Revealed: What it takes to succeed in Dubai’s luxury property market

Despite the ups and downs the sector has witnessed over the years, real estate in Dubai has always bounced back and is now experiencing a boom with “a lot of interest and limited availability,” said Vladimir Minaev, senior property manager, Metropolitan Premium Properties.

In an exclusive interview with Arabian Business, Minaev recounted his career path highlighting the success stories and the challenges while giving advice to young professionals interested in property brokerage. Minaev also discussed the future of Dubai’s property market, revealing areas in the city where he had found particular success in brokering units.

How did you get into real estate?

I have been in real estate from day one in Dubai. Similar to most people breaking into a new career path, it was a challenge from the beginning with no experience and a limited knowledge of English.  I eventually got a job offer from a company whose CEO was from my hometown. He decided to take a chance on me but set a very aggressive personal target for me which was to close one deal within a month. I managed to close two deals and that was the start of my career in real estate.

What are the three traits that makes you the successful broker you are today?

The three traits that have helped me throughout my career are constant self-development, a positive mindset and always setting big personal goals that keep me motivated.

How did you manage to become one of your agency’s top brokers?

I really love this job and I read a lot of books about sales, watch seminars and study new sales techniques, all of which keep me updated on the latest trends in the industry.

I believe in the UAE, its potential and the projects I am selling. This confidence and the fact that we receive tremendous support from the company. The training as well as the many investments the agency has made to support its brokers have all contributed to my success.

What was the most difficult deal you had to close?

It was a few months back: I got the inquiry on a Thursday evening and convinced the client to go for the 5-bedroom in the Royal Atlantis for AED32million. The client asked me to hold the unit until Saturday. Normally you can’t hold it without the booking amount, but I knew this type of client normally needs time to confirm everything with the lawyer first and I thought that if I push him now, at 11:00 pm, for the deposit, he will consider it a sales trick and I could lose the deal. I said we will hold and inform the developer, understanding that it is not a 100 percent secured.

I was sure it would not be sold the next day since it was a Friday and the start of the weekend but, as luck would have it, the next morning someone booked the unit and paid the deposit!

I was shocked and the client was upset and disappointed.  However, with the support of our CEO, we were able to convince the client to buy a luxury penthouse with us for AED64m, which is more unique and suited to his style and preference.

What was the most rewarding deal you ever closed?

I would say the same deal I mentioned above, the Penthouse in The Royal Atlantis. Plus recently I sold the villa in the ultra-luxury Six Senses project which is a new personal record for a single deal. 

Is there any development/project where you have been particularly successful in selling units?

There were a few on the Palm and JBR, but I think the most significant for me, again, is the Royal Atlantis. This is the new iconic landmark in Dubai.

What are your top three tips for anyone aspiring to be a real estate agent?

1. Don’t sell, create value.
2. Always be professional and have a dress code.
3. Study the real estate market in other countries to be aware and know what the pros and cons of Dubai are.

What’s the best piece of advice you’ve ever been given?

Whatever you are doing, you must be outstanding, never average.

Is there anyone that you look up to or who has been your mentor?

Ryan Serhant, an American real estate broker, author and reality television actor. Grant Cardone, the bestselling author of ‘The 10X Rule and If You’re Not First, You’re Last’ as well as one of my clients who is a sales trainer, speaker and entrepreneur.

What is your view on the future of the Dubai real estate market?

It is no secret; the Dubai market is booming especially in the luxury segment. The market is being driven by investors from the UK and other parts of Europe, CIS, Singapore all of whom are relocating their families to enjoy all that the city has to offer including safety and security, world-class infrastructure, a strong business environment, weather and so on.

However, like any other market, there is bound to be a correction, but we do not anticipate prices to drop like they did in 2008 or 2016. Prices per square foot in Dubai are lower than other international cities and investors can also achieve, on average, between 5-10 perecent higher rental yields than other more established markets. Right now, there is a lot of interest in Dubai’s real estate market and limited availability.