Metropolitan Group registers record half-year results with AED 2.2bn in property transactions
The Metropolitan Group announced that its flagship real estate companies, Dubai-based Metropolitan Premium Properties (MPP), and Abu Dhabi-based Metropolitan Capital Real Estate (MCRE), generated combined property deals worth AED 2.2 billion in the first six months of the year (H1 2021), a threefold increase compared to the same period last year.
The Metropolitan Group registered over 1,000 real estate transactions in H1 with off-plan sales increasing 200% and secondary sales increasing 300% compared to H1 2020.
“Dubai emerged as one of the safest and more open cities in the world which gave residents and investors confidence in the real estate market,” said Nikita Kuznetsov, Partner Metropolitan Group and CEO of Metropolitan Premium Properties.
“These numbers are a clear indication of the confidence investors have in the UAE’s economy due to the positive steps taken by the government to establish a successful vaccination programme and drive innovation around visa and residency solutions.”
Mr. Kuznetsov added: “We saw strong demand for luxury properties from overseas investors. Last year, 30% of our transactions were from international clients, primarily from the CIS, the UK and other parts of Europe including France, Germany and Austria, and we saw this trend continuing into 2021.”
Sales of properties over AED 5M accounted for 15% of the total sales in the first six months with the average sales price of high-end property increasing from AED 5M to AED 10M. One of the group’s biggest transactions was two penthouses located in the W Residence, Palm Jumeirah, which sold for AED 102 million to the same buyer.
The group also witnessed a spike in the number of transactions for villas and townhouses, with a notable interest and high demand in waterfront/shoreline property. Location wise, areas such as Dubai Marina, Downtown, Palm Jumeriah and Emaar Beachfront, are consistently active, as well as the off-plan market showing impressive new projects that sell out at pace. Beachfront properties saw the highest price increase in the first six months of this year.
“Our success is due to the exceptional work by our talented and experienced agents, innovative approach to marketing and our international outlook in identifying investors,” added Mr. Kuznetsov.
To accommodate the group’s recent business success, the company invested heavily in the recruitment of agents and aims to have over 300 employees by the end of the year, making it the biggest real estate company in the UAE. The group expects to more than double the value of its property transactions by the end of the year.