Espace set to expand Dubai operations; opens two new offices
DUBAI, January 21, 2023
Espace Real Estate, one of Dubai’s leading property brokerages, has announced its robust expansion plans for the emirate’s vibrant real estate sector with a $4,000,000 investment in additional office space for 2023.
Established as a market leader in many of Dubai's freehold communities, Espace aims to expand more meaningfully into the off-plan and new projects sector.
The key Emirati brokerage is cultivating its strong presence in the city to meet the growing market expectations in the apartments, freehold villas, off-plan and new project segments.
Espace Real Estate ended 2022 on an impactful note, achieving growth in excess of 35%, outperforming its target of 25% for the year, said the brokerage in its statement.
It will bolster its world-class services with the expansion of its off-plan and new projects divisions, said a top official.
"As primarily a secondary-homes brokerage, in the past year we have experienced a 37% increase in buyer registrations in comparison to 2021. Property listings have slowed down by 17%, indicating that robust demand outstrips supply in Dubai's vibrant real estate sector," remarked John Lyons, the Managing Director of Espace Real Estate.
"As demand for Dubai Real Estate shows no signs of abating, we are confident that the property sector and wider Dubai economy will continue to grow in 2023. We are committed to progressively strengthening Espace Real Estate to ensure that we maintain our position as the most prominent property brokerage in the region," he added.
In 2022, Dubai’s real estate sector experienced a boom as property prices reached pre-pandemic levels, with demand for apartments and freehold villas showing no signs of slowing down.
Espace said it has last year closed record-breaking transactions valued in billions of dirhams across apartments, villas, townhouses, and some notable off-plan projects.
"Looking ahead, the market-leading brokerage identifies that the short-term rentals segment will struggle to outperform the returns available in the long-term rental market, which is a change in the status quo from recent years," noted Lyons.
"There has been a significant increase in the number of properties available in the short-term rental market, which has prevented any significant growth in the average daily rate. Whereas in the long-term rental market, supply is very tight, and rental prices have risen dramatically in previous months, placing pressure on the short-term market," he added.-TradeArabia News Service
