Dubai Masaader News
UAE, 1 February 2023: Espace Real Estate announces its robust expansion plans in Dubai’s vibrant real estate sector with a $ 4,000,000 investment in additional office space for2023. The leading real estate brokerage is cultivating its strong presence in the city to meet the growing market expectations in the apartments, freehold villas, off-plan andnew project segments.
Espace Real Estate ended 2022 on an impactful note, achieving growth in excess of 35%, outperforming its target of 25% for the year. The award-winning brokerage is confident it will hit its growth target of 25% again in 2023with the expectation that the Dubai property market will remain buoyant. Established as a market leader in many of Dubai’s freehold communities, Espace Real Estate intends to expand more meaningfully into the off-plan and new projects sector. Espace Real Estate will bolster its world-class services with the expansion of its Off-plan and New Projects divisions. With an impressive team of over 170 employees the brokerage has forecasted to create 144 new jobs to fuel its ambitious expansion plans in 2023.
John Lyons, Managing Director of Espace Real Estate says,“As primarily a secondary-homes brokerage, in the past year we have experienced a 37% increase in buyer registrationsin comparison to 2021. Property listings have slowed down by 17%, indicating that robust demand outstrips supply in Dubai’s vibrant real estate sector. As demand for Dubai Real Estate shows no signs of abating, we are confident that theproperty sector and wider Dubai economy will continue to grow in 2023. We are committed to progressivelystrengthening Espace Real Estate to ensure that we maintain our position as the most prominent property brokerage in the region.
In 2022, Dubai’s real estate sector experienced a boom as property prices reached pre-pandemic levels, with demand for apartments and freehold villas showing no signs of slowing down. According to a recent report by Property Monitor, the off-plan market reached a record high, adding 7,161 units to the market for sale in November 2022 alone with a combined sales value reaching a staggering $ 28.2 billion. The apartments segment contributed 63.7% of total sales, while the freehold villas and townhouses segment represented 22.8% and 13.5% respectively. Furthermore, the new projects have added 44,000 units with an approximate aggregates sales value of $ 36 billion. However, Lyons comments, “While it is true that property prices have reached the previous peak in real terms when adjusted for inflation we have still some way to go.”
Espace Real Estate recorded record-breaking transactionsvalued in billions of dirhams across apartments, villas, townhouses, and some notable off-plan projects. Looking ahead, the market-leading brokerage identifies that the short-term rentals segment will struggle to outperform the returns available in the long–term rental market, which is a changein the status quo from recent years. There has been a significant increase in the number of properties available in the short-term rental market, which has prevented any significant growth in the average daily rate. Whereas in the long-term rental market, supply is very tight, and rental prices have risen dramatically in previous months, placing pressure on the short–term market.
As the national agenda shifts toward strengthening non-oil sectors, coupled with the introduction of new visa legislation such as the Golden Visas, five-year Green Visas, Freelancer Visas, and one-year residency permits for remote workers; Dubai has increasingly become an attractive residential destination, offering a vibrant lifestyle, business opportunities, and low crime rates in comparison to other developed cities in the world that also have a higher cost of living and tax breaks.
As Dubai’s population continues to grow, Espace Real Estate recorded a significant increase in buyer registration in 2022, with 62% of buyers purchasing a property throughmortgage payments. As rental prices continue to rise with gross yields of 6.5%, there is a significant financial benefit to be gained from buying a comparable property rather than renting the same. The leading real estate brokerage emphasizes that as prices continue to soar in the rental market, residents in Dubai will be motivated to become property owners rather than tenants. It is also expected that the very strong Dubai economy and high personal saving rate coupled with the easy availability of mortgage loans will make this more of a reality. Espace Real Estate highlights that these strong market fundamentals have resulted in an increase in demand from foreign investors looking to allocate capital into Dubai’s residential sector.
For further information on Espace Real Estate’s world–class services, please visit: https://www.espace.ae/
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About Espace Real Estate
Established in 2009 in the United Arab Emirates, Espace Real Estate is one of Dubai’s leading property brokeragesproviding a full suite of property-related services across residential sales & leasing, mortgage services, property management, and short-term holiday rentals.
The award–winning property brokerage offers a wealth of experience, tailoring world-class services that offer added value in fulfilling the property needs of both residents and investors in Dubai.
Espace Real Estate, with its leading market share in many of Dubai’s most well known communities, manages middle to upscale and ultra-luxury properties, well-suited for families living in Dubai across 54 communities. Key locations include Palm Jumeirah, Jumeirah Islands, The Meadows, Springs, Lakes, Jumeirah Golf Estates, Arabian Ranches,Bluewaters Island, Dubai Marina, Downtown and many more.
Having organically grown to a team of over 170 employees,Espace Real Estate has established itself as a well-respectedand well known market-leading brokerage. Built on the values of transparency and knowledge the team is multilingual with over 25 nationalities managed under a British style leadership. Ensuring clients enjoy a smooth and seamless process that is tailored to their needs. Espace Real Estate is a several times winner of Property Finders best quality brokerage award and has also attained several awards from Bayut and the Dubai Land Department.