Penthouse.ae, a real estate agency based in Dubai and powered by Metropolitan, specialized in serving Ultra High Net Worth Individuals (UHNWIs), achieved record-breaking sales in March. The sales surged by 100% compared to the same period last year. This strong start to the year almost matched the total sales from the first half of 2023.
ANTICIPATED GROWTH IN DUBAI REAL ESTATE
The company predicts a 15-20% growth in the luxury property segment this year, exceeding the overall market growth of 10%. To cope with this increase, Penthouse.ae has expanded its team to 40 agents. So, they are ready to meet the rising demand in the luxury property market.
DEMAND SURGE FOR DUBAI REAL ESTATE
Petri Mannila, Head of Luxury at Penthouse.ae, noted a strong surge in Dubai's luxury real estate market. He highlighted growing investor confidence, with transactions over $10 million increasing from just a few in 2020 to 419 in the past year. This surge indicates a notable shift in the market's dynamics.
FACTORS DRIVING GROWTH IN DUBAI REAL ESTATE
Dubai's luxury property segment is thriving due to several factors. These include a limited supply, global investor interest, and the city's appealing lifestyle. Additionally, Dubai offers attractive tax incentives and impressive real estate returns compared to other major cities like London and New York.
Some of the most sought-after luxury prime real estate locations in Dubai include:
GROWING INTEREST IN DUBAI REAL ESTATE
Demand from Russian investors has decreased. Yet interest from European, American, Central, and South American buyers has grown. In particular, waterfront properties and branded residences remain sought-after among investors.
PENTHOUSE.AE'S EXPANDING REACH
Penthouse.ae is not only thriving in Dubai but also expanding its reach. The company recently sold luxury properties in Ras Al Khaimah (Nobu Residences) and Abu Dhabi's Ramhan Island. This shows their increasing impact on the luxury real estate market.
PENTHOUSE.AE.S INDUSTRY RECOGNITION
Penthouse.ae achieved success at the International Property Awards. They won the 'Best International Real Estate Agency – Single Office – International' and 'Best Real Estate Agency – Marketing - Arabia' awards for 2023-24. These awards recognize excellence in the global property and real estate industry.
THE FUTURE OF LUXURY REAL ESTATE IN DUBAI
As Dubai continues to attract international investors and offer an unparalleled lifestyle, the future of Dubai's luxury real estate market is strong. Penthouse.ae's success reflects this boom in Dubai's luxury property market. They have a strong team and focus on exceptional service. So, their expanding reach makes them well-positioned to capitalise on this growth.
