From having $300 in pocket to now selling Dh2b in luxury properties in the UAE, a Russian expat’s journey
Tell us about the journey of Metropolitan Premium Properties in the region and the concept behind it.
Metropolitan Premium Properties (MPP) is a full-service real estate agency offering customised solutions to developers, owners and investors who are looking to maximise value from their luxury real estate assets. Founded in November 2012, MPP specialises in selling luxury properties, specifically penthouses starting from Dh10 million.
How has the performance been for the luxury secondary market and what are your predictions for the future?
The Metropolitan Group’s flagship real estate companies, MPP and Abu Dhabi-based Metropolitan Capital Real Estate (MCRE) registered a 400 per cent increase in full-year property deals compared to the same period in 2020. The company also saw its average transactions value more than double from $500,000 to over $1.1 million last year with off-plan sales increasing five times while sales of secondary units showed a three-fold growth compared to 2020. We have also observed that 70 per cent of our clients are purchasing secondary homes while 30 per cent are opting for investment purposes. In regards to the overseas customers, 30 per cent are from the CIS, 30 per cent from European countries, 20 per cent from the GCC and 20 per cent from the rest of the world. We expect this trend to continue this year as well.
Sign up for our weekly newsletter for market updates!