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Fri 26 Oct 2018 12:48 AM

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Dubai property broker expands ops after $430m sales

fam Properties says it is looking to 'dramatically increase' size of sales team after 2018 real estate sales boost

Dubai property broker expands ops after $430m sales
Dubai real estate brokerage fam Properties has announced expansion plans.

Dubai real estate brokerage fam Properties has announced expansion plans after topping AED1.59 billion ($430 million) in sales this year.

Firas Al Msaddi, CEO of fäm Properties, said that a five-year lease has been agreed with Nakheel for a new three-floor retail outlet on the Palm Jumeirah as the company looks to "dramatically increase" the size of its sales team.

“If we didn’t believe in this market, the last thing we would be doing is signing an unbreakable five-year contract,” said Al Msaddi. “The fact that we’ve now exceeded sales of AED1.5 billion this year shows that investor interest is very much alive.”

He added that the expansion deal represents a AED9 million investment.

Major deals secured by fäm Properties this year include AED700 million for five bulk residential transactions in newly developed areas of Dubai such as Bluewaters Island and Citywalk, as well as two AED170 million plots of land to be developed in Business Bay.

“While I don’t see price appreciation in the short term, our situation in Dubai is much better than in other leading international markets that are traditionally seen as safe heavens,” said Al Msaddi.

“The government will not cease its efforts to boost the Dubai property market, so there are great opportunities for investors in the medium and long term.”

The new retail premises becomes the seventh facility in the UAE for fäm Properties which has its headquarters in Business Bay.

The company said it aims to increase its current team of real estate sales agents from 95 to 150 backed by 100 administrative staff.

Dubai Land Department (DLD) said on Saturday that it has recorded real estate deals worth AED162 billion ($44.1 billion) during the first nine months of 2018.

The figures represented a fall of more than AED40 billion (20 percent) compared to the same period last year (AED204 billion) although the total number of transactions rose by over 2,000 to 39,802.