Engel & Völkers opens Market Centre in Dubai
The opening of its Market Centre (MC) in the Arab Emirate of Dubai marks the latest stage in the expansion of Engel & Völkers. It spans 850 square metres in a prime location close to the world-famous island project “Palm Jumeirah”. The MC accommodates 250 real estate agents and is dedicated to the brokerage of high-end real estate throughout Dubai’s entire metropolitan region. In addition to these central office premises, the MC concept also envisages the opening of at least two property lounges in strategic locations throughout the city, aimed at initiating contact with potential clients.
Dubai is the largest city by population in the United Arab Emirates. Known as a central axis linking the East and the West, it boasts one of the fastest growing property markets in the world. “The economy has been particularly strong for some time now. Prices have been stable at a high level since 2012. This is ideal for a real estate company in the premium segment like Engel & Völkers,” said César Latrilla, Managing Director of Engel & Völkers in Dubai, of the current market climate.
The level of construction activity in the Arab metropolis is also very high once again, according to property expert Latrilla. This is giving a significant boost to investor interest. The market is dominated above all by buyers from the United Arab Emirates as well as India, Pakistan and Europe. Demand is focused on the island “Palm Jumeirah”, top addresses in Dubai Downtown and Dubai Marina, “Al Barari”, “Emirates Hills” and “Dubai Land”. Penthouses in the world-famous “Burj Khalifa” at the heart of the city are also extremely desirable. Top homes in Dubai are selling for anywhere between 750,000 and 30 million euros.
Excellent prospects thanks to joint venture with Nakheel
Engel & Völkers is opening the Market Centre as a joint venture with Nakheel, one of the world’s leading real estate developers. Nakheel’s projects include “Palm Jumeirah”, “The World”, “Jumeirah Islands”, Deira Islands”, “Dragon City” and “Ibn Battuta Mall”. Both firms have entered into this joint venture with the aim of rapidly gaining a high share in Dubai’s market for premium residential property brokerage. It will enable Engel & Völkers to tap into this key strategic market with greater speed and efficiency. The partnership gives Nakheel access to the international Engel & Völkers client base.
“It is an exciting development within the Engel & Völkers group that our main metropole cities are going full steam ahead with the concept of the market centre”, said Craig Hutchison, CEO of Engel & Völkers Southern Africa. Craig concluded that, “The main goal of these centres is to achieve a high market share within a relatively shorter space of time that it normally takes. Using all the unique Engel & Völkers marketing tools, with a concentrated fast paced energy in a smaller sub-market will ensure that each and every agent is a success”.