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Alina Adamco, Secondary Market Sales and Leasing Director, Metropolitan Premium Properties
Alina Adamco, Secondary Market Sales and Leasing Director, Metropolitan Premium Properties

The Group takes pride in providing clients with the highest possible level of service and support with their property requirements

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Published: Tue 13 Sep 2022, 10:12 AM

Tell us about the journey of Metropolitan Premium Properties in the region and the concept behind it.

Metropolitan Premium Properties (MPP) is a full-service real estate agency offering customised solutions to developers, owners and investors who are looking to maximise value from their luxury real estate assets. Founded in November 2012, MPP specialises in selling luxury properties, specifically penthouses starting from Dh10 million.

How has the performance been for the luxury secondary market and what are your predictions for the future?

The Metropolitan Group’s flagship real estate companies, MPP and Abu Dhabi-based Metropolitan Capital Real Estate (MCRE) registered a 400 per cent increase in full-year property deals compared to the same period in 2020. The company also saw its average transactions value more than double from $500,000 to over $1.1 million last year with off-plan sales increasing five times while sales of secondary units showed a three-fold growth compared to 2020. We have also observed that 70 per cent of our clients are purchasing secondary homes while 30 per cent are opting for investment purposes. In regards to the overseas customers, 30 per cent are from the CIS, 30 per cent from European countries, 20 per cent from the GCC and 20 per cent from the rest of the world. We expect this trend to continue this year as well.

What makes UAE the perfect platform for luxury real estate?

Dubai has bounced back strongly from the pandemic and this level of sales was last seen in 2014. The government’s economic incentives, new residency visas, the Expo 2020 Dubai and the world’s best vaccine roll-out programme have all resulted in attracting greater investor interest from around the world. Also, prices per square foot are lower than in other international cities and investors can also achieve, on average, between 5-10 per cent higher rental yields than other established markets.

What have been some of the projects you have been associated with?

The upper luxury resale market is at its best now with high-net-worth individuals (HNWI) relocating to Dubai and purchasing luxury properties for personal use. The Royal Atlantis is one of the most sought-after projects upcoming for handover. The Address Jumeirah Resort and Spa is another gem with private beach and hotel services. The upper luxury villas in Dubai Hills, Mohammed bin Rashid City, Al Barari and Emirates Hills are also in high demand for own use. We recently sold two luxury properties at the BV Residences – BVLGARI for Dh88 million and have properties that cater to different tastes.

Tell us something about your future plans for Metropolitan Premium Properties?

In line with the phenomenal growth in the UAE’s real estate market, MPP announced the opening of its new offices in Sharjah and Ras Al Khaimah for Q4 this year. The new office locations are in addition to the offices it opened earlier this year at Business Bay and Emaar Business Park. MPP is also set to open a boutique office later this year in Palm Jumeirah that will cater to ultra-luxury properties i.e., properties ranging from Dh20 million and above.

Anything else you would like to add?

MPP has expanded its team with several key appointments to keep pace with its growing ambitions. A total of six heads of divisions have already joined the organisation in 2022 with three more to be hired before the end of the year. The company is targeting a head count of 450 by the end of this year with a growing focus on hiring agents with experience in the luxury segment.

As a certified ‘Great Place to Work’ in the GCC, the agency is investing in performance support, rather than traditional training, to create an inclusive operating environment. MPP has also introduced a comprehensive new joiner induction experience, supported by ongoing coaching and skills programmes that offer practical learning experiences.

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