2021 has been a pivotal year for the Dubai property market. Not only did it rebound, but it also posted record numbers thanks to foreign investors, low interest rates and strong demand. The Dubai Land Department recorded an astonishing 71% growth in total deal value in 2021 compared to 2020, breaking a 12-year record. Contributing to this performance was Luxury Concierge Real Estate (LCRE), led by Shitij Kapoor, a distribution partner with Dubai’s leading property developers.
Last year, LCRE recorded sales worth 1.3 billion dirhams to the Dubai Land Department. Sales with Emaar Properties alone was around Dh383m, followed by Damac which was around Dh203m. Of the 1.3 billion dirhams, Kapoor, the managing director of the company, brought in 1.05 billion dirhams.
Key to LCRE’s success has been Kapoor’s focus on expanding into international markets. With a multicultural staff, backed by Kapoor’s knowledge, expertise and contacts, CERL could target more investors and end users.
“With extensive reach in North India, GCC and Africa through my existing infrastructure, I was able to show investors what Dubai had to offer in terms of a safe, secure, multicultural and cosmopolitan city” , he explains. “By focusing on the dynamic opportunities in Dubai, I convinced many Western buyers to also invest in the emirate.”
With the UAE handling the Covid-19 pandemic exceptionally well, Dubai’s appeal as a real estate investment destination has grown. CERL was finally able to capitalize on all its hard work and the contacts made over the years. The company now has a wealthy clientele from all over the world.
For Kapoor, this journey to success has been exhilarating.
“My family used to work in the pharmaceutical sector in Delhi with various interests in real estate,” he explains. “I have always had an interest in real estate and moved to Dubai to explore opportunities in a family consortium. I started the brokerage arm of the business in 2012.”
In its early days, it mainly focused on investors from Dubai and India. “We then started to organize many real estate exhibitions in Dubai all over the world, in places such as South Africa, Congo, Kenya, Nigeria, Senegal, Kazakhstan, Uzbekistan, France , Portugal, Singapore, Hong Kong, Ghana, Russia and Mauritius.This has helped us create a global presence and we have hired people of different nationalities who speak different languages.
Focus on luxury properties
“I have primarily focused on luxury properties – big ticket sales – and have successfully executed numerous transactions in Emirates Hills, Palm Jumeirah Villas, Volante Penthouses, IL Primo Penthouses, Jumeirah Bay and Bulgari villas.
One of his major accomplishments is the epitome of luxury with sales in some of Dubai’s most coveted projects.
“I sold a super luxury villa in Emirates Hills, as well as one of the most expensive plots of land in Jumeirah Bay,” Kapoor adds. “Jumeirah Bay is probably Dubai’s most desirable address with its private beach and skyline views.”
What has also been very helpful to LCRE is its relationship with leading developers in Dubai. The company is a Platinum member of Alliance by Emaar, Chairman’s Club Damac and distribution partner of Sobha.
“Since 2018, when the Dubai property market was weak and in the midst of a recession, I personally focused on selling off-plan properties only for Emaar and Damac, which at the time offered massive and attractive opportunities such as waivers service fee and a payment plan of up to five years after surrender. I was eventually able to build a solid relationship with the developers and create the platform we have today. »
Indeed, one of CERL’s most recent accomplishments was to become a proud member of the Damac Billion Roundtable this year.
“Ten companies were selected by Damac to be part of this elite roundtable group,” says Kapoor. “This was based on the long-term association with the reputable brand as well as 2021 sales. This group has access to many of Damac’s exclusive privileges, such as advance product launch information, exclusive inventory in flagship projects and a private office in the Damac sales center.
This connection and access to renowned developers is one of the many advantages that potential buyers enjoy when choosing LCRE.
“We’re a bespoke company, which is very well diversified,” he says. “We are channel partners with all of the best developers in Dubai and are not just focusing on a few. And we maintain our position of strength with them.
Working with a distribution partner gives buyers more options and makes it easier to negotiate prices. It’s an end-to-end service that makes buying a property a hassle-free experience.
“As the name suggests, we are known in the market for luxury properties and large investments,” adds Kapoor. “Many wealthy people in North India do business with LCRE exclusively because of my connections there.”
Unsurprisingly, CERL’s performance over the years has not gone unnoticed. While the company has already won numerous awards, including World’s Biggest Brands by URS Media, Kapoor has also personally won a few. These include Most Influential Indian Under 50 and Most Influential Young Leader, both published by AsiaOne Magazine.
Why now is a good time to buy property in Dubai
With the UAE real estate market driven by more international investors, low interest rates and reduced supply in places, projections indicate that the sector will have a bullish 2022. Market researcher Mordor intelligence says the residential real estate market is expected to grow at a CAGR of 12.36% through 2026. While the pandemic may have slowed things down in 2020-21, it was only temporary. With the government handling the pandemic so well, it has only boosted investor confidence in the country.
“The way the country has handled Covid-19 has been an example for the whole world,” says Shitij Kapoor, managing director of Luxury Concierge Real Estate. “Investors and visitors from all over the world have realized the essence of Dubai and the safety and security it exhibited. A global index of the world’s top 10 cities shows that Dubai is the most preferred and least expensive in terms of price per square foot to buy real estate assets.
Add to that favorable government initiatives and the real estate market could be set for a record performance. According to a CBRE Research article on the Dubai property market for 2022, the total number of residential transactions in Dubai reached 57,043 in 2021, up 73.6% from 2020 and 51.6% from last year. 2019. The 2021 total was the highest since 2009. CBRE expects trading values to remain robust through the year.
“There is a growing population in the UAE with many very wealthy people making Dubai their residential base,” Kapoor adds. “Now that the government is offering options, such as retirement visas/golden visas, 100% ownership of local businesses and even citizenship for some elite talent, it has given investors confidence compared to times past. .”
In the JLL UAE Real Estate Market – A Year in Review 2021 report, researchers said that in December 2021, residential sales prices in Dubai saw a 9% year-on-year increase. This increase in demand is due to many reasons including the lifestyle in the emirate.
“The UAE offers affordable investment in one of the best cities in the world in terms of infrastructure, security, clean environment and, most importantly, it is a cosmopolitan city that provides its residents with long-term stability. term,” he said. “Plus, the prices are still much lower than in Hong Kong, New York or Tokyo.”
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