Espace Real Estate expands with two new Dubai offices
The brokerage said it plans to expand progressively into the off-plan and new projects sectors
Espace has announced robust expansion plans for Dubai’s real estate sector in 2023, with a US $4mn investment in additional office space. The firm said it aims to expand more significantly into the off-plan and new projects sectors.
It will be cultivating its presence in the city to meet the growing market expectations in the apartments, freehold villas, off-plan and new project segments. The brokerage said that it ended 2022 successfully, achieving growth in excess of 35%, outperforming its target of 25% for the year.
John Lyons, Managing Director of Espace Real Estate commented: “As primarily a secondary-homes brokerage, in the past year we have experienced a 37% increase in buyer registrations in 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 the property sector and wider Dubai economy will continue to grow in 2023. We are committed to progressively strengthening Espace Real Estate to ensure that we maintain our position as the most prominent property brokerage in the region.”
In early January 2023, Zoom Property Insights revealed the top locations for apartment and villa sales in 2022 in Dubai and, CBRE said that Dubai enjoyed a record total of residential transactions in 2022.
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.
Espace said it closed last year with record-breaking transactions, valued in the billions of dirhams across apartments, villas, townhouses, and some notable off-plan projects.
Lyons concluded, “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 change in 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.”
In late January 2023, Samana said it would invest $680mn into 12 new projects in 2023.
