It recorded its highest sales of ultra-luxury real estate, with revenues of 11 billion dirhams
"Metropolitan": International investors continue to move to Dubai
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The “Metropolitan Group” announced record financial results for the year 2022, with revenues of 11 billion dirhams recorded, an increase of 130% compared to 2021, confirming that international buyers and investors, who mostly hail from Europe and the CIS, are still continuing to move to Dubai. At a time when all data indicates that the current and expected market conditions are very favorable, and encourages efforts to buy residential real estate in Dubai.
The group, which includes two real estate companies: Dubai-based Metropolitan Premium Properties and Abu Dhabi-based Metropolitan Capital Real Estate, reported that it witnessed an increase in the average value of its deals to more than four million dirhams ($1.2 million), with an increase in off-plan sales. And sales of secondary units more than doubled compared to 2021.
best performance
Nikita Kuznetsov, partner in the Metropolitan Group and CEO of Metropolitan Premium Properties, said: “2022 was a wonderful year by all standards, as we were able to surpass our previous records, to record the highest ever sales of ultra-luxury real estate, and our sales and revenues recorded the best performance. Since its inception more than a decade ago.
He added: «We expect in the new year that the major real estate developers in Dubai will announce projects worth more than 100 billion dirhams, at a time when all data indicates that the current and expected market conditions are very favorable, and encourage endeavors to buy residential real estate in Dubai, especially in the areas coastal areas such as: (Dubai Marina), (Jumeirah Beach Residence), (Bluewaters), (Emaar Beachfront), (Palm Jumeirah), and (Port de la Mer).
He pointed out that the areas of "Downtown", "Business Bay", "Dubai Creek" and "Jumeirah Village Circle" are very popular among buyers, indicating that the most important areas that buyers seek after in terms of villas are: "DAMAC Hills", Emirates Living, Dubai Hills, Arabian Ranches 1-2-3 and Villanova.
Ultra-luxury real estate
And “Metropolitan” revealed that it recorded a growth in sales of ultra-luxury real estate, whose price exceeds 10 million dirhams, by nearly four times, so that this category of real estate recorded the best performance of the group, while the number of potential buyers increased by nearly three times compared to 2021.
The group also recorded a remarkable interest in "penthouse" apartments and real estate ready for delivery, as well as recording a strong demand for real estate overlooking the sea and the waterfront, especially in "Palm Jumeirah", and along the Dubai Water Canal, "Dubai Hills", "Emirates Hills", And the first neighborhood.
And she emphasized that international buyers and investors, who mostly hail from Europe and the Commonwealth of Independent States, are still continuing to move to Dubai, and in 2022 they accounted for 80% of the "Metropolitan Group" customer base.
real estate deals
And the “Metropolitan Group” closed in December 2022, the largest residential land sale deal ever witnessed in Dubai, at a value of 690 million dirhams ($ 187.6 million), which included the sale of three plots of land in “Dubai Marina”, as well as a rental of 1.8 million dirhams for a luxury villa. In the first district, it covers an area of 15.5 thousand square feet. It also sold two villas on Jumeirah Bay Island, at a value of 156 million dirhams, and sold a plot of land in the “Dubai Islands” for 126 million dirhams.
Number of Employees
And the "Metropolitan Group" pointed out that, in order to meet the significant growth in its business, it has doubled the number of its employees to 500 employees, including 11 new department heads, and has also launched new departments such as "Metropolitan Homes", as a new brand specialized in providing real estate services in the secondary real estate market in Dubai, and the “Penthouse.ae” division that deals exclusively with high-net-worth individuals and properties worth more than 15 million dirhams, and a sales office in the Northern Emirates.
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