The Australia-based real estate group Harcourts International opened the company’s first office in the United Arab Emirates (UAE) last week.
The Dubai office is owned by former Harcourts New Zealand husband and wife team Trevor and Margaret Lyall. They are working on the venture with their son-in-law Mohammad Abeidata and local Emirati businessman Mohammed Salem Al Shamsi.
Trevor Lyall said the UAE and Dubai in particular represent a major opportunity for opening a quality real estate group. Lyall said there is little trust in Dubai’s local real estate companies, and that Harcourts can fill that gap.
“Having worked under the Harcourts brand in the past, it was a natural fit for us to align ourselves with Harcourts in Dubai,” Lyall said. “We take the responsibility of representing the Harcourts name and values very seriously.”
Part of the attraction for the Lyalls is that real estate represents 25 percent of the UAE’s gross domestic product.
Property is also a continually growing market with demand still outweighing supply in Dubai. That’s despite more than 400,000 residential properties and 40,000 to 60,000 newly built units coming onto the market each year.
“The property market in Dubai is driven by demand for high quality apartments and villas with a gradual shift in focus to meet an increased demand for more affordable housing for middle-income earners,” Lyall said.
