Real estate plays a pivotal role in the UAE, serving as a cornerstone of its economy and a symbol of its rapid development. Firstly, the UAE’s real estate sector serves as a key driver of economic growth and diversification. Historically reliant on oil revenues, the UAE has strategically diversified its economy, with real estate emerging as a major contributor.
The sector attracts significant foreign direct investment (FDI) and stimulates various related industries such as construction, finance, and tourism. The iconic skyline of Dubai, with its towering skyscrapers and luxurious resorts, stands as a testament to the economic vitality fuelled by real estate development.
The Legends were revealed at a lunch event held at the Arts Club in Dubai and co-hosted by Alex Zagrebelny, the founder and CEO of R.Evolution.
Moreover, real estate in the UAE acts as a catalyst for job creation and employment. The construction boom associated with ongoing development projects provide employment opportunities, as well as professionals in architecture, engineering, and urban planning. This employment ripple effect extends to sectors such as retail, hospitality, and services, further bolstering economic stability and prosperity.
Beyond economics, real estate plays a crucial role in shaping the social fabric of the UAE. The Emirates’ rapid urbanisation has led to the creation of vibrant communities, complete with residential complexes, shopping malls, recreational facilities, and educational institutions. These developments cater to the diverse needs of residents, fostering a high standard of living and a sense of community among the multicultural population. Additionally, the UAE’s commitment to sustainable urban planning ensures that new developments are designed to enhance livability while preserving the natural environment.
Culturally, real estate in the UAE reflects the nation’s ambition to blend modernity with tradition. Architectural marvels such as the Burj Khalifa and The Palm Jumeirah not only showcase technological prowess but also pay homage to Arabic design principles and cultural heritage. Such landmarks serve as global icons, attracting tourists and investors alike while promoting the UAE’s cultural identity on the world stage.
Furthermore, the real estate sector in the UAE is a magnet for global investors seeking lucrative opportunities. Favourable regulatory frameworks, tax incentives, and investor-friendly policies have positioned the UAE as a hub for property investment in the Middle East. International buyers are drawn to luxury properties, residential developments, and commercial spaces, contributing to the country’s reputation as a global financial centre and a hub for business and commerce.
In conclusion, real estate in the UAE transcends its role as a mere economic asset to embody a symbol of progress, prosperity, and cultural identity. As the Emirates continue to diversify its economy and expand its infrastructure, the importance of real estate as a cornerstone of growth and development remains undisputed.
In this special issue of Arabian Business, we present the leading figures who help drive the UAE’s vibrant real estate industry forward.
| Real Estate Legends 2024 | Real Estate Legends 2024 |
|---|---|
| 1. Ben Bandari | 14. Fabricio Saltini |
| 2. Honey Deylami | 15. Ezio D’Ercole |
| 3. Riad Gohar | 16. Joelle Raad |
| 4. Conor McKay | 17. Fabio Lombardi |
| 5. Anthony Abou Jaoude | 18. Fakhreddin Minooeifar |
| 6. Rasha Ibrahim | 19. Philip Zarif |
| 7. Kianoush Darban | 20. Farooq Syed |
| 8. Barnaby Crompton | 21. Mohammed Fares |
| 9. Sarah Serhan | 22. Qurat Ul Ain |
| 10. Chris Boswell | 23. Soufie Jnidee |
| 11. Sam Horani | 24. Lina Allaoa |
| 12. Charlie King | 25. Leigh Borg |
| 13. Andrew Cummings |
Name: Ben Bandari
Rank: 01
Designation: Founder
Company: Ben & Core Real Estate
Ben Bandari’s journey in the real estate industry showcases a remarkable blend of resilience, entrepreneurial drive, and expertise. Starting his career in 2002, he has amassed over two decades of experience, culminating in sales exceeding AED22bn. His track record includes spearheading the sales and marketing efforts of prestigious projects such as the Palazzo Versace condominiums and D1 Tower, where he achieved sales worth over AED3bn in just a year.
In February 2020, amidst the challenges posed by the Covid-19 pandemic, Bandari demonstrated his entrepreneurial spirit by founding Ben & Core Real Estate. This bold move highlights his ability to navigate adversity and seize opportunities in dynamic market conditions.
Bandari’s educational background includes an MBA, complemented by a robust marketing expertise. He recognises the pivotal role of effective marketing strategies in driving sales within the competitive real estate landscape. Bandari is currently a sales and marketing consultant for R.Evolution real estate, a European luxury high-end developer with its first project EYWA being a 19-storey building in the heart of Business Bay.
He is credited with making the project one of the most talked about and sought after in the market, with standing room only at a recent sales launch event organised by him.
Moreover, Bandari’s reputation is built on a foundation of honesty, integrity, and extensive industry experience. These qualities have established him as the preferred real estate advisor for discerning clientele, including ultra-high-net-worth individuals, politicians, celebrities, and heads of state.
Bandari’s multifaceted involvement as both a star and executive producer of the American franchise twice Emmy-nominated show Million Dollar Listing UAE speaks volumes about his influence and expertise in the real estate industry. The show’s success is evidenced by its global reach, being showcased in over 60 countries worldwide.
As the star of the show, Bandari’s charisma and expertise in the real estate market captivate audiences, offering insights into the high-stakes world of luxury property transactions in the UAE. His on-screen presence undoubtedly contributes to the show’s popularity and acclaim.
It has been a relentless story of success, but, he says, this is only the beginning.
“Working in the Dubai real estate market is not just a job or career to me, it’s a way of life. I still get the same adrenalin rush on every deal, no matter how big or small. I think to succeed in this business, you need not just to have the knowledge and tools, but passion. To come to work every morning – and actually many nights – and still be motivated to deliver 100 percent.”
He adds: “We are in a fortunate position today where we can be more picky on the deals we do, and the type of properties we promote. But that doesn’t mean we can slow down, as the industry is as competitive as ever, no matter what your experience or track record is – you still have to deliver.”
Name: Honey Deylami
Rank: 02
Designation: Executive Partner
Company: Dubai Sotheby’s International Realty
Second on our list is Honey Deylami, the executive partner in Dubai Sotheby’s International Realty with a stellar career spanning over 19 years. Passionate about real estate from a young age, Deylami embarked on her journey in 2005, initially with a home-grown real estate company in Dubai.
Her unwavering commitment and expertise swiftly propelled her to join Dubai Sotheby’s International Realty shortly after their inception in UAE where she has consistently reigned as the top broker. Renowned for orchestrating record-breaking deals in Dubai’s luxury market, Her extensive database encompasses properties valued at AED30m and above.
Her strategic insights, coupled with a profound understanding of market trends, position her as an invaluable investment adviser and property consultant for high-profile clients. In the competitive world of luxury real estate, Deylami stands as a paragon of success, consistently delivering unparalleled results and setting new benchmarks in the luxury real estate industry.
She boasts a remarkable track record of transactions totalling over AED20bn throughout her illustrious career. Her ability to navigate and orchestrate deals of such magnitude underscores her unparalleled expertise and enduring impact on the luxury real estate landscape. She is distinguished by her steadfast commitment to a long-term approach when advising clients in investing in luxury real estate. Her meticulous selection process for clients involves a comprehensive consideration of factors such as market trends, global impact, capital gain, and rental income.
What sets her apart is the exceptional ability to navigate the intricacies of the market, ensuring that her clients not only secure a property but make a strategic investment and partnership. Her foresight and analytical approach have resulted in instances where she has successfully sold a property more than four times in a short span is a testament to her unparalleled understanding of sustained value and investment potential. Specialising in the epitome of luxury real estate, Deylami is renowned for her expertise in ultra-luxury properties, including opulent mansions, mega penthouses, and branded residences situated in Dubai’s most prime locations such as Palm Jumeirah, Bulgari Residences, Dubai Hills and DIFC.
Her international scope extends beyond borders, skilfully managing clients’ luxury property portfolios across the globe. Her current portfolio is an impressive collection of exclusive luxury listings exceeding AED5bn in Dubai and over £1bn ($1.26bn) internationally. In her pursuit of curating an even more exceptional client experience, she is cultivating a powerhouse team within Dubai Sotheby’s, that redefines the landscape of ultra-luxury real estate.
One of the reasons she was selected to be at the very high end of the list is her reputation amongst developers, with many leading CEOs personally calling her ahead of major launches to take on their projects.
As one friend says: “If Honey is selling your property, the value is likely to go up before she makes a single call.”
Name: Riad Gohar
Rank: 03
Designation: CEO
Company: BlackOak Real Estate
Riad Gohar’s career trajectory is a testament to his versatility and expertise. Starting as an actor in a popular sitcom, he transitioned to a corporate executive role in pharmaceuticals before ultimately becoming a successful entrepreneur. Gohar has developed a robust skill set in sales, marketing, negotiations, and business development.
In 2006, Gohar embarked on his entrepreneurial journey in Dubai, leaving his pharmaceutical career behind. He co-founded a boutique agency specialising in large ticket off-plan sales. The firm flourished during the real estate boom but faced significant challenges and losses during the global financial crisis in 2008. Gohar responded by restructuring and rebranding the company under the global franchise Fine & Country, focusing on villa communities. His dedication and expertise established him as a trusted authority, with over AED700m in luxury villa sales across prestigious communities such as Meadows, Lakes, Hattan Villas, Jumeirah Islands, Jumeirah Park, Jumeirah Golf Estates, and Palm Jumeirah.
After 12 successful years in brokerage, he embraced a new challenge by launching the development arm of the renowned SLS hotel brand as the development commercial director. This role provided a developer’s perspective, where he formulated strategies, built the team, set pricing, launched the project, and executed comprehensive sales and marketing plans. His efforts led to AED600m in sales in the first year and pioneered Dubai’s first fractional ownership, potentially leading to future tokenisation in Dubai.
Gohar’s passion for brokerage led him back to the sector, where he co-founded BlackOak Real Estate. BlackOak focuses on exclusive projects, high-end luxury assets, and consultancy services, assisting developers with marketing and sales regionally and internationally. Under his leadership, BlackOak has set multiple records for selling and closing all-time high prices for single luxury homes.
He also starred in the UAE spin-off of the Emmy-nominated show Million Dollar Listing alongside Ben Bandari. The show aired on StarzPlay last September and was a huge hit, receiving amazing ratings and ranking number one on its first day. This exposure significantly boosted Gohar’s popularity, cementing his status as a leading figure in the real estate industry.
Beyond his professional endeavours, Gohar has a deep love for music, playing the guitar and saxophone. An avid sportsman, he has completed two of the Seven Summits – Mount Kilimanjaro and Mount Elbrus – and aspires to conquer all seven. Currently, he is learning Mandarin, continuously pushing his boundaries and achieving new heights.
With a passion for education and training, Gohar has established strategic partnerships with the Dubai Chamber of Commerce and has participated as a guest speaker in global initiatives, discussing the macro and microeconomics of the UAE real estate market. His insights into market dynamics and economic trends have contributed to shaping discussions on sustainable growth.
Gohar advocates for understanding a common question: While the Dubai property market often faces inquiries about when it will experience a correction, rarely do people inquire about the factors driving its success. This success is rooted in a visionary approach of an economy led by supply, attracting global investments and mass migration, ultimately fostering sustainable growth.
A “lead-by-supply” economic approach increases national wealth and positions cities as major hubs for tourism, finance, and residency. The UAE, particularly Dubai, exemplifies this model’s success, combining low unemployment, currency stability, and robust infrastructure development. This strategy has led to significant investments in schools, aviation, roads, metro lines, hospitals, hotels, malls, and real estate, making the city a thriving economic hub.
Despite external factors impacting real estate prices, the primary dynamic of the UAE economy remains population growth, driven by the excellent business and lifestyle environment, attracting professionals and businesses worldwide.
To support this population flow, the government invests heavily in building infrastructure for business, pleasure, events, and conferences, further bolstering the economy.
According to data from the Dubai Land Department, rental registrations from the beginning of the year to March 2024 totalled 159,941, reflecting a 5.8 percent increase compared to the previous year.
In terms of supply, 6,526 units were delivered in the first quarter, with 59.7 percent of these located in Meydan One, Jumeirah Village Circle, and Al Furjan.
An additional 46,086 units are expected to be handed over by the end of the year, though historically, only a limited portion of the projected stock materialises as planned.
March 2024 saw a new record in Dubai’s residential market, with transaction volumes reaching the highest monthly figure ever recorded, showing a year-on-year growth of 13.2 percent. During this period, off-plan sales surged by 20.2 percent, while secondary market sales grew by 2.2 percent.
With the rising figures from the industry, real estate is in for another robust year and for Gohar and the leading players, the numbers suggest the best is yet to come.
Name: Conor McKay
Rank: 04
Designation: Broker
Company: Bellview Real Estate
McKay, originating from the heart of Ireland, boasts an impressive track record in orchestrating high-end luxury property transactions.
Revered as the premier broker in Emirates Hills, Palm Jumeirah, and Dubai Hills mansions, McKay has made significant waves globally, notably clinching the title for Dubai’s most expensive property sale in 2022.
With an astounding AED1.12bn in real estate transactions that same year, coupled with AED750m prior to this, McKay’s expertise has garnered recognition among the UAE’s top 10 agents by PropertyFinder, the leading property portal in the Middle East.
Furthermore, he has consistently been hailed as the best agent by UAE property portals, underscoring his unwavering dedication to providing unparalleled guidance and employing strategic negotiation tactics to secure optimal deals for his esteemed clients. Remarkably, in the first quarter of 2024 alone, McKay has already orchestrated the sales of the first and second most expensive villas in Dubai, totalling an impressive AED500m.
Not bad for a 26-year-old who, as a teenager studying business in Ireland, was inspired by the TV show Million Dollar Listings Los Angeles. He flew to Dubai on a one-way ticket in February 2017, but was rejected from several jobs because he was still a teenager – until one brokerage took a chance on him.
In an interview with Gulf News, he said: “The company saw potential in me and agreed to recruit me,” noting that he himself had discovered the salesman in him as a little boy. “I used to sell sweets and soft drinks when I was a school kid and I ran an online shop selling golf clubs when I was in college. I loved a good deal right from those days.”
He added: “The first ever deal I struck in Dubai was for an AED140,000 rental of a two-bedroom villa in Jumeirah Village Triangle in 2017. I took home AED3,500 as my commission.
“By the end of 2018, I made my first villa sale and received 60 percent of the AED420,000 payable commission. It was around this time that I progressed into full-time sales from doing premium rentals, including some villas that commanded AED1m or more, earlier.”
He hit the headlines two years ago by brokering the AED280m sale of a Palm Jumeirah villa – complete with 10 bedrooms and 70 metres of private beachfront.
Still one of the youngest agents in Dubai, he is already in the top ten of our first-ever brokers list – but most industry experts expect him to be gunning for the top slot in the next couple of years.
Name: Anthony Abou Jaoude
Rank: 05
Designation: CEO
Company: Primestay
A renowned real estate investor, broker, entrepreneur, podcast host, mentor and author, Abou Jaoude has built a reputation for offering a comprehensive range of services to property owners, while also serving as the CEO of Primestay, a leading holiday home rental company, and associate partner at Provident Real Estate, one of the largest real estate agencies in Dubai.
Abou Jaoude’s remarkable achievements and unwavering commitment have cemented his status as a dynamic and influential figure in the industry, earning numerous accolades, including the prestigious Top Broker in Dubai since 2018 and the esteemed Emaar Top Sales 2020 Award.
Abou Jaoude was born in Kent, Ohio, and raised in Al Zalqa, Lebanon. He pursued his higher education at Notre Dame University in Lebanon, where he graduated with a degree in advertising and marketing, accompanied by a second major in psychology.
Following his passion for real estate, he established his own company called MRE961 in Lebanon, which he successfully ran from 2008 to 2013.
In 2014, with just $500, Abou Jaoude relocated to Dubai, drawn by its allure and opportunities. He joined Provident Real Estate as the director of hotel apartments, steadily advancing to become associate director and later associate partner, a role he currently holds.
Despite initial challenges, Abou Jaoude’s unwavering passion and commitment have made him a prominent figure in off-plan investment. He is renowned for offering a comprehensive range of services to property owners, including property management, holiday home rentals, interior design, furniture leasing, and various lease options ranging from long-term to short-term, daily, weekly, and monthly.
Furthermore, Abou Jaoude has mentored over 300 individuals through his online academy, sharing his expertise and empowering aspiring real estate professionals.
In 2017, Abou Jaoude joined Primestay, a leading holiday home rental company that provides exceptional services and attractive returns on properties. As the CEO, he is dedicated to delivering outstanding customer experiences and driving the success of the company.
Abou Jaoude also hosts the highly popular podcast Dubai Stars, where he interviews inspiring individuals who achieved remarkable success despite humble beginnings. Through the podcast, he shares valuable insights, tips, and strategies, covering their struggles, journeys, and the process of becoming successful in Dubai.
Additionally, Abou Jaoude is the author of the acclaimed book Take Charge, which became a bestseller on Amazon. In the book, he provides insights into Dubai’s competitive real estate industry, including its thriving economy, innovative developments, and government policies. He also addresses the challenges and opportunities present in the current economic climate, offering guidance for real estate professionals to adapt and thrive. Abou Jaoude has a second book, Take Action, which became a bestseller on Amazon.
Name: Rasha Ibrahim
Rank: 06
Designation: Senior Sales Manager
Company: Metropolitan Premium Properties
Rasha Ibrahim, a French-educated professional from Egypt and native Arabic speaker, has carved a remarkable path in the luxury real estate market. Her journey began at a young age, driven by an entrepreneurial spirit and a determination to be financially independent.
At the age of 16, she started working as a translator at Cityscape and other international exhibitions, which sparked her interest in the real estate global market and the potential for the international career growth.
Rasha’s professional trajectory took a significant turn when she participated in the soft opening of the Four Seasons Hotel in Cairo. Her experience with luxury hotels paved the way for her entry into the aviation industry where in 2007 she moved to UAE and quickly ascended the ranks.
Within three years, she surpassed expectations and earned a prestigious managerial position with the presidential airline of the Al Nahyan royal family of Abu Dhabi.
Despite her successful aviation career, Rasha’s fascination with real estate never waned. In 2014, she began working in real estate part-time, referring clients to Emaar while continuing her aviation duties. Her passion for real estate investment and a desire to bring integrity to the market led her to pursue the industry more seriously. She balanced her roles meticulously, often conducting morning property viewings before embarking on long-haul night flights.
After a decade with the royal family, a pivotal flight with the Chief Commercial Officer of Meraas / Dubai Holding resulted in a career-defining opportunity.
In 2018, Rasha joined Meraas / Dubai Holding full-time and quickly distinguished herself as one of the top three sales team members. Her remarkable performance earned her a subsequent position at Al Dar in Abu Dhabi.
Though her passion for secondary market sales soon drew her back to brokerage with Metropolitan and won the Top 10 Achiever Awards each year.
Post-2021, Rasha’s career reached new heights when she skyrocketed many sales. She sold over AED1.5bn worth of real estate, earning accolades, including the Number 1 Sales Achiever Black Onyx Award from Meraas for the entire 2022. Specialising in the luxury market, she has sold nearly AED500m in Bulgari Island alone, therefore she is known in the market as the Queen of Bulgari Island.
Rasha’s career is a testament to her consistency, hard work and patience. She values honesty and admits it’s a very rare character to find in the field, her ethical approach and unwavering commitment to excellence have resulted in numerous success and engraved her name in the luxury real estate sector.
And right now is likely to be the best time to be working in the luxury segment of the market. Dubai saw a record-breaking 431 homes sold for more than $10m last year and real estate prices in the luxury segment increased by almost 16 percent.
Despite this, it is one of the most affordable places to buy luxury real estate, according to international property specialists Knight Frank. According to Knight Frank’s Wealth Report, prime residential prices showed significant strength in 2023.
And in the company’s Global Prime Residential Forecast in the 2023 rankings, Dubai emerges as the leader, anticipating annual growth of 14 percent over the full 12 months. Of the 100 markets tracked in Knight Frank’s Prime International Residential Index (PIRI), 80 recorded flat or positive annual price growth. Luxury prices increased by an average of 3.1 percent in 2023, with Manila (26 percent) leading the rankings and Dubai (15.9 percent) in the second spot.
The Bahamas (15 percent) comes in third place with the Algarve and Cape Town (both 12.3 percent) completing the top five. Prime residential values in Dubai, which encompass the neighbourhoods of The Palm Jumeirah, Emirates Hills and Jumeirah Bay Island, have experienced record growth during 2023, albeit this has been from a low base, Knight Frank says. Furthermore, Knight Frank’s 2024 global prime residential markets forecast positions Dubai in third place at 5 percent.
This comes hot on the heels of an estimated 16 percent rise in prime residential prices in 2023 and building on the 44.4 percent rise registered in 2022.
So where next for Rasha? In almost every field she has worked in, she has not only excelled by consistently smashed all records. An easy choice for the top ten by our editors, and the second highest-ranking female in the list. As for the future? The spectacular market growth suggests her best days like ahead, and a top three ranking all but certain next year.
Name: Kianoush Darban
Rank: 07
Designation: Associate Partner
Company: Driven Properties
Kianoush Darban is a luxury real estate agent and investor who has established himself as Dubai’s most sought-after luxury real estate agent. Born 1978 in Tehran and raised in Newcastle, UK.
Darban started his dream job in real estate in 2012 as a business development manager at Countrywide in the UK. He is a self-made star who has carved a niche for himself in today’s times. Darban has been featured in several articles highlighting his success in the real estate industry and his entrepreneurial journey.
Today, Darban is widely recognised as one of the most respected and successful real estate brokers in Dubai, achieving many real estate records in selling the most expensive properties, including the highest price per square foot in the history of Dubai real estate. He is also be recognised and awarded the top luxury Real Estate Broker in the UAE by Property Finder for a few consecutive years.
He continues to push the boundaries of the industry and is committed to helping his clients navigate the complex world of real estate with confidence and ease. His legacy is one of hard work, dedication and a commitment to excellence – qualities that continue to inspire those around him to this day.
Driven Properties, meanwhile, has plenty to celebrate itself – the company has achieved a record-breaking transaction, selling the most expensive villa ever on Jumeirah Bay Island.
The villa, part of the Sea Mirror project by Lamar Development, was sold by agents Lina Allaoa and Kianoush Darban for AED175m.
The villa occupies a 15,000 sq ft plot with a built-up area of 17,500 sq ft, and features five bedrooms, a 25-metre lap pool in the basement, a gym, spa, sauna, steam room, wine cellar, cigar room, and rooftop terrace.
Sea Mirror is Lamar Development’s signature project, designed by architects Jacobsen Arquitetura and Studio MK27, with interiors by Patricia Urquiola. The residences blend modern architecture with natural elements.
Following Sea Mirror’s success, Lamar Development will launch Sea Mirror Residences on Dubai Water Canal, adjacent to Four Seasons Residences.
The project will feature one apartment per floor and 18 penthouses with private lifts. Prices start at AED20m, with groundbreaking soon and handover in Q3 2026.
“The overwhelming interest in and swift sale of Sea Mirror villas highlight the allure and investment potential of this exceptional development. We are incredibly proud to represent such an extraordinary project and contribute to its success,” Darban explained.
Name: Barnaby Crompton
Rank: 08
Designation: Founder
Company: Crompton Saltini
Barnaby “Barney” Crompton has been involved in the British and Dubai real estate industry for 24 years. He moved to Dubai in 2008. Most of his time in Dubai has seen the property expert specialise in Emirates Hills, one of Dubai’s most exclusive areas. In 2012 Crompton launched his own company, Crompton Partners Estate Agents which still operates in Abu Dhabi.
In 2019 he joined forces with his current partners and created Crompton Saltini Real Estate as a response to the need to deliver professional and ethical estate agency services to the local market.
In 2022, Crompton handled the most expensive property ever sold in Emirates Hills, the XLV Residence, a 50,000 sq ft property spanning three floors.
So what does he make of the current market?
“Remember when chefs became the new rock stars? Well, I think the time of the super prime realtors is upon us. Are famous brokers the new rockstars? I certainly enjoyed my moment in the sun last year when I sold the most expensive villa ever recorded in Emirates Hills. The notoriety was amazing. We’re regularly seeing record-breaking property sales, but does it take a special kind of person to broker these eye-watering deals? I think it does.”
And just what is such a kind of broker? He explains: “To understand what a super prime broker is, first we must understand what super prime property is. Super prime property is basically the high end of luxury real estate – the sort of dream properties only the top 0.001% can consider owning. These properties are located in the most exclusive areas, feature the most luxurious amenities and are priced at the very top of the market. Super prime properties are often owned by ultra-high-net-worth individuals (UHNWIs) who demand the very best in terms of quality, comfort, and convenience.
He adds: “While the old adage of “location, location, location” remains the most accurate depiction of price, it is not always the divining rule when it comes to super prime – where there must also be fastidious attention to detail. The craftsmanship must be exemplary. If it’s not, it will fall short. The UAE’s property market has witnessed a significant (record-breaking) surge in recent years, with the world’s elite flocking to the region to buy homes as permanent residences or just to escape the torrid winters in their home countries. And with the rise in demand for luxury properties, there has been a corresponding increase in the number of real estate agents and brokers labelling themselves as super prime brokers.”
As for the future, he says: “It’s clear that the rise of super prime brokers in the UAE reflects the growing demand for luxury living in the region. Whether this trend will continue in the future remains to be seen, but one thing is certain: For now, super prime brokers are playing an increasingly important role in the UAE’s luxury property market.”
No one can doubt that when it comes to superprime brokers, Crompton is one of the best in the business.
Name: Sarah Serhan
Rank: 09
Designation: Associate Partner
Company: Ben & Core Real Estate
In the heart of Dubai’s luxury real estate market, Sarah Serhan has quickly become a name to reckon with. Her journey, filled with challenges and triumphs, is a testament to her resilience and dedication.
Eleven years ago, she moved to Dubai from New Zealand, bringing with her a rich cultural background and fluency in both Arabic and English, thanks to her Palestinian roots. This blend of experiences has played a crucial role in her success in one of the most competitive markets in the world.
Serhan’s entry into real estate was not easy. The first six months were particularly tough, with no sales to her name. However, her determination paid off when she closed her first deal worth AED8m. This breakthrough was just the beginning of her upward trajectory.
Specialising in high-end villas in Dubai Hills Estate and plots across Dubai and the UAE, she has carved out a niche for herself among luxury clients. Her in-depth market knowledge and commitment to excellence have made her a trusted advisor.
The year 2023 was a standout year for Serhan, as she sold over AED100m worth of properties. Her success continued into 2024, with an average of AED3m in sales per day, showcasing her growing influence and expertise.
A significant milestone in her career was joining Ben and Core Real Estate at the beginning of 2024. Hired by Ben Bandari, a renowned real estate guru and main cast member of Million Dollar Listing UAE, she found herself in an environment that recognised and nurtured her potential. Her hard work and exceptional performance quickly earned her a promotion to associate partner.
Reflecting on her journey, Serhan is quick to acknowledge the support of her friends, family, and colleagues. She is particularly grateful to Bandari for the opportunity that has been instrumental in her success. As she continues to make her mark in Dubai’s real estate market, Serhan remains focused on providing the best service to her clients. Her story is a powerful example of what can be achieved with perseverance, hard work, and a strong support system. Serhan’s journey is far from over, and as she looks to the future, she remains committed to excellence and dedicated to contributing positively to Dubai’s vibrant real estate landscape.
In the latest development, Dubai has maintained its appeal as a prime location for wealthy individuals and families according to the latest Global Wealth and Lifestyle Report published by Bank Julius Baer & Co.
The annual report analysed cost of living data across 25 major cities worldwide to produce a ranking based on the Julius Baer Lifestyle Index. It showed that while prices are up 4 percent on average across goods and services, Dubai remains relatively affordable for high-net-worth individuals compared to other global cities.
Dubai took the 12th spot in this year’s global ranking and 6th position within the Europe, Middle East and Africa region. This represents a slight decline from last year’s seventh place globally but underscores Dubai’s ongoing competitiveness.
The report noted real estate has grown substantially more expensive in Dubai, with property prices rising 16 percent in US dollar terms over the past year. However, the sector remains popular with wealthy individuals from the Middle East region spending the most on luxury homes comparatively.
Over half of wealthy Gulf residents surveyed by Julius Baer declared spending more on residential property in the emirate.
As the UAE continues to solidify its status as one of the leading destinations for high-net-worth individuals, the real estate industry is poised to benefit, further driving the economy forward.
Name: Chris Boswell
Rank: 10
Designation: Consultant
Company: Edwards and Towers
Starting his real estate career in 2006, Chris Boswell has facilitated billions of dollars worth of personal high-end sales, his name which is known internationally and synonymous with the Dubai luxury market has consistently set records and benchmarks throughout his career.
Notably, Boswell established the highest price per square foot in Dubai in 2007, 2014, 2015, 2021, and Q1 2023. Additionally, he’s achieved landmark sales on Palm Jumeirah Island, selling the highest priced Palm Signature Villas in 2007, 2008, 2014, 2021, and 2023, and holding the record for the highest home sale in history for seven years (2015-2022).
In 2007, he sold over 65 Dubai, Palm Jebel Ali off-plan properties to a Hong Kong-based consortium, including closing 35 individual Palm Jumeirah villa sales that same year. In 2010, Boswell sold 36 luxury waterfront apartments in Palm Jumeirah Oceana and Tiara condominium luxury residences to one Switzerland-based investor. In 2015 alone, Boswell made significant strides in Dubai’s real estate market by selling the most expensive single residential property historically, setting Dubai’s highest price per square foot for the fourth time, and brokering records such as Palm Jumeirah’s highest-priced Signature Villa (E Frond), as well as the highest-priced private villa build (O Frond).
Furthermore, in 2015, he held the title for the 1st, 3rd, 7th, and 17th highest-ranked sales in Dubai’s history. Beyond Dubai, Boswell has orchestrated notable deals worldwide, including a $39 million home sale in Bel Air, Los Angeles, a $18.8 million residential building in the 16th arrondissement, Rue de Lubeck, Paris, over $27 million in Abu Dhabi, a $9.3 million deal in the Time Warner building New York, and other sales in Berlin, Marbella, and London. Boswell’s dedication to excellence and unparalleled track record make him a trusted leader in the global real estate arena.
His success has yet to stop. In the first quarter of 2024, Boswell has already sold one of the highest prices villas on Jumeirah Bay for $42.2 million – it will be exciting to watch what will be next for one of the seminal names in Dubai’s property market.
Name: Sam Horani
Rank: 11
Designation: Associate Partner
Company: Provident Real Estate
The five-bedroom penthouse in Como Residences was the most expensive property sold in the penthouse category. And guess who was behind it?
Sam Horani, an associate partner at Provident Estate, pulled off the AED500m ($136m) deal. It was also the third most expensive penthouse in the world. The development highlights are a 360-degree sky pool and a private elevator.
Not bad for a Syrian who came to Dubai back in 2002 and started working with a digital art company, before moving to retail sales in 2006.
“I always had passion for water sports like diving, surfing and kitesurfing. So I started teaching kitesurfing for about eight years in Dubai until I get invited for a New Year’s party. When someone asked me what I do for living, I told him – he told me that I should work in real estate. That was in 2017. I started with Unique Properties from scratch and they welcomed me with an open heart and I have learned a lot from there. After Covid hit, things became challenging and I was offered a role at Provident,” he explains.
The Como Penthouse is definitely one of the best deals Dubai has seen. According to the Dubai Land Department (DLD) data, it will officially be the city’s most pricey penthouse ever built and sold – and globally the third. The document ranked Penthouse D at One Hyde Park, London ($237m) second, while the Odeon Tower Penthouse in Monaco ($440m) at the top. Slated to be completed in Q3 2027, the skyscraper will set the bar higher for a truly luxurious lifestyle.
Spanning 21,949 sq ft, the showstopping five-bedroom penthouse in Como Residences will feature a 360-degree sky pool and a private elevator.
Its carefully thought-out interior design combines classic elegance with cutting-edge style. The fine quality of the design and the meticulous attention to detail demonstrate the craftsmanship.
Moreover, an immaculately landscaped rooftop terrace and floor-to-ceiling windows will offer views to take your breath away. Another highlight is the state-of-the-art home automation system installed in the penthouse, ensuring easy access by its elite residents.
“I never believe in doing the same things like anyone else and I always prefer to work things on my way, so I started meeting people outside Dubai and travel to build relationships with clients in places like Japan. Selling real estate it’s not about only closing a deal and getting your commission in your account, it’s about building a long-term relationship with your investor,” he says.
Having pulled off the mega penthouse deal, few could argue that Horani is doing just that.
Name: Charlie King
Rank: 12
Designation: Partner
Company: Allsopp & Allsopp’s Private Office
King is a partner’s at Dubai’s first home-grown ultra-luxury real estate private office.
He is a record-breaking real estate professional with over 12 years of experience selling properties in Dubai. In 2023, he achieved the highest square foot transaction in Al Barari’s history with an ultra-luxury villa sale worth AED72m.
He is known for his impressive ability to build an unrivalled network of high-net-worth individuals. He has worked exclusively on properties priced over $10m, establishing himself as one of Dubai’s most experienced luxury real estate agents.
Today, as a Partner of Allsopp & Allsopp’s Private Office, he focuses solely on selling ultra-luxury properties to ultra-high-net-worth global clients providing expert advisory and exceptional experiences. King’s vision for the Allsopp & Allsopp Private Office is ambitious: To build a highly specialised team of advisors and marketing teams to cater to the most discerning clients with confidentiality and in-depth insights.
His leadership style echoes the “Work with the best, create the best and be the best” philosophy. He believes that success is built on fairness, genuine support, and empowering his team to ensure they have the right guidance to succeed.
From top commission generator to leader of Allsopp & Allsopp’s ultra-luxury division, King’s ambitious nature has been pivotal to his success. He is a firm believer in relentless hard work and dedication to his craft. Beyond his professional accolades, putting his family at the centre of his aspirations and enjoying his successes with his wife and children.
His pursuit of excellence and practical approach are set to redefine the future of Dubai’s ultra-luxury real estate market, offering clients reliable guidance and outstanding service.
Allsopp & Allsopp is Dubai’s highest-awarded independent real estate company in Dubai.
The founders, Lewis Allsopp (Chairman) and Carl Allsopp (CEO), established the company in 2008 and are widely recognised for setting new standards across Dubai real estate services built on transparent, data-driven tools that offer clients essential data and market insights to make better-informed property decisions.
Fast forward to 2024, its Dubai-based team has grown to include over 500 professionally trained, industry-regulated property experts, specialising in every aspect of residential, commercial and off-plan sales and rentals, client property management, mortgage advisory services, sales progression, holiday homes and executive search.
With over 15 years of successful business history in Dubai, the company remains committed to leading industry innovation, inspiring workplace culture, and are more passionate than ever about delivering exceptional real estate services to its clients.
Name: Andrew Cummings
Rank: 13
Designation: Head of Residential, ME
Company: Savills
Cummings is one of Dubai’s most well-known and reputable brokers. Prior to entering the world of real estate, he was a senior government official, having served as an advisor on the Middle East, North Africa and North America to two UK Prime Ministers. Upon leaving government, he built a successful career providing government advisory services across the globe before moving into real estate in Dubai.
Cummings is a multi-award winning broker and is the only person to have has been named Dubai’s Outstanding Agent of the Month by the region’s leading property portal PropertyFinder twice in the same year. In 2020 he was named the Best Quality Broker in Dubai in the Annual PropertyFinder Awards.
In 2023 alone Cummings personally sold over AED1bn of residential real estate across the world and over the past 18 months his average deal amounts to a staggering AED45m. He set new records, including two signature AED90m+ sales at Tilal Al Ghaf alongside record-breaking sales in Dubai Hills, Al Barari and Jumeirah Bay.
He also provides an international service for his clients selling properties in locations such as London and Oman, the latter of which saw him named top broker by the country’s leading developer following over $35m of sales.
He has a track record of building and managing high-performing teams and in January joined Savills to lead and grow Savills residential business across the Middle East. This success is already being seen with a number of signature sales and a growing portfolio of master agent exclusive project mandates not only in Dubai, but across Abu Dhabi and Ras Al Khaimah.
His singular focus is the high-quality servicing of clients, skills derived from his background working for governments and top-tier management consultancies across the globe.
“Savills is undoubtedly the global market leader in prime real estate, powered by the most expansive network stretching across continents. With the huge increase in demand, especially from global HNWIs in the region, there is no better time to tap into that global network to ensure buyers are receiving the best advice and the most suitable properties befitting their needs,” Cummings told Consultancy ME on taking his new role in January this year.
Cummings’ main goal for 2024 will be to expand the residential business to over 100 staff, with much of the growth expected to come from booming markets such as Dubai, Abu Dhabi, Qatar, and Saudi Arabia, among others. “In the UAE, we will also focus on the Northern Emirates where Ras Al Khaimah, in particular, is experiencing a watershed moment,” he added.
Name: Fabricio Saltini
Rank: 14
Designation: Founder
Company: Crompton Saltini Real Estate
Born in Brazil, Fabricio Saltini has been based in Dubai for the past 16 years. He has dedicated 13 years of his career to the high-end real estate sector. He is well-known for his unwavering commitment to knowledge, partnership, and client satisfaction. He is a beacon of resilience and perseverance in the highly competitive real estate market.
He specialises in catering to an elite clientele, and his extensive UHNWI network and fluency in four languages give him a distinct advantage. His reputation precedes him, characterised by spotless integrity and an unparalleled work ethic which resulted in billions of dirhams in sales brokered mainly in Emirates Hills, Jumeirah Bay and Palm Jumeirah. Clients praise him for his honesty, diligent work ethic, and innovative approach to business, which eschews conventional norms for bespoke solutions tailored to individual needs.
“I used to work in commodity trading, we would trade things like sugar, rice and coffee. Just after the crash happened, and every industry was struggling it was a very negative time in Dubai but, the only industry that had any positivity surrounding it was real estate. A friend of a friend mentioned they had made some great sales so, I decided to give it a try,” he told PropertyFinder.
He added: “I am a very straightforward person, people have a high expectations, so its a case of managing these and bringing knowledge and transparency to the table. Are you a buyers or sellers broker? You need to pick a side and work for one to get the best outcome.”
And his advice to potential clients? “Select three to five agents to work with, make sure they are good agents by asking them to tell you about some of their sales and test their market knowledge. Knowledge and transparency – also working with other agents helps increase the chance of a sale.”
Asked by Property Finder where he would invest AED2m, he said: “There is a lot of growth in the mid-end so I would invest in upcoming communities, rent them out until the market is good and then sell…There is a dramatic change, there is no more quick money here, there is only work money. So this current climate is bringing in serious, hard workers who want to build a life. The quick buck has gone and that type of person has left with it.”
Name: Ezio D’Ercole
Rank: 15
Designation: Manager
Company: Morgan’s International Realty
He embarked on his real estate career in Mallorca, Spain back in 2011. This was the beginning of a journey that would take him across continents and into diverse markets. From Spain to Bali, London then Dubai, he has have honed his skills and broadened his horizons, always striving to deliver the best for clients.
He explained: “Throughout my career in the luxury markets, I have prioritised honesty and integrity, believing that these values are the foundation of lasting relationships and successful transactions. My approach has always been client-centric, ensuring that every individual’s journey in real estate is seamless, enjoyable, and tailored to their unique needs and aspirations.”
He added: “Being named one of the top real estate legends in Dubai by Arabian Business is a testament to the dedication and hard work that I have invested over the years. It also serves as a reminder of the importance of maintaining high standards and continually pushing the boundaries of excellence in this ever-evolving industry.”
And this is clearly a great time to be a broker. The massive expansion project at Al Maktoum International Airport seemed to have set off a real estate boom in the surrounding areas, pushing up property prices upward, with industry projections indicating a potential price rise of up to 15 percent in Dubai South and neighbouring areas this year alone.
Industry insiders predicted a massive demand for properties – both housing and commercial spaces – pegging the numbers at upwards of 100,000 properties in Dubai South and its vicinities over the next decade, leading to a further surge in prices and creating a lucrative market for investors.
The $35bn passenger terminal at Al Maktoum International Airport, spread across 70 sq km, is designed to handle 260 million passengers annually, featuring 400 aircraft gates, five parallel runways, and at least 100,000 sq m of retail space, employing 10,000 people.
This development, expected to be a cornerstone of Dubai’s economy, besides being a demand booster for housing and commercial properties in the area.
Master-planned communities such as Emaar South, DAMAC’s new Riverside community and Dubai South Properties’ Pulse Villas are among the prime projects already coming up or announced.
While Emaar South, covering approximately 7 million sq m, features over 15,000 residences, retail spaces, office buildings, and recreational facilities, the European-style influenced DAMAC Riverside community is set to offer 1,900 townhouses.
Pulse Villas, set for completion this year, offers villas and townhouses in the off-plan complex.
Emaar has also announced new developments such as The Heights and Expo Valley in the area, anticipating the massive demand upsurge.
Leading developers are also offering top-tier amenities, including schools, hospitals, mosques, and retail areas to make their projects more attractive to both end users and investors.
For D’Ercole, the timing couldn’t be better. “As I continue my journey, my goal remains clear: To elevate the real estate experience to the highest level. By staying true to my core values and continuously adapting to the dynamic market landscape, I aim to create value and deliver exceptional service to all my clients, wherever they maybe.”
Name: Joelle Raad
Rank: 16
Designation: Associate Director
Company: Dubai Sotheby’s International Realty
Joelle Raad, Dubai-born Associate Director of Dubai Sotheby’s International Realty, is a distinguished expert in the off-plan and resale of luxury properties and has sold branded residences such as the Four Seasons Private Residence, Dorchester Collection, One Zaabeel, and many more.
Her in-depth understanding of the Dubai real estate market enables her to recommend properties with high standards of quality, safety, security, and access to recreation and educational facilities. Raad’s focus on her clients’ well-being as a primary consideration in property selection has earned her their trust. Proud of the lasting relationships she has built over the years, she uses her knowledge to deliver exceptional results. Her passion for real estate, coupled with her personalised client care, makes her a trusted advisor in the luxury property market.
Furthermore, it cements her credibility as an invaluable asset to Dubai Sotheby’s International Realty and Dubai real estate segment as a whole.
Raad previously honed her skills working in a range of industries, from marketing to hospitality to owning her own decorative wholesale business – the latter of which led her to real estate. A dedicated worker who strives for success, she continuously trains through online courses to deepen her knowledge of the real estate industry.
She speaks English, Arabic and French and is heavily engaged in sports such as boxing, tennis, jogging, rock climbing and skiing. In particular, she enjoys squash, which enables her to demonstrate and hone transferable skills, such as strategy and quick thinking.
Dubai Sotheby’s International Realty prides itself in upholding a name and franchise renowned for years of expertise and successful sales of precious possessions and prestigious properties from around the world.
With an affiliation with Sotheby’s – one of the world’s largest brokers of fine arts and collections, and Sotheby’s International Realty – the most prestigious real estate brand, its reputed identity empowered the company to gain the trust and confidence of a client base that includes some of the most notable members of the society worldwide.
Dubai Sotheby’s International Realty entered the market in 2013 and, following a recent acquisition, is now expanding its focus across the GCC. Dubai Sotheby’s International Realty plans to reposition by controlling a top tier of the UAE property market, offering the best service through a network of handpicked and well-trained agents and, the best customer experiences true to Sotheby’s International Realty brand and luxury brands in general. Headquartered in Dubai, with an office in Abu Dhabi. Dubai Sotheby’s International Realty is set to encompass markets across the GCC, including Saudi Arabia, Kuwait and Bahrain.
Name: Fabio Lombardi
Rank: 17
Designation: Private Office Advisor
Company: Engel & Völkers Private Office
Born and raised in Italy, he earned his Master’s Degree in Economy of Tourism from the renowned Bocconi University in Milan. His diverse life experiences, enriched by his time living in England and Switzerland, ultimately led him to the vibrant city of Dubai in 2003.
“I was born and raised in Italy. Since my childhood, I’d always wanted to be a hotel manager, which is why all my education and work experiences were centred around tourism and hospitality. All this changed after my first job at a famous hotel in Italy when I realised this career wasn’t for me. I knew a part of my heart was still in the tourism industry – thanks to my love for people and customer service. But I also discovered a hidden passion for sales, which I combined with tourism for my new career in selling timeshares in 1998. This was the beginning of my sales career,” he said in an interview with Bayut.
He added: “I then decided to join Emirates Airline in 2003, to discover the world, its cultures and traditions. Being in this career for almost five years gave me the strength to engage with different people and work with their requirements. In addition, I rediscovered my dedication to always having a high standard of customer service. My experiences in sales and customer service for over two decades before joining BetterHomes in 2009 set an excellent foundation for my interpersonal skills, helping me create rapport and easily meet my customer’s needs. It also allows me to offer service that goes beyond expectations.”
He continued: “I believe I was lucky to be in Dubai since the advent of the real estate market. Owing to my passion for properties, I always stayed updated about the Dubai real estate market and its trends; I even became a small investor, so I was doing a lot more homework than usual. This was until 2007, when I saw a lot of property brokers in the city with professionalism and customer service making significant money. I realised, then, that I could make a difference in the industry by becoming a real estate agent and offering the skills that I would expect as a client!”
When it comes to achieving goals, he told Bayut it all comes down to targets. “Since day one, I have always managed to achieve the targets I set for myself. Even during tough times, I’ve stayed resilient – my hunger for growth helping me remain persistent and focused on my goals. I strive to be a role model to my colleagues and team, so I ensure that I follow the right procedures and build rapport with clients.”
Name: Fakhreddin Minooeifar
Rank: 18
Designation: Founder and Chairman
Company: Mallorca Properties
Minooeifar came to Dubai as a “wide-eyed 19-year-old student amazed by the beauty, dynamism and growth of this unique city.”
It seems he never looked back. As year and a half ago, Dubai’s biggest ever residential land deal was completed by real estate companies in the city – including his own.
Metropolitan Premium Properties and Mallorca Properties paid out AED690m ($187.6m) for three plots at Dubai Marina.
The built-up area of the transaction is more than 1.7 million sq ft and the total seafront plot is more than 100,000 sq ft. It was situated directly on the affluent Dubai Marina and offers unobstructed views of the sea and The Palm Jumeirah. Ultra-luxury apartments and penthouses are expected to be developed on the plots, which were sold to a leading real estate developer. Ahmed Abou El Naga, Head of Institutional Sales of Metropolitan Group, finalised the deal with the assistance of Fakhreddin Minooeifar, founder and chairman of Mallorca Commercial Real Estate Advisory which represented the buyer.
How does he do it? “I saw a big gap in service fulfilment when it comes to large deals. When I joined the market in 2003, the desert was slowly transforming into fertile territory. And then began the revolution of freehold properties in Dubai. I was lucky to be associated with Dubai land department and all top master developers and the story of my real estate life began unfolding with the amazing things I learned along the way.”
He added: “Mallorca Properties was formed as a niche boutique real estate investment, asset management and consultancy firm and it filled a void in residential and commercial properties for large volume deals within Dubai. And because we specialise in full buildings, large land parcels malls, hotels and master-planned communities, we attracted and retained high net worth investors and organisations that naturally seek high standards.”
As for the future, he said: “The last decade has seen us transact businesses in the excess of AED20bn with much of the success coming from the aftermath of the global economic crisis. At a time when even the best were reeling, We were motivated by our will to not only survive but also innovate beyond traditional mindsets and market barriers. It is this love for challenges and the emphasis to create impeccable value that empowers us to play the hand of a game changer. Like selling the most expensive land in Dubai. In a world of bricks and mortar, nothing comes even close to the warmth of reassuring human comfort.”
Most investors grant Mallorca Properties exclusivity and a freehand to conclude deals.
“I guess this is because they see something significantly different in our company. They see expertise, innovation and our hearts being poured into making a deal happen,” he explained.
Name: Philip Zarif
Rank: 19
Designation: Consultant
Company: Morgan’s International Realty
Zarif started his sales career at the age of 23 in 2012, working with high-end furniture at one of the leading luxury furniture stores in Lebanon. His ability to speak English, French and Arabic has allowed him to work with clients from various nationalities, furnishing luxurious villas throughout Lebanon.
In 2022, he moved to Dubai and immediately transitioned into real estate with Morgan’s International Realty, working in different areas of Dubai and specialising in the Al Barari community.
“Beyond real estate, I’m also a certified personal trainer and a former professional basketball player. My passion for fitness and sports has instilled in me a strong work ethic, discipline, and attention to detail. These qualities seamlessly translate into my work as a property consultant. With my diverse skills and experience, I strive to offer my clients a comprehensive and holistic approach to real estate consulting, ensuring that their needs are met both professionally and personally,” he said.
What better time to be in the industry. Dubai’s residential real estate market witnessed record-breaking growth in the first quarter of 2024, driven by a substantial surge in off-plan property sales, according to a new report by Savills.
Off-plan sales skyrocketed 73 percent quarter-on-quarter, accounting for 63 percent of total transactions in Q1, the property consultancy said in its Dubai Residential Market report for the first quarter of 2024. The jump came amid strong demand for high-quality properties from reputable developers coupled with attractive incentives offered during project launches.
Overall transaction volumes climbed 35 percent from the previous quarter to an all-time high of 35,100 units in Q1. Apartments dominated, making up 83 percent of all deals, with villas accounting for the remainder.
Market activity was concentrated in Southeast Dubai submarkets such as Jumeirah Village Circle, Arjan, Dubai Hills Estate, Meydan One, and Damac Hills 2. Demand also remained robust in areas such as Business Bay, Downtown Dubai, Dubai Marina, and Jumeirah Lake Towers. While affordable options attracted many buyers, luxury properties remained in demand. Over 1,000 transactions exceeded AED10m ($2.7m) in Q1, up 41 percent from a year earlier. Apartment deals worth at least that much jumped 51 percent quarter-on-quarter.
The Palm Jumeirah, Business Bay, and Bluewaters Island led upscale locations for apartment prices per square foot, while Dubai Hills, Palm Deira, District One, and Tilal Al Ghaf saw the highest rates for villas and townhouses.
Rental rates increased by an average of 7 percent across the emirate, with apartments up 8 percent and villas rising 6 percent quarter-on-quarter.
Name: Farooq Syed
Rank: 20
Designation: CEO
Company: Springfield Properties
Farooq Syed is a distinguished leader in the real estate industry, celebrated for his exceptional leadership and business acumen as the CEO of Springfield Properties in Dubai. With a remarkable track record of impressive annual sales, Syed has solidified his reputation as a leading realtor and investor in the region.
Under Syed’s visionary guidance, Springfield Properties has become synonymous with excellence in the Dubai real estate market. He oversees a dynamic team of over 150 realtors and marketing professionals, driving the company’s success with innovative strategies and a client-centric approach.
Beyond the boardroom, Syed is a highly regarded influencer within the industry. He hosts the largest real estate channel on YouTube in Dubai, where he shares valuable insights, trends, and expert advice, further establishing his status as a thought leader.
Syed’s academic journey includes a Bachelor’s Degree in Business Administration, Finance, and Management from the American University of Sharjah, followed by an MBA from the prestigious University of Michigan. This strong educational foundation has been instrumental in shaping his strategic vision and leadership style.
Springfield Properties, headquartered in Dubai, epitomises innovation and excellence in the real estate industry. The company, established in 2008, is committed to assisting value-driven investors, individuals, and businesses in achieving financial success. Springfield Properties’ mission revolves around providing tailored solutions that meet the unique needs of each client, fostering a trusted reputation in the industry.
The company blends innovation with a deep understanding of the UAE’s ever-evolving financial landscape, leveraging real-time, data-driven insights to deliver exceptional results. Springfield Properties serves more than 4,000 clients annually, offering an extensive portfolio that includes luxury, residential, and commercial properties.
Syed’s inspiration comes from his family. His parents, who arrived in the UAE in 1990 and established businesses, instilled in him a passion for architecture and urban development. His father’s venture into real estate in 2001 further fuelled his aspirations. The rapid growth of Dubai, coupled with its visionary urban planning, provided an ideal environment for Farooq’s ambitions.
His YouTube channel and other social media platforms are where he shares his expertise, offering transparent, valuable insights into the Dubai real estate market. His goal is to educate potential investors, buyers, and sellers about market dynamics, trends, and investment opportunities. The channels feature a variety of content, including market analysis, property tours, investment tips, and updates on the latest projects and developments, helping viewers make informed decisions and navigate the market with confidence.
Recognising the power of social media, in 2023, Springfield Properties brokered over AED1bn worth of real estate through social media channels, and plan to increase this by 50 percent by 2024.
Syed’s journey in real estate is a testament to his dedication, vision, and commitment to excellence. His leadership has transformed Springfield Properties and left an indelible mark on the Dubai real estate landscape, inspiring aspiring real estate professionals and entrepreneurs worldwide.
Name: Mohammed Fares
Rank: 21
Designation: Private Office Advisor
Company: Engel & Völkers Private Office
Since 2004, Mohammed Fares has been offering professional and specialised residential real estate services both locally and internationally. With extensive experience and up-to-date knowledge of market trends, he is well-rounded in various aspects of the real estate industry.
As the first Private Office Advisor at Engel & Völkers Dubai, Fares has been instrumental in helping international investors build complex property portfolios in Dubai. Through his expertise, integrity, and personalised service, he strives to create a seamless and rewarding real estate experience, empowering his clients through one of life’s most significant decisions – buying a home and managing complex property portfolios. With a commitment to exceptional service, transparency, and results, Fares aims to build trust, establishing not only long-lasting relationships but also friendships.
His ultimate goal is to exceed expectations, helping individuals and families find their dream homes and make sound real estate investments.
In 2024, he achieved nearly AED1.2bn in sales and holds the number one position in the total number of transactions. As a long-term investor in both investment and luxury properties, he discovered his passion for real estate at an early age and has pursued it relentlessly.
“Since stepping into the Dubai Real Estate Market in 2004 as an investor, I’ve nurtured a passion for residential properties, accumulating over a decade of specialised experience. From the start to the finish of the property journey, I provide comprehensive support, helping you unlock the door to your new home. Keeping pace with market trends, I pride myself on being a devoted and diligent consultant who always goes the extra mile for my clients,” he said.
He added: “My energetic, easy-going approach, combined with an in-depth understanding of the area and the industry, makes me your go-to choice for all your real estate needs. Whether you’re in the market for a cozy apartment or a luxurious villa, you can expect the same level of care, attention, integrity, and professionalism from me. I’m a meticulous negotiator committed to matching buyers and sellers with their perfect property across Dubai. With a track record of selling over 800 properties amounting to more than AED2bn in value, my results speak for themselves.”
Name: Qurat Ul Ain
Rank: 22
Designation: Founder and Chairperson
Company: DRE Homes Real Estate
She started her career selling privilege cards for the Le Meridian Hotel Group. At 23, she became the salesperson of the year for the entire MENA region.
She then co-founded DRE Homes Real Estate in 2007 in partnership with Mudasir Wani.
“Building an empire doesn’t transpire overnight. My voyage began at Presentation Convent School in Kashmir, leading to Delhi Public School in Delhi, and eventually culminating at the University of Wollongong in Dubai, where I attained a Masters in Business Administration,” said Ul Ain in an interview with Greater Kashmir.
She said in the same interview with Greater Kashmir that her educational foundation laid the groundwork for her “slow but a steady ascent.”
“Life’s challenges were met with resilience, exemplifying the age-old adage of turning lemons into lemonade… The path to achievement wasn’t a hasty one; it required dedication and hard work. In 2007, my partners and I embarked on founding DRE Homes with a clear vision, minimal capital, and an unyielding determination. Today, DRE Homes stands as a testament to our collective efforts and the relentless dedication of our employee,” she said.
According to the publication, Ul Ain is “deeply passionate about nurturing and grooming entrepreneurs. She believes in providing guidance and support to aspiring business leaders, watching them flourish and grow under her mentorship.”
“DRE Homes’ primary objective is to deliver unparalleled real estate services. Our approach entails meticulous care for each listing and guiding buyers and sellers through the intricate market landscape, culminating in successful sales agreements. We consistently go above and beyond to secure ideal homes for our clients, ensuring a positive buying experience. The ethos of “Service Beyond the Sale” underscores our commitment,” said Ul Ain.
Name: Soufie Jnidee
Rank: 23
Designation: Founder and CEO
Company: Golden Oak Properties
Soufie Jnidee, CEO and founder of Golden Oak Properties, is revolutionising Dubai’s real estate landscape with her unparalleled investment strategies.
Known for turning every investment opportunity into a winning streak, Jnidee has become synonymous with success in this competitive field.
“In the intricate game of property investment, being a consistent winner isn’t just a goal; it’s a necessity,” stated Jnidee.
“At Golden Oak, we don’t just play the game; we redefine it, ensuring our clients always hold the winning card.”
Specialising in asset flipping, Golden Oak has perfected the process of doubling investments swiftly and efficiently. This prowess is a result of Jnidee’s extensive global real estate experience, spanning from Australia and East Africa to London.
In Dubai, Jnidee’s methods have consistently overcome market complexities, leading to lucrative outcomes for investors.
Jnidee’s journey in real estate is marked by impressive milestones. Starting with a diverse $2.1m investment portfolio in different property types, she achieved a net profit of $2.7m within 22 months.
Her strategy? A combination of meticulously planned entry and exit points, along with a keen understanding of market timing and targeted audience selection.
Golden Oak’s success isn’t limited to individual ventures. Under Jnidee’s guidance, the company managed a $7m investment portfolio, achieving a remarkable 78 percent ROI.
This feat not only highlighted Jnidee’s expertise but also earned her recognition among the top real estate performers in Dubai.
Jnidee has also ventured into East Africa, particularly Uganda, adding another layer of diversity and success to her portfolio.
Golden Oak Properties remains at the forefront of transforming Dubai’s property investment landscape, offering not just returns, but a blueprint for success in real estate.
Name: Lina Allaoa
Rank: 24
Designation: Associate Partner
Company: Driven Properties
She joined the company in 2015. Her work focuses on providing clients with advice and consultation on choosing the right property for them and providing options that match their requirements.
With her long experience in the Dubai real estate market, close eye on the market updates, and thorough knowledge of the client’s requirements and needs, Allaoa guarantees to sell the perfect deal every time.
Seizing the golden opportunity to sell high-value properties to the highest bidders in Dubai, Allaoa managed to sell over AED2bn worth of property in 2022 alone. One of the sales was the most expensive townhouse in the UAE which was recently sold for an incredible AED35.5m.
The record-breaking property was a five-bedroom townhouse in the prestigious Jumeirah Bay Island, locally known as Bulgari Island, which is home to the stunning Bulgari Resort and Residences.
“Luxury real estate was always in high demand in Dubai, but this year it has been more visible than ever,” said Allaoa in an interview with Esquire Middle East.
Not only did she sell the most expensive townhouse in the UAE but also sold an apartment in the Bulgari Resort and Residences which fetched the highest price per square foot ever recorded at AED 12,624 per sq ft, the publication stated.
The same firm – Driven Properties – was behind the previous price per square foot record. That was a AED12,624 apartment, also in Jumeirah Bay.
Abdullah Alajaji, founder and CEO of Driven Properties, said: “Dubai is currently the hottest market in the world, with the residential property segment projected to see tremendous growth this year.
“This sale is only the beginning; we expect Dubai to remain hugely attractive to both residents and those abroad looking for the right investment in a geopolitically safe and secure city.”
Allaoa said: “We never intend to break records when helping our clients find their home on Jumeirah Bay Island, but supply is limited, and the community is absolutely unique in the one-of-a-kind lifestyle it offers.
“From impeccable design and finishing to the perfectly secluded location only minutes away from all major landmarks, Bulgari Resort and Residences offers the best in waterfront living, with five-star amenities, world-class restaurants, and the stunning marina on its doorstep”.
It’s a good time for Allaoa right now: Dubai villas saw the sharpest increase in sales prices with average prices climbing more than 22 percent year-on-year.
However, in Q1 2024 apartments and villas in both Dubai and Abu Dhabi all saw positive price gains, said CBRE.
In Dubai, price growth has continued to accelerate during the first quarter of 2024, with average prices increasing by 20.7 percent in the year to March 2024.
Throughout this period, average apartment and villa prices increased by 20.4 percent and 22.1 percent, respectively.
Name: Leigh Borg
Rank: 25
Designation: Executive Partner
Company: Dubai Sotheby’s International Realty
Having specialised exclusively in the area of Emirates Hills for almost 11 years now, he is the expert everyone knows to go to for any acquisition. He has sold the most villas within the community as an agent and over the span of his career he is looking at over 100-plus sales, including the record-breaking sales of above AED100m.
In 2017 alone, he achieved a sales value of AED180m within the community. In just a few years, he has already built an extensive portfolio of high-end resale and off-plan properties in Dubai, as well as a reputation as one of the most sought-after property consultants in the city for his extensive knowledge and experience, specifically in the area of Emirates Hills.
Prior to Dubai Sotheby’s International Realty, Borg was managing his own real estate company and working in private equity. Borg strengths in closing, negotiating and transacting deals and working closely with clients to ensure they have an enjoyable experience is what makes Borg passionate about the role he plays. Emirates Hills is a community for the UAE’s prominent families and UHNWIs, of which Leigh has established himself as a the top agent to deal with.
Borg is certainly making the most of the current boom. The Dubai real estate market witnessed an unprecedented surge in the first quarter of 2024, shattering previous records with over 34,000 transactions recorded at the Dubai Land Department (DLD), according to a new report. This staggering figure marks a 20 percent increase compared to the same period in 2023, cementing Q1 2024 as the most active quarter on record for the emirate’s property sector.
The removal of the UAE from the FATF Grey List has played a pivotal role in fuelling the current bull market, which shows no signs of slowing down, the Betterhomes Q1 2024 Residential Market Report said.
While the population grew by 26,000 in the first three months of 2024, only approximately 6,500 new homes were handed over, exacerbating the supply-demand imbalance.
This shortage of ready homes has had a ripple effect on rental stock, resulting in a 22 percent year-on-year increase in rental prices. The villa segment has been particularly impacted by the lack of supply in the secondary market, according to the report.
Although secondary sales fell in Q1, the off-plan market more than compensated, with over one project launched every single day between January and March. Off-plan sales now account for a staggering 58 percent of all transactions in the emirate.
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