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    May 8th 2019

    Warren Buffet Enters The Dubai Real Estate Market

    Billionaire Investor and the 3rd richest man on the planet, Warren Buffet is all set to open his shop in Dubai with Berkshire Hathaway Home Services. The United Arab Emirates is set to be the 4th country outside of the US in which the brokerage firm is going to enter after UK, Germany and France. This was made possible after Berkshire Hathaway got into an association with Gulf Properties. This comes as a ray of hope for Dubai’s property market which is still going through a phase of continuous drop in property values.

    Phil Sheridan is the CEO of the company in the UAE and ascertains that the company is looking for a long-term prospect and not short-term gains. He further adds that there were 16000 foreign buyers of property in Dubai between January and June 2018. Sheridan expects the number to rise as these are the potential targets for the company.

    Berkshire Hathaway Home Services was formed in the US in 2013 as a real estate brokerage franchise designed for today’s real estate market. Since then in has set up more that 1400 offices in US alone and has around 50,000 advisors.

    The company will list and push properties valued more Dhs3 billion from individual sellers. However, this range will be flexible for the developers.

    Although the market is in a downturn, the broker commissions in Dubai are increasing. Where 2 per cent was the standard, it has increased to 5 per cent for those brokerage firms that can land a buyer at the right price for desperate developers. Developers also tried setting up their own sales terms and look for themselves but this didn’t work too well and they are back to rely on brokerage firms.

    Berkshire Hathaway by the practise of exclusive listing wants to provide a streamlined process for potential clients and make the process less stressful and time consuming.

    Warren Buffet through this holding company is not known for taking unwarranted risks to make money but instead, his entire empire is built on calculated risks that a particular investment will pay off. He always tries to get an optimum yield out of the investment made, be it the fusing $ 23.5 billion in H.J. Heinz or $5 billion in Goldman Sachs. Warren Buffet get is it for the long term

    Bottom line is that Warren Buffet backed Berkshire Hathaway’s foray in Dubai sends a vote of confidence to the property market.

    Written by PropertyEportaln media team.