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Espace Real Estate, one of Dubai’s leading real estate brokerages, has announced its robust expansion plans for the emirate’s vibrant real estate sector, with plans to invest $4 million in additional office space in 2023.
As the market leader in many freehold communities in Dubai, Espace aims to expand meaningfully into the off-the-plan and new project segments.
Major Emirati brokerages are cultivating their strong presence in the city to meet growing market expectations in the apartment, freehold villa, off-plan and new project sectors.
In a statement, the brokerage said Espace Real Estate ended 2022 on a strong note with growth of more than 35%, beating its full-year target of 25%.
It will strengthen its world-class service by expanding its off-the-plan and new projects divisions, a senior official said.
“As a major secondary brokerage, we have seen a 37% increase in buyer registrations over the past year compared to 2021. Property listings have slowed by 17%, a sign of Dubai’s vibrant real estate Strong demand from the industry is outstripping supply,” commented John Lyons, managing director of Espace Real Estate.
“With demand for Dubai real estate showing no signs of abating, we believe the real estate sector and the wider Dubai economy will continue to grow in 2023. We are committed to strengthening Espace Real Estate over time to ensure we maintain our position as the most renowned real estate broker in the region company,” he added.
In 2022, as property prices hit pre-pandemic levels, Dubai’s real estate sector has experienced a boom, with demand for apartments and freehold villas showing no signs of slowing down.
Espace said it completed record-breaking transactions worth billions of dirhams last year in apartments, villas, townhouses and some notable off-plan projects.
“Looking forward, the market-leading broker believes that returns in the short-term rental market will struggle to outpace those in the long-term rental market, a change from the status quo in recent years,” Lyons noted.
“The number of properties available in the short-term rental market has increased significantly, which has prevented any significant increase in average daily rents. While in the long-term rental market, supply is very tight and rental prices have risen sharply in previous months, putting pressure on the short-term market ,” he added.trade arab news agency
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