Luxury UK real estate outfit looking at UAE as part of $124.4m expansion
Montague Property has revealed plans to open first international office in Dubai
Luxury UK real estate outfit Montague Property has revealed plans to expand into the UAE as part of a £100 million ($124.4m) real estate fund to increase their portfolio across the world.
The company, which already boasts a range of high-end international properties, in Germany, Cyprus and Dubai, is looking to open its first overseas office in the UAE later this year, post-coronavirus.
Company founder, 30-year-old Thomas Balashev, toldArabian Business: “As a company, we specialise in international residential, commercial, and mixed-use property assets and whilst we have successfully entered a range of international markets, we are now looking to replicate this success in the UAE and wider Middle East.
“I have sold properties in Dubai before and raised money for hotel developments here too, but we will be stepping up this activity – with new investments and developments – considerably.”
Balashev, who admitted the plans to move into the Middle East market have been three years in the making, also revealed his intention to partner with leading regional brands and said they are currently exploring the possibility of joint ventures with regional hotel chains.
“Our vision in this area is to create boutique high end hotel residencies in collaboration with the chains,” he said.
Despite the economic uncertainty caused by the current Covid-19 pandemic, and continued concerns of overprovision in the UAE real estate market, Balashev is confident there are plenty of opportunities at present.
He said: “The difficult economic climate brought about by Covid-19 at this time has meant the disruption and postponement of some of our plans – but certainly not the derailment. Indeed, the same economic disruption that has affected us will equally see the contraction of some established market leaders and new opportunities for companies like Montague develop.
“I therefore sense now is our big opportunity to expand quickly across several regions and grab a market share the big established real estate brands. This is why, following our Middle East expansion, we are also looking to establish physical hubs in the US and Far East by summer 2021.”