Staff Reporter,
Dubai, UAE
Provident Estate, a property broker, said it has recorded Dh635 million worth of transactions in the first quarter of 2023, due to higher investor interest in luxury properties.
Real estate brokers usually command 2-5 percent commission on property sale, based on the property value. With an average 3 percent commission, the company would have generated Dh19 million in commission.
Provident Estate successfully concluded the first quarter by closing exclusive deals with real estate development companies Select Group and Sobha Realty. The sales, which totaled over Dh635 million were among the largest transactions for Provident Estate in the first quarter of 2023.
“As Dubai’s real estate market continues to prosper, ultra-luxury has emerged as a preferred investment, with prices rising by 27 percent in the first quarter of 2023,” the company said in a statement.
One of Provident Estate’s Associate Directors, Sam Horani, worked to secure a closing of 11 units across 2 of Selects Groups most luxurious properties: Six Senses Residences on the Palm Jumeirah and Jumeirah Living in Business Bay.
Two of the most outstanding units sold were the Signature Villa in Six Senses Residences and a full floor penthouse in Jumeirah Living, the only one within the whole building and the most prime unit in the whole peninsula community.
“The Signature Villas possess sophisticated elegance with nature as the key inspiration around the villas. Owners of penthouse villas will enjoy private dining, complimentary gym membership, watersports activities, a personal trainer, butler services, and many other luxuries in their 75,000 square metre residence among the stars,” the company said.
In Jumeirah Living Business Bay, Sam Horani closed on the full-floor penthouse which spans over the entire 35th floor at over 12,000 square feet. In the heart of Dubai, this penthouse is the pinnacle of branded luxury and features 5 bedrooms, 2 maid rooms, elegant living and dining areas, a library/study, gym, sauna, and steam room alongside large balconies offering 360 views of the Burj Khalifa and Downtown Dubai.
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