.
Espace Real Estate's impressive performance in the first quarter of the year included a new record for the company's revenue, achieving a 55% increase over the brokerage's previous best quarter. Among other signs of market growth, it also saw a 28 per cent increase in buyer registrations, while also securing a 31 per cent year-on-year increase in the number of properties sold by the Espace team.
According to the recent Global Wealth Report, Dubai has been ranked as the fourth most active market for luxury properties in the world. Globally, there were 219 sales of homes over $10 million in Dubai during 2022, behind only New York (244), Los Angeles (225) and London (223). While Dubai's residential market activity recorded a 29% year-on-year increase in every price bracket in the first quarter of 2023, the luxury end of the market saw the largest increase in activity.
Espace Real Estate expects the luxury residential sector to continue to grow in 2023 as the UAE receives a steady influx of high net worth individuals (HNWI) and foreign investors seeking to reside in the UAE.
John Lyons, managing director of Espace Real Estate, said: "Dubai has progressively positioned itself as a major destination for HNWIs and UHNWIs, rivalling competing markets in the UK, US and Europe. It is clear that the government has taken a practical approach to attracting wealthy individuals to make Dubai their new home. The ease of doing business and the low tax regime, coupled with the lowest crime rate in the world, has made Dubai 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 flourish and look forward to facilitating more sales in Dubai's strong real estate market."
Dubai tops the global trophy asset market, boasting the most expensive flat sales in the market's history. The three-storey penthouse at Bvlgari Lighthouse, an ultra-luxury development on Jumeirah Bay Island, was sold for US$112 million. However, Espace Real Estate said the sale price was 5% lower than the average sale price of the building based on price per square foot. The penthouse sold for $3,687 (Dh13,543) per square foot, which, for context, is about five times the price per square foot of many of the best flats currently for sale in Dubai Marina.
With a dynamic team of RERA-accredited agents, this award-winning real estate brokerage aims to make a splash in the luxury real estate sector with its knowledgeable luxury team. Recently promoted to Director of Luxury, Atul Ahmedov personally demonstrated an impressive performance in the first quarter of 2023, selling a total of US$148,564,261 (AED545,600,000) worth over Dhs500 million of luxury real estate across the emirate.Espace Real Estate has doubled the size of its team in its luxury real estate division. This is in line with the brokerage's goal of hiring 12 real estate agents per month for the rest of the year.
