Savills has initiated a significant expansion of its residential team in the Middle East as a response to consistent growth in real estate activity in the region.
The firm has secured significant office space to facilitate the addition of more than 100 staff in the UAE alone. In addition to helping accommodate new employees, this physical expansion is expected to maintain the firm's operational efficiency amid its rapid growth.
This growth has been helped by the exceptional performance of UAE's residential property market.
Dubai, as a key market within the UAE, has experienced record levels of price growth, attributed to several factors, including substantial net inward migration, especially among high-net-worth individuals. In addition, recent reforms in long-term visa and residency policies have made the country more attractive to investors and residents alike.
Savills has also opened new offices in Egypt and Saudi Arabia, catering to buoyant demand for real estate in both countries.