It should come as no surprise that the property market in Dubai is exploding and the emirate is projected to attract the highest number of high-net-worth individuals in 2023.
Seizing the golden opportunity to sell high-value properties to the highest bidders in Dubai, Lina Allaoa and Kianoush Darban at Driven Properties have managed to sell over two billion worth of property this year alone. One of their sales was the most expensive townhouse in the UAE which was recently sold for an incredible AED 35.5 million.
The record-breaking property was a five-bedroom townhouse in the prestigious Jumeirah Bay Island, locally known as Bulgari Island, which is home to the stunning Bulgari Resort and Residences.
The dynamic duo at Driven Properties
“Luxury real estate was always in high demand in Dubai, but this year it has been more visible than ever.” says Lina Allaoa, who is one of the partners at Driven Properties.
Behind the nearly AED 40 million sale was Lina Allaoa and Kianoush Darban, also a partner at the brokerage.
Not only did they sell the most expensive townhouse in the UAE but they also sold an apartment in the Bulgari Resort and Residences which fetched the highest price per square foot ever recorded at AED 12,624 per square foot.
“Jumeirah Bay Island has outperformed every area in Dubai in terms of price growth over the past two years and has become the most sought-after destination for ultra-high net worth individuals.” said Darban.
Speaking about the company’s record-breaking status, Founder and CEO of Driven Properties, Abdullah Al Ajaji stated:
“Real estate sales records are meant to be broken.”
Overcoming the market challenge
At the moment, the real challenge is that the market is lacking in ultra-high end supply as it is virtually non existent according to the company. When it comes to penthouses in the apartment space, there may be three or four projects that can offer that product, but in the villa segment it’s almost non-existent.
As a means of addressing the shortfall, Al Ajaji launched his own development company Lamar Development in May 2019.
“We see the demand, but the supply just isn’t there for that category. We want to cater for that category now.” states Al Ajaji.
Sea Mirror
The company focuses on superb design and sustainability, and recently launched a luxurious project called Sea Mirror which is set to become a haven for ultra-high-net-worth individuals.
Nestled on a private island with impressive views of the sea and the Dubai skyline, Sea Mirror completely sold out at pre-launch and consists of 18 villas that offer luxury island living, starting from $20 million.
“Ultra-high-end segment of the market has done extremely well over the past year. Specifically, I would break it down from January, all the way to now has been flooded with activity, to the point that our volume of high-ticket transactions has quadrupled from the beginning of 2022 to the nine-month period we’re in now.” said Al Ajaji.
Future projects coming soon
Two other projects are coming soon, Sea Mirror Residences, which will offer penthouses on the Dubai Canal, as well as Park Lamar, which will be an integrated community in the Jumeirah Water Canal, next to Safa Park.
Driven Properties are the only brokerage in the Middle East to be awarded membership in Forbes Global Properties, invitation only consortium of 100 best brokerages in the world.
“This year might go down as the most successful in the history of the Emirate, and we are closely looking forward to seeing all the amazing projects that are in the works for the year ahead of us.” says Driven Properties.
To learn more about Lina Allaoa and Kianoush Darban, as well as the rest of the team at Driven Properties, click here.