Dubai is now top emerging real estate market to invest in, says Knight Frank
Property consultants Knight Frank Middle East has announced a major expansion of its operations in Dubai as it looks to take advantage of the post-pandemic rebound in the city’s luxury residential real estate market.
The company said it wants to become the emirate’s leading luxury real estate firm by offering clients an unrivalled sales portfolio of luxury ultra-prime homes.
It has hired Andrew Cummings, a senior figure in the emirate’s real estate sector who has overseen the sale of two AED100 million plus properties in 2020, as well as the most expensive Emirates Hills sale back in 2019, to lead its Dubai residential team.
In a statement, Knight Frank said Dubai represents a “huge growth market” with its wealthiest clients seeing it as ‘the’ emerging market to invest and live in.
Cummings said: “With Dubai’s property market roaring back to life and seeing record growth in 2021, now is absolutely the time to capitalise on this momentum to offer both buyers and sellers an unrivalled world class experience.”
Knight Frank said the signature hire signals its intentions to become the market leader across Dubai’s prime neighbourhoods and developments.
It added that in Cummings’ first week with the firm, the prime residential team transacted over AED140 million in property sales, which included the off market sale of an AED87 million villa on Palm Jumeirah, one of the most expensive sales on the Palm in recent years.
Knight Frank established its Middle East operations 12 years ago and from its offices in Dubai and Saudi Arabia, provide integrated residential and commercial real estate transaction, consultancy and management services.
Rupert Dawes, global head of residential at Knight Frank, said: “Dubai represents a huge growth market for Knight Frank with our HNWIs across the globe seeing it as ‘the’ emerging market to invest and live in.
“Over the last 12 months Dubai has seen significant growth in the luxury residential space with a new record of 54 $10 million plus homes sold in Dubai so far this year. We will continue to invest and grow our businesses in Dubai in order to provide our clients with the best advice and access to the most exclusive properties.”
In October, the UAE was voted the fourth best for expats to live and work in on HSBC’s 14th annual Expat Explorer survey.
The UAE’s successful handling of coronavirus – with the number of positive cases now dropping to less than 100 per day – as well as recent expat-friendly initiatives taken in Dubai, resulted in 82 percent of expats in the UAE saying they feel optimistic that life will be more stable and normal again in the next 12 months despite the pandemic, above the 75 percent global average.