Dubai-based Metropolitan Premium Properties (MPP) and Abu Dhabi’s Metropolitan Capital Real Estate (MCRE), registered a combined 200 percent increase in online sales transactions from international buyers over the past 17 months.
Overall, the Metropolitan Group registered AED 1.5 billion overall sales in 2020 and AED3.5bn by the end of September this year.
Online sales transactions now represent 15 percent of all the group’s sales transactions compared to only 5 percent pre-Covid-19. The group’s biggest online transaction was an AED20 million commercial property in Business Bay, acquired by an overseas investment fund.
“It must be said that today, the UAE has the fastest and most efficient system in the world for purchasing properties online, with some transactions taking less than one hour to be completed,” said Nikita Kuznetsov, partner Metropolitan Group and CEO of Metropolitan Premium Properties.
According to the group, first-time buyers are purchasing properties between AED700,000 and AED3m and repeat customers are purchasing units between AED5-6m. The average decision-making time for purchasing property online is within 40 days and 80 percent of the group’s clients who make enquiries online end up purchasing a property. New client sales account for 60 percent of the transactions while 40 percent are repeat buyers.
Nikita Kuznetsov, partner Metropolitan Group and CEO of Metropolitan Premium Properties.
In terms of location, properties close to the ocean are seeing the highest demand in communities such as Emaar Beachfront, Port De La Mer, Address JBR and Madinat Jumeirah Living.
Kuznetsov added: “The people who are buying are choosing Dubai due to the high levels of safety and security the country offers, especially for high-net-worth individuals. Other key deciding factors include international schools, good infrastructure, tax-free status, new visa options and 100 percent foreign ownership possibilities. From our clients, we are seeing that 70 percent are purchasing for secondary homes and 30 percent for investment purposes.”
From the group’s overseas customers, 30 percent are from the CIS, 30 percent are from European countries, 20 percent from the GCC and 20 percent from the rest of the world.
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