Christie’s International Real Estate has welcomed Dubai Premier Estates into its network of luxury property specialists. The company has been in operation since 2016 with principals Dinesh Chhatwani and Jacqueline Johns, both of whom have been marketing real estate in Dubai since 2004.
Christie’s International Real Estate director of regional operations for Europe, Middle East, Russia, India and Africa Helena De Forton said: “Dubai is in the midst of a Renaissance for international buyers, due in large part to both long-standing and more recent legislation put in place. This is the ideal time, when the market has demonstrated such a dramatic uptick, to welcome Dinesh and Jacqueline to our exclusive global network. With 17 years of experience in assisting both local and international luxury buyers and sellers in Dubai, they are the obvious choice to be the city’s ambassadors for the Christie’s International Real Estate brand.”
Johns added: “Both Dinesh and I are thrilled to be joining such a reputable brand. Combining our years of experience in Dubai real estate with a respected brand such as Christie’s International Real Estate offers our clients unparalleled global marketing expertise. We can now offer global exposure and also the ability to refer them throughout the Affiliate network, with the confidence that they will receive the same white-glove service they have come to expect.”
The United Arab Emirates is extremely tax-friendly, with no capital gains, inheritance or personal taxes. Real estate transaction costs are low, 4% payable to the Dubai Land Department, responsible for the sale of every property in the country. In the U.K., stamp duties can be as high as 12%. In France, 10–20% is not uncommon. The UAE government has also eased visa restrictions to welcome foreign investors. For instance, as of 2021, it is possible to self-sponsor a one-year visa for remote work in the UAE, even if the employer is headquartered overseas.
The country also offers five-year visas for homeowners above the age of 55 and those owning properties above US$550,000. As a result, the city’s real estate sector is seeing a 15% rise in transaction volume and 37% increase in value in January 2021 to the same month a year ago, according to the Dubai Department of Land Development. Dubai’s all-time record sale was posted just this year, in March, to a Swiss family on a property listed at $30.3m.
Chhatwani said: “Current demand in Dubai is strong — and getting stronger. During Covid-19, Dubai has performed way beyond expectations and is a safe haven to both live and invest. The government has done its part, providing economic stimulus, introducing retirement visas and liberalizing lifestyle standards to be more in keeping with those of the West.”
The UAE’s luxury price per square foot is two to five times less expensive than other international enclaves. The city’s mainland properties sell for between $400 and $600 per square foot, while island-based properties — such as, Jumeirah Bay and The World — top out at $1,000. In comparison, Monaco hovers around $4,500 per square foot; London, $1,930; New York, $1,860; and Miami, $750.
In the UAE, foreign nationals are restricted to areas where freehold ownership is permitted. Dubai is, however, vast and growing, stretching from the shorelines and Palm Jumeirah’s private beaches to the sprawling greenery of Dubai Hills Estates. In fact, Dubai’s most sought-after communities belong to freehold areas, where foreigners can purchase, sell and lease homes, such as stately mansions, waterfront villas and panoramic-view penthouses. In the last five years, this also includes new branded residences and developers incorporating more luxury penthouses into their plans with design elements from across the globe to create international trophy homes.
Dubai, home to the world’s tallest building — the Burj Khalifa — is decidedly cosmopolitan with fine dining, world-class shopping and the arts while at the same time offering opportunities for golf, yachting and even a venue where individuals can try their hand at Formula One car racing. This has attracted buyers, primarily from the U.K., China, France, India, Saudi Arabia, and Switzerland.
This post has originally been featured in Property Wire.