Enquiries for properties in the UAE are pouring in from Israeli buyers following the normalisation of relations between the two countries, according to Ellington Properties.
The real-estate developer announced on Monday that it has just signed a deal with international brokerage firm Keller Williams to market its real-estate assets in Dubai to buyers from Israel.
“This is a historic moment for us as we focus on promoting Dubai’s property sector among Israeli investors following the normalisation of bilateral relations between the two countries. We have received extensive enquiries from Israeli investors in the past weeks,” said Paula Wehbeh, Head of Business Strategy at Ellington Properties.
With the new partnership, Wehbeh said they will be able to strengthen their “brand positioning” within the Israeli market and “accelerate” investments in Dubai’s property sector.
The deal is one of the latest in a string of business arrangements announced by UAE firms following the normalisation of diplomatic ties between the two countries.
Last week, Etihad announced that it will launch daily scheduled year-round flights to Tel Aviv. The Abu Dhabi-based carrier also secured a memorandum of understanding with Israel’s national airline El Al Israel Airlines to introduce codeshare services between the UAE capital and Tel Aviv.
In the latest deal, Ellington Properties said they will have an in-country representation in Israel and investors there can now learn more about the property sector of Dubai, explore investment opportunities and acquire homes in the emirate.
According to Amos Naim, CEO of Keller Williams, there is significant Israeli buyer interest for properties in the UAE.
“Everyone in the country is excited about the new peace deal between the UAE and Israel, and we share the feeling that this is a historic moment… We are confident that this is a great opportunity for Israeli investors to buy now in Dubai,” said Naim.
Keller Williams operates worldwide with more than 180,000 real estate agents in 50 countries. In Israel, the firm has 20 real estate offices and more than 350 real estate agents.
Ellington Properties’ portfolio includes residential units in premium locations in Dubai. Its current projects feature high-rise luxury residences and multi-family communities in Downtown Dubai, Mohammed Bin Rashid City, Emirates Hills, Palm Jumeirah and Jumeirah Village Circle.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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