- By refocusing exclusively on HNWIs, The Luxury Real Estate is doubling its property sales each month
- HNWIs are projected to spend $4.4 billion on luxury real estate in Dubai this year, a 76% increase from 2023
- Consolidation sees company’s team grow to over 100 agents, with plans to expand to 200 within the next year
The Luxury Real Estate announced today that it has consolidated its portfolio with Scorpion Property, amassing AED 3 billion in exclusive property listings across Dubai.
Expansion and Market Growth of Scorpion Property
As part of this consolidation, Scorpion Property will cease to exist as an independent entity, with its portfolio and expertise now fully incorporated into The Luxury Real Estate.
The integration of both companies strengthens The Luxury Real Estate’s position in the market and enhances its service offerings for high-net-worth individuals (HNWIs). By refocusing exclusively on HNWIs, The Luxury Real Estate is doubling its sales volume each month.
The consolidation sees The Luxury Real Estate’s team grow to over 100 agents, with plans to expand to 200 within the next year. This growth aligns with the company’s vision to strengthen its foothold in the luxury real estate market. The Luxury Real Estate will continue to focus on top-tier developers and high-profile projects, ensuring that it remains at the forefront of luxury real estate offerings in Dubai.
“The integration of Scorpion Property marks a significant milestone for The Luxury Real Estate,” said Subroto Banerjee, Director of Sales, The Luxury Real Estate. “Consolidating our portfolio and teams enables us to provide an unparalleled level of service and expertise to our high-net-worth clientele. We also aim to expand our portfolio while reinforcing our commitment to becoming a leader in the luxury real estate sector.”
Market Insights and Projections
The luxury real estate market in Dubai has been witnessing robust growth, with increasing numbers of millionaires and billionaires migrating to the city. Knight Frank projects that HNWIs will spend $4.4 billion on luxury real estate in Dubai this year, marking a 76% increase from 2023. Various factors, including government initiatives like expanded golden visa programs and attractive investment opportunities, drive this surge.
The influx of affluent investors has led to an increase in new luxury property launches, property values and land prices, particularly in prime locations such as Dubai Water Canal and Palm Jumeirah.
Legacy and Recognition
Scorpion Property has now transferred its expertise and achievements to The Luxury Real Estate. In March 2024, Scorpion Property won the prestigious Top Broker Award from Emaar. This marked the fourth consecutive year that Scorpion Property has been honored with this esteemed accolade, reaffirming its position as one of the top 20 brokerages in Dubai. Since its establishment in 2020, Scorpion Property has consistently demonstrated outstanding performance, earning recognition not only from Emaar but also from other prominent developers such as DAMAC Properties and Tilal Al Ghaf.
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