Middle East investment potential boost by top agency�...

International real estate advisor Savills has started the year with what it calls “a strategic and large-scale expansion” of its regional residential team in the Middle East.

The Savills property consultancy workforce in the region will exceed 100 by the end of 2024.

The agency says this move is in response to “the unprecedented growth in activity across the region” and particularly within the United Arab Emirates.

Dubai’s residential property market has seen record levels of price growth, fuelled by high levels of net inward migration, particularly amongst HNWIs, long-term visa and residency reforms, a welcoming business environment, and the delivery of world-class residential developments.

Recent studies from Savills showed that Dubai led prime residential market price growth among 30 cities in H1 2023, whilst also ranking as the global leader for branded residences.

Andrew Cummings will lead the new, expanded residential agency within Savills Middle East. Cummings is one of the UAE’s most well-known and leading real estate professionals and joins Savills with a long-standing history of success.

Steven Morgan, chief executive of the Middle East at Savills, says: “We are pleased that Andrew has joined us to drive the strategic growth of our residential agency business. This expansion continues our regional growth story, the recent highlights of which have been office openings in Egypt and KSA, as well as expanding our service lines to provide the largest full-service consultancy across the Middle East region.”

Speaking on his appointment, Andrew Cummings adds: “Savills is undoubtedly the global market leader in prime real estate, powered by the most expansive network stretching across continents. With the huge increase in demand especially from global HNWIs in the region, there is no better time to tap into that global network to ensure buyers are receiving the best advice and the most suitable properties befitting their needs.

“The growth in demand for regional real estate has seen a plethora of new projects and opportunities emerge, it has also led to a maturing of the market. That maturity increases the need for buyers and sellers to have sound, professional, data-driven advice from trusted advisers. As a globally renowned real estate company, Savills is ideally placed to cater to the increasingly more complex demands of buyers and sellers to navigate the changing dynamics.”

Savills residential team in the Middle East is expected to grow to over 100 agents by H2 2024 and the international real estate advisor has already acquired additional office space that will open at the end of this month to accommodate the expanding team.

Justin Marking, head of global residential at Savills comments: “The region, and Dubai in particular, attracts a wide cross sector of purchasers which plays to the strength of the Savills global network. This latest move follows our recent expansion within European markets.

“Earlier this month, we acquired Verbier Location, a property management and rentals company in the Swiss Alps. In 2023, Savills acquired Beliving, a residential sales and lettings real estate agency in Italy; Predibisa, a market-leading real estate firm in Porto, Portugal; and launched a residential business in Barcelona, Spain.”