Dubai's Gulf Sotheby's hits $218m in 2019 luxury division sales

Dubai's Gulf Sotheby's hits $218m in 2019 luxury division sales
The sales figures were announced for the firm's luxury division.
Published: 20 October 2019 - 5:01 a.m.

Dubai-based Gulf Sotheby’s International Realty, a franchise of luxury realty network Sotheby’s International Realty, has announced $218m (AED810m) in sales for its luxury properties from Q1 to Q3 2019, which is 15% higher compared to the same period last year.

The company partly attributed its success to a $49m (AED180m) transaction, closed by the company’s associate Leigh Williamson, for a land deal comprising a total of five villa plots in La Mer purchased by a private buyer with the aim of building a super-mansion, which was followed by the $20.4m (AED75m) One Palm Penthouse deal, recorded earlier this year.

Deals in the first three quarters of 2019 also included $32.6m (AED120m) worth of luxury villas in Emirates Hills; collective transactions in Al Barari and Jumeirah Islands totaling more than $24.5m (AED 90m); plots in Jumeirah Bay worth $27.2m (AED100m); the biggest penthouse in Index Tower helping achieve more than $10.8m (AED40m) worth of transactions in DIFC; and more than 10 villas and plots in Palm Jumeirah adding a sales value of more than $68m (AED250m).

Established areas in Dubai, including Emirates Hills and Palm Jumeirah witnessed a rise in luxury transactions and demand, while Jumeirah Bay Island and Dubai Hills were earmarked as up-and-coming, in-demand areas.

The majority of Gulf Sotheby’s International Realty’s clientele includes personal buyers and investors from the CIS, Europe, and GCC markets.

Commenting on the rise in luxury division sales, managing partner at Gulf Sotheby’s International Realty, Chris Whitehead, 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, including the La Mer plots, which dwarfed any other residential deal in the market.”

With high value deal conversions in the pipeline, the real estate company expects to reach new sales records in the luxury segment in Q4 2019.

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