'Real estate assassin' eyes Gulf growth

GULF GROWTH: Former star US property broker Michael Shvo has several projects in the pipeline for Dubai. (Getty Images)

Former star US property broker Michael Shvo said on Sunday there was "no question" of a real estate downturn in New York, as his company beefs up its presence in the Gulf.

Shvo, founder and chief executive of the US-based real estate marketing firm, which he named after himself, opened an office in Dubai this year.

It signalled the growing attraction of the Middle East among developers and real estate consultants, keen to spread risk away from the stuttering US real estate market.

“There is no question there is going to be a slowdown, but that is part of the reason we are in Dubai and are opening an office in London,” he said.

“There are major shifts between Europe, Asia, the Middle East and the US and, from a corporate perspective, having that reach and being able to invest in the Middle East, decreases the risk,” Shvo added.

Shvo, 35, founded his company five years ago, after making a name for himself as the number one real estate broker in New York.

Acquiring the nickname the ‘real estate assassin’, in 2003 Shvo did 350 deals on properties collectively worth over $1 billion - the highest number of residential sales in New York that year.

In 2003, he founded Shvo, a bespoke marketing firm which specialises in real estate. Often teaming up with a developer to deliver projects, Shvo is best known in the UAE for its 130,000 square metre private island development Nurai, off the coast of Abu Dhabi, featuring a mix of luxury villas and waterside bungalows.

The company has a number of projects in the pipeline for Dubai, which will be unveiled early next year.

Shvo refused to drawn on his company’s annual turnover but said his firm is involved with $50 billion worth of projects worldwide.

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