Ladies and gentlemen welcome back to another S.L.G. Vida I hope everybody's doing fantastic this morning today We're gonna be heading all the way to Dubai because we have with us our dear friend Jaseen Luxury real-state broker and associate partner with Knight Frank with over 450 million dollars salt worth of real estate and he's gonna tell us all about Dubai real-state market Why is so booming and how is it that the majority of high net worth individuals now want a piece of Dubai? Oh good all good evening Can I complain just recovering from our Basel it's been a really heck Last week and now back into traction lots of people here in Miami whether it's phenomenal So Two years ago I actually got into real estate. I live in Spain in 2002, 2003.
I visited Marlgar, I was fascinated by the properties there, obviously the climate, everything is beautiful. The cost of other people is my future. That's my future. That's part of the interest.
When I finished university, I did realize that the seven years in the UK, but in the UK was more and more invested in properties. I moved to 2009, specifically wanting to work in luxury. Obviously, Pongomeray is the area that I specialize in. I haven't for the last nearly 13 years.
The interesting thing you mentioned as well is that the last 12 months have been incredible. I mean, record numbers of transactions, record numbers of deals above $10 million. There's a huge influx of buyers, especially from Europe, that come in. We really are appreciating the luxury property here.
We've been responsible for charging a lot of luxury properties and developments here. And having with thoughts, they were underpriced when you compare it to New York, Chinese, London, Paris. You know, this kind of places. But I think since COVID started, the logistics change, I think globally, for luxury property, the buyers are not different.
I think, you buy the properties that are fair really well or the beachfront properties, which is why I specialize in par. It's a lot of European money that's actually coming in, which is different previously. It was a lot of India, Iraq, Iraq, America, Chinese, China, and the shift has changed. It's a lot more European than the liver Mate.
It's $6.5.4 million. So you say the majority of these big purchases come from Europeans? A lot of Europeans. In general, George.
The US buyers haven't really taken... I mean, how do you guys here? I mean, the US buyers are buying here, but it's a minute amount of investors or clients. I'm not sure if maybe the perception of the middle-east is Dubai isn't quite what that perception is, but I think there's a lot of middle-east in general.
I think unless you visit Dubai, it's very different to what maybe you've seen in the news and what people create as part of the business. Dubai is more specifically in Pangemira. What are some of the new projects that you can tell us about? I've set the top three, just to kind of break it down for you.
So they're one of our artists project. So we always had a plant this hotel. They've now built a residential project, which is half a residential half hotel. It's going to be handed over in March next year.
So that I would class as a super prime project in terms of finishing architecture, the US's, I think the position of our right at the top of the Pangemira. Then you have a development called the W Residences, which is part of the W Vortex brand. The 10-house buy, all the apartments are super super large. The smallest unit is around 5000 square foot, which is about 4,000 square meters.
So they're going to be very luxurious. It's part of the element of the W hotel right next to it as well. And then you have the third project, which is the One Bike on the Act, managed by Dorchester Collection. It's a very good thing.
It's a very niche project compared to the other two projects because there's no hotel element to it. It's only a residential project, but they've got the money from complete Dorchester involved. The interesting thing with all these projects is they have been for sale, they launched only 3-4 years ago, and the sales have been very, very steady. The last class was pretty important.
And there's more projects that are going to be announced next year. So I'm going to have a launch of another project. We've got Select Group, we've got the Palma Holdings Group, plus, there's going to be a lot more projects in the pipeline as well. Now, in regards to these markets, right?
We talked about all the positive things that are happening. But what's the biggest challenge for yourself as a luxury rescue group? I think the biggest challenge we've had, I think it's not an information about the device already, it costifies in sellers. This Dubai market has been going for a lot of time.
I mean, historically, if you look at Dubai markets since 2005 to 2021, when it comes to property prices, they've been pretty sharp. And that can scare people because of the volatility of it. The other challenge we have as brokers is the Reluctancy of Sellers to give agents exclusivity. I think the exclusivity element here historically, I always give their properties to 4, 5, 6 different agents.
I think they're not mindset. It's a challenge. I mean, for me personally, I always try and get 50% of my listings exclusive. I'm so surprised that pretty much 90% of my deals are expected to do the Sellers' exclusive.
So that's what I've really been trying once in the last few years, is to try and really get the sellers' clients to me, buy to my brand. The company obviously has another tax bill which is not correct. And then actually understand the benefits of exclusivity, but as far as I'm in the UK, X-Pissivity is a giver. You don't need to push it.
Maybe the US is probably very similar in that sense. Yeah. We're just really changing the logistics of it, but it's taking time. Yeah, I ask you to see.
When it comes to this market, the volume is so fast. Do you see any specific projections for the next year? The way I see it, I think we've had 12 months of incredible growth. I think we're going to now see a period of stagnation in the sense that the price is, I think, of less kind of get a ceiling, a glassing in terms of prices.
And I think post-expo, it almost will be very interesting because we've got a lot of hype around the expo. It's interesting what happens after the expo. I'm sure to buy something in the pipeline that we're not even aware of. But we've mostly seen prices have been stable now for six to 12 bucks.
And then we'd have to see where the market logistics are because there is a lot of properties being launched in demand. So, also what these people are going to come down to supply and demand. The good thing is the luxury properties are P1, 5 between. There's not so many projects.
A lot of the projects are kind of lower to the middle end of the market because that's where there's a churning transaction. It's still very small. And that's why I don't see that suffering. And I don't see that many kind of price negativity.
Very interesting. No, great point. Great point. Let's see what happens.
I think for me, when I came to Paris, I was in the park doing the park. But obviously, 10, 12 years ago, I was done very, very differently. It was all newspapers and magazines and websites were just kind of coming into play. But I think nowadays, I think, one of the reasons I was sensitive to the country, I was quite focused on doing the park.
But obviously, 10, 12 years ago, I was done very, very differently. It was all newspapers and magazines and websites were just kind of coming into play. But I think nowadays, one of the reasons I was sensitive is because I've been self-branding myself for the last five to six years. So, regardless of what company I'm with or agency I'm with, I'm always about me running myself.
So, people long being for who I am, as opposed to what company that I worked for. I think social media, the way properties are so small, probably very visual. So, we can talk about the YouTube's other platforms as well. If you can leverage that in the correct way, I think there's a wrong way of doing it.
I think you can find the balance of it correctly. I think it's a great way of really putting yourself out there, not a global scale, but a global scale as well. It does actually cost that much. If you do it properly, especially in Instagram and things like that, it's very cost efficient compared to maybe sponsoring things and other certain paid campaigns.
So, I think that's probably been one of my main things, because it's a way of positioning myself, running myself. And I really, I want to force a way to partner. Amazing. No, you've done a phenomenal job.
So I have to congratulate you on that. And for those that I'm listening, please make sure to follow just in because the way that he tells himself and exposes all the content of the properties in the market is very interesting. So, please follow him. And I know you have to go as well.
So just wanted to ask you briefly about the same question that we asked all of our guests. What is happening? See, again, look at different people, which I know probably everyone says. For me, it's not just about the price.
I think the location, the condition of the property matters, but I think the uniqueness, the exclusivity element of it, the character, how superior the properties, I think all of these factors matter. But I'm going to take it a little bit once I have ahead. I actually look at the properties beauty inside and out looking at the custom architecture, the custom design of the property as well. I'm going to finish this attention to detail.
So I think it's kind of a long word to really describe. And again, it's different for different people guys and Dubai is a city with over 80 nationalities. So, I don't know what I would consider as a luxury property, but some people isn't. I mean, what I'm giving you is more of a kind of overview of what I think generally works for luxury.
I like to have a good blessing Dubai because we do have very, very nice drawings projects where people have found where one is the factor and they've really, really gone out and it's been a great thing to be part of a real estate market like that. Well, thank you so much for your input. I think that's a great definition of luxury. I do appreciate your time.
I think it's been a amazing conversation with great insights. So I'm sure everybody is part of the line of value on it. Is there anything else that you would like to share before we wrap this up? First, I want to thank you guys for having me on your show.
It would be nice when you're in Dubai in a tweet, we can all the other week after we can meet up and talk. But I really think, I mean, especially for the US viewers, I think people who are maybe not quite sure what the guys have asked. I think it's really interesting for them to come and speak to themselves and make a one judgment as of course, maybe getting too brainwashed with the TV set itself. Not what we actually speak to.
Everybody to Dubai. So, Miami Dubai Dubai. Love it. Well, thanks so much.
I appreciate your time. Perfect. Speak to you, ma'am. And thanks again for everybody tuning in today.
We hope you enjoyed it. And remember, embrace its beautiful success in life. My name is Alvaro and I'll see you next time.