Dubai, United Arab Emirates: The Metropolitan Group has closed out a record-breaking year reaching sales of AED 11 billion – a 130% increase compared to 2021.
The group, which includes flagship real estate companies, Dubai-based Metropolitan Premium Properties (MPP) and Abu Dhabi-based Metropolitan Capital Real Estate (MCRE), also saw the value of its average transactions increase to over AED four million (US$1.2 million) with off-plan and secondary units sales more than doubling compared to the same period in 2021.
“2022 has been a record-breaking year for us,” said: Nikita Kuznetsov, Partner Metropolitan Group and CEO of Metropolitan Premium Properties. “We recorded the highest-ever sales for super luxury units and our sales and revenue growth have been the best since we started over a decade ago.”
The Group saw sales of super luxury units (AED 10 million and up) increase four times – its best ever in this segment and its leads increased three times compared to 2021.
International buyers/investors mostly from Europe and CIS continued the trend of shifting their base to Dubai and made up 80 percent of the Group’s client base. There was also notable interest in penthouses and ready-to-move-in properties while properties by the sea/waterfront were also in strong demand. Popular locations included Palm Jumeirah, luxury properties along Dubai Canal, Dubai Hills, Emirates Hills and District One.
“This year, leading developers in Dubai are expected to announce projects worth over AED 100 billion and all indications are that the current and projected market conditions are in favour of owners of Dubai residential properties, especially in sought-after locations such as the coastal areas: Dubai Marina, Jumeirah Beach Residence, Bluewaters, Beachfront, Palm Jumeirah and Port de la Mer. The Downtown and Business Bay, Dubai Creek and Jumeirah Village Circle are also very popular among buyers. In terms of villas, the top areas of search are Damac Hills, Emirates Living, Dubai Hills, Arabian Ranches 1-2-3 and Villanova,” added Mr. Kuznetsov.
In December last year, the group closed Dubai’s single biggest residential land transaction to date – an AED 690 million (USD 187.6 million) deal for three plots at Dubai Marina and also an AED 1.8 million rental deal for a super-luxury 15,500 sq. ft. six-bedroom villa at District One. The company sold two villas on Jumeirah Bay for AED 156 million and more recently sold a plot for AED 126 million on Dubai Islands.
To cater to this phenomenal growth the Group doubled its headcount to 500 including 11 new Heads of Departments and launched new divisions including Metropolitan Homes, dedicated to offering the full cycle of real estate services to secondary market sellers and buyers in Dubai, Penthouse.ae which is dedicated to HNWIs and properties upward of AED 15M, Northern Emirates, Institutional Sales, Commercial Properties, a Rentals Department and a UK Property Division focused on selling UK properties to GCC investors. The group also launched Metropolitan Partnership/Referral Program aimed at encouraging non-brokers to refer buyers or sellers and receive a referral fee for all completed transactions.
The group companies were consistently ranked among the top-performing agencies with leading developers including #1 in Majid Al Futtaim, Dubai Properties, Select Properties, FIVE Holdings, ALDAR, IMKAN and National Investment Corporation. The group is also ranked among the top 4 in DAMAC and is consistently among the top-ranked agencies for Emaar, Nakheel and Shoba.
As a testament to its performance and success, the group was also recognized for having an outstanding corporate culture, ranking tenth in the Best Workplaces™ in 2022, marking the first time a real estate brokerage has made the list in the UAE, ranking fifth among the Top 10 Best Workplaces™ medium-sized business in the GCC and recognised as the best place to work for women in the GCC and Best Workplaces for millennials in the GCC.
The Group also received the coveted International Property Awards for Best Real Estate Agency and Best Real Estate Marketing for an agency and Best Agency GCC and the FEEFO Gold Trusted Service Award based on client feedback and five-star reviews. The Group’s Abu Dhabi operations was also awarded first in House of Super Agents and runner-up in Best Quality Broker by Property Finder and twice Agency of the month from Bayut.
In keeping with its employee-first motto, the Group distributed $2,000,000+ in bonuses from developers across its directors, managers, agents and back-office staff last year.
In addition to MPP and Metropolitan Homes in Dubai and MCRE in Abu Dhabi, the Group also includes Luxury Immobilien GmbH, a real estate agency in Vienna and Metropolitan Consulting FZE, providing personal and business legal services in the UAE.