• According to research, the UAE commercial real estate market is expected to record a Compound Annual Growth Rate of approximately 6% over the next five years, underscoring the timing of the launch
  • Chestertons continuing expansion strategy is capitalising on the company’s 200-year pedigree with new divisions and offices to be added across the Middle Eastern region.

Dubai, United Arab Emirates: Chestertons, a leading international real estate services firm headquartered in Dubai and London, has announced the appointment of seasoned real estate expert Andrew Elliott to lead the company’s newly launched commercial office, retail and industrial sales and leasing division.

Elliott, who enjoyed a 17-year tenure at CRC (the commercial arm of Betterhomes), where he undertook various commercial-related roles, will now launch and lead Chestertons newly created commercial division, leveraging Chestertons 200-year plus history in the industry.   

Chestertons CEO Nick Witty said: “Andrew has a wealth of experience in the commercial real estate sector and, throughout his career, has been recognised for consistently delivering outstanding results for his clients. His knowledge and understanding of the market will be invaluable in our next phase of growth across the region.

“With the launch of our commercial division, we can now cater to a broader range of clients while capitalising on the growing demand for commercial space.”

According to the latest data from research firm Mordor Intelligence, the UAE real estate market is expected to record a Compound Annual Growth Rate of 6% between 2022 – 2027 as demand for quality office space outstrips supply and, as a result, starts to push up prices in both sales and leasing.

The data also revealed that Dubai office stock stood at nearly nine million sqm of gross leasable area (GLA) in 2021, with a further 70,000 sqm expected to enter the market by the end of 2022.

“Despite the challenges many industries faced due to COVID-19, the commercial real estate sector in Dubai was one of the few that, after a short period of adjustment, remained relatively unscathed and has subsequently gone on to prosper as the demand for office space continues to grow,” said Elliott.

“A range of government-led reforms and initiatives have acted as a catalyst for commercial real estate and secured the emirate’s position as a global business hub. With the influx of international firms setting up here and local firms expanding, Chestertons are ideally placed to service these new demand levels.

“I’m looking forward to implementing a strategy and team that will be able to leverage the Chestertons brand values and cater to clients regionally and internationally,” he concluded.

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About Chestertons MENA

Chestertons MENA offers a full range of property services, including residential and commercial sales and leasing, investment agency services, property management, short-term leasing, strategic consulting and valuation services. In addition, Chestertons MENA has a very active international sales division, specialising in selling prime, off-plan and completed central London apartments and houses to investors from across the entire MENA region with 31 offices across the UK capital.

With over 200 years of experience, Chestertons is one of the leading international property consultancy firms. In addition to having one of the largest networks of branches in London, Chestertons also has offices throughout Europe and Asia and a burgeoning Middle East network.

For more details, please visit www.chestertonsmena.com/

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JAMES LAKIE
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E-mail: james.lakie@shamalcomms.com
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