Dubai: Meet the man who sold ultra-luxury penthouse for Dh420 million

Driven by inflow of HNWIs, high-end property market is witnessing unprecedented growth, with record deals signed for residential apartments, villas

by

Waheed Abbas

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Published: Wed 24 May 2023, 6:00 AM

Last updated: Wed 7 Jun 2023, 8:31 AM

Selling a property is not everyone’s cup of tea, particularly ultra-luxury units which require passion, dedication and above all local expertise and global connections.

In the highly-competitive market of Dubai, brokers must possess excellent communication skills, market knowledge, networking abilities, negotiation skills and strong relationship with clients.

Dr Taieser Al Saati, executive partner at Luxhabitat Sotheby's International Realty, embodies all these traits that helped the Saudi national to make his mark in Dubai’s luxury property and hold the record for selling the most expensive penthouse in Marsa Al Arab, Jumeirah.

With years of experience in the GCC real estate market under his belt, the young and dynamic Al Saati sold an ultra-luxury penthouse in Marsa Al Arab Hotel for a record Dh420 million, surpassing the previous record sale of Dh410-million penthouse in Bvlgari Lighthouse, Jumeirah Bay Island, in February 2023.

Driven by an inflow of high-net-worth individuals, the high-end property market has been witnessing unprecedented growth and demand in the post-pandemic period, with record deals being signed in the residential apartment and villa segments quite frequently.

Al Saati credits his dedication, extensive network of contacts and mastering the art of the deal for delivering exceptional results in the property market.

“My passion for the industry drives me to stay updated with the latest market trends, ensuring that I provide tailored solutions to even the most complex real estate challenges,” he told Khaleej Times in an interview.

With a career spanning over a decade, Al Saati is not just a top broker, but a well-recognised thought leader, addressing a large audience at conferences and events worldwide.

How much does a broker earn?

To sell the most expensive property in Dubai, Luxhabitat Sotheby's International Realty’s executive partner advises that a broker must possess excellent communication skills, market knowledge, networking abilities, and negotiation skills. “The qualities that can make a person a successful broker include persistence, honesty, integrity, attention to detail, and adaptability.”

In reply to a question of how much a broker earns from the record-breaking deal, he said the commission varies. “The commission varies anywhere between 4-5 per cent, I would say this is usually announced by the developer,” says the Dh420 million record-breaking broker.

More record-breaking deals

Al Saati expects the Marsa Al Arab project can potentially see more record-breaking deals because of its prime location, ultra-luxury facilities, and unique offerings.

“Marsa Al Arab has a unique blend of amenities, including luxury hotels, entertainment destinations, and high-end residences, which can make it highly attractive to potential investors and buyers,” he added.

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