There are few names which command as much attention as Warren Buffett in the global real estate market. Which is why global interest in the emirate of Dubai is expected to grow, as a result of the real estate tycoon’s decision to deepen his investment portfolio in the city. Buffett’s empire recently announced that it would invest in the UAE’s luxury real estate market, through his company Berkshire Hathaway HomeServices Gulf Properties. The new investment portfolio will be through the company’s newly launched “Luxury Collection Division,” with all properties in the collection priced at $5,000,000 [approximately AED 18,600,000] or higher.
BUILDING ON RECENT TRANSACTIONS
Discussing the launch, Dounia Fadi, Chief Operating Officer of the company said: “There is an increasing demand for luxury properties in Dubai’s current real estate market.”
“With our recent high-value transactions in areas like Emirates Hills, Palm Jumeirah, Bulgari Residence and Bluewaters Islands we feel confident we are moving our agency in the right direction. Just after one year of laying our foundation in Dubai, we are thrilled to be launching our dedicated Luxury Collection Division with its dedicated advisors to expand further as we start 2021,” she continued.
GROWTH IN DUBAI'S LUXURY MARKET
Dubai is known internationally as a luxury real estate hub, routinely making headlines for the biggest, tallest and most expensive buildings in the world. Indeed, the emirate recently took the two number one spots for the most number of buildings completed, that exceed 200 metres in height in the Council on Tall Buildings and Urban Habitat’s 2020 Year in Review report.
Responding to news of the new expansion, Berkshire Hathaway HomeServices CEO Chris Stuart said that the company predicted a growth in the demand for luxury real estate this year: “We are delighted to be announcing Berkshire Hathaway HomeServices Gulf Properties’ growth into the luxury real estate market. The demand for extravagant estates will continue into 2021 and with the brokerage’s access to the luxury property segment for which Dubai naturally attracts, it will certainly excel in providing its clients with a seamless experience when purchasing a luxury residence priced in the top ten percent of Dubai’s local market.”