Real estate advisor Savills, on Thursday, planned for a strategic and large-scale expansion of its regional residential team in the Middle East that will see its agency division expand to over 100 property consultants this year.
The company said this initiative is in response to the growth in activity across the region, particularly within the UAE making the residential property market see record levels of price growth, long-term visa and residency reforms, a welcoming business environment, and the delivery of world-class residential developments.
Andrew Cummings will lead the new, expanded residential agency within Savills Middle East and bring a track record to the team, having sold over 1 billion United Arab Emirates dirhams ($272.3 million) globally in the last 18 months, at an average sale price of over 40 million United Arab Emirates dirhams, the company said.
Steven Morgan, CEO of Middle East in Savills said, “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.”
“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,” stated Andrew Cummings, Head of Residential Sales Middle East at Savills.
The UK, London-based company said its 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 January to accommodate the expanding team.
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