By Sam Bridge
Gulf Sotheby's International Realty posts $220m sales, boosted by huge land deal in La Mer, Dubai
Dubai-based Gulf Sotheby’s International Realty, a franchise of the world’s largest luxury realty, has announced a record-breaking AED810 million ($220 million) in sales for the first three quarters of 2019.
The 15 percent increase from the same period last year was partly attributed to one of the biggest land deals in La Mer, Dubai.
A total of five villa plots were bought to build a super-mansion by a private buyer. Transacted at a cost of over AED180 million, it dwarfed any other residential deal in the market.
This deal followed the sale of a One Palm Penthouse recorded earlier this year at AED75 million.
Gulf Sotheby's said the rise in luxury transactions and demand was witnessed within established areas such as Emirates Hills and Palm Jumeirah, while Jumeirah Bay Island and Dubai Hills are earmarked as up-and-coming, in-demand areas.
The majority of Gulf Sotheby’s clientele includes buyers and investors from the CIS, Europe and GCC markets, it said.
Chris Whitehead, managing partner at Gulf Sotheby’s International Realty, said: “Dubai remains a desirable location to purchase property - both as an investment opportunity and as a place to live. We have achieved the remarkable success due to our focus on exclusive sellers and unique stock.”
The company's deals this year also included AED120 million worth of luxury villas in Emirates Hills, collective transactions in Al Barari and Jumeirah Islands totalling over AED90 million, AED100 million worth of plots in Jumeirah Bay and more than 10 villas and plots in Palm Jumeirah worth AED250 million.
"The luxury property market in Dubai is proving to be more resilient, witnessing increased transactions due to a persistent decline in prices – therefore making such properties attractive, especially to foreign investors," added Whitehead.
According to reports, the decline in prices has made the emirate’s luxury properties more affordable to investors than its global counterparts in London, New York, Paris and Singapore.
George Azar, chairman of Gulf Sotheby’s International Realty, said: “The luxury property market in Dubai may have been slower in recent years, but Dubai remains one of the most affordable markets in the world; therefore, we will witness plenty of activities in the luxury property market until the last quarter of 2019 and beyond.”