Luxury real estate advisory company, Montague Real Estate, is going even more global. The company, based in Mayfair, London, defines its purpose as ensuring “clients have access to a trusted advisor and an established global network, which in turn allows them an opportunity to acquire some of the finest homes on the planet.” This just became even more achievable as its Head of Residential, Luke Banks, has announced that he is permanently residing in Dubai to help solidify the market there even further.

“I am delighted to be touching down in Dubai again,” he says. “I first arrived in Dubai in 2011 and fell in love with the city and the property market there, after a 2-year stint in London (still working within the Dubai market) it's very exciting for me to have my feet on the ground again. This time I am arriving with the backing of a very exciting brand and am looking forward to a big future in the Middle East for Montague Real Estate.”

Luke Banks, Head of Residential

Photo Credit: Montague Real Estate

Luke Banks has been with Montague since September of 2020 and worked from the London office establishing relationships overseas, including in Dubai. With the market rising, now was the perfect time to relocate physical operations and have the Head of Residential based in Dubai. Luke’s focus will be onboarding exclusive ready properties, being on the ground for prime and super-prime transactions, and building Montague’s brand presence and team in the region.

“It's a great time to be landing as the market is extremely active with huge volumes of transactions going through, Dubai, of course, remains popular with GCC investors, as well as Indian, British and Chinese buyers topping the charts of investors from outside of the region,” Luke says.

Photo Credit: Montague Real Estate

Montague has hand-selected developments in the Dubai market that align with its vision and is working with key development partners including Emaar, Omniyat, Sohba, and XX11 Carat. The Dubai market offers apartments, townhouses, and penthouses, with huge signs of growth in the turnkey market as well. Dubai is a strategically located city that offers great opportunities across lifestyle, investment, and business activity, and now that more and more people are working remotely due to the pandemic, inquiries for properties in the area have risen dramatically.

With the government of Dubai encouraging international investment as well, such as with their “Invest in Dubai” platform, now is the perfect time for Montague to make the move.

“This is an incredible moment for Montague Real Estate and for Luke. Dubai is a market that has grown exponentially over the last 10 years and will only continue to grow,” echos Thomas Balashev, founder of Montague Real Estate. “This market, in particular, is one that resonates with our clients and offers both lifestyle, business, and investment opportunities so this region was the natural next step for Montague Real Estate's expansion.”

Photo Credit: Montague Real Estate

To learn more about Montague Real Estate you can visit their website here.

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Embodying the new brand ethos "further, together," boutique real estate firm and private office Montague Property has relaunched under a new name as Montague Real Estate—with a rebrand and expansion plans to reach untapped audiences in the Middle East.

While Montague has garnered significant success within the European market, it is furthering its reach into the Middle Eastern market, appointing Luke Banks, the former Dubai luxury property developer of Sobha Realty, as the head of the newly-formed Middle East division.

Banks will be tasked with securing prime listings in the market, off plan sites and development sites for private investors and developers, and will focus on providing regional business, investment and lifestyle opportunities and consultancy for the UAE markets and abroad.

“The positioning of the UAE makes it a key hub for clients from the US, Asia and Europe—being able to cross those time zones and cultures is a great leap forward for the Montague brand," says Banks. 

In addition to continuing its strong focus on transactional relationships with clients, the company has now committed to offering further services for wealth and property-related consultancy and professional services across more regions and languages to expand its customer base and become a more prominent, global brand.

One Palm by Omniyat Rendering

Photo Credit: Rendering by Vladimir Djurovic Landscape Architecture/Montague Real Estate

In addition to the brand expansion and new name, Montague has also undergone a new brand identity, with an updated logo and website rollout that just recently launched. The upgraded identity will reflect the company's enhanced global approach.

While the most current focus is the expansion within the Middle East, led by Luke Banks from the brand's London office with plans to open an office in the UAE by 2021, Montague plans to expand throughout a number of major international markets in 2021, such as the U.S.

One Palm by Omniyat Rendering

Photo Credit: Montague Real Estate

“Both the relaunch of Montague Real Estate and our expansion into the Middle East are huge milestones for us," said Thomas Balashev, Founder and CEO of Montague Real Estate. “Our clients are at the heart of what we do, and we believe they want more than just another estate agent selling them property. Our new strategy will enable us to add value in so many other areas of their lives—from investments to lifestyle—with real estate serving as the anchor." 

For more information, please visit Montague's new website.

Address: 10 Brick Street, Mayfair, W1J 7DF
Tel: 020 7118 1162

Instagram: @montaguelondon

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Spread over an immense 19,00 square feet, this villa has an abundance of interior and exterior space. Perfect for nights in with the family or a relaxed weekend soiree with a few close friends.

This is just one of three kitchens within the property, all boasting bespoke design and custom-crafted fittings. They’re almost too beautiful to actually cook in.

The home contains six spacious and very elegantly appointed bedrooms. In addition to a large walk-in wardrobe and an expansive private balcony, the master bedroom also has a retractable 4K cinema screen.

Speaking of cinemas, the villa has its own private screening room, also 4K and with 7.1 surround sound. Movie nights don’t get better than this.

The state-of-the-art home gym includes the best equipment to help you meet your fitness goals, and looks like it should come with a monthly subscription.

The terrace, perfect for enjoying Dubai’s gorgeous winters, is equipped with lounge-style seating, a dining area, a kitchen, an integrated audio system and a BBQ area.

The sleek contemporary villa is located in Dubai’s greenest community, surrounded by lush landscaping and opening out to a tree-lined drive.

The 65-foot long infinity pool is the piece de resistance of this home, with sunken seating, a fire pit and custom lighting and water features. A covered dining area is located alongside it.

Address: Bromellia Villa 3, Al Barari, Dubai

Price: $7,500,000

Bedrooms: 6

Bathrooms: 13

View the listing here.

For more information contact Andrew Cummings at +971 56 122 4229 or andrew@luxuryproperty.com.

Andrew Cummings is the exclusive agent representing the Dubai real estate market as a member of the Haute Residence Real Estate Network.

Images courtesy of LuxuryProperty.com

The post Extraordinary Villa In Al Barari With Designer Interiors appeared first on Haute Residence by Haute Living.

The prediction comes after a year of declining residential prices, which have begun to pare the bottom lines of top developers. In 2017 alone, values fell by 5 to 10 percent.

The report, titled Dubai’s Real Estate Slump Is Set To Persist, With Only Expo 2020 Offering Any Hope, calls the price dip a “correction,” triggered by a range of pressures that are depressing the home ownership and rental markets as well as retail.

The planned growth of residential properties is to reach 9 percent in 2018 and further 7 percent the year after, Reuters quoted a Jones Lang LaSalle report. The swelling in supply is to keep prices down, as demand is cooling off.

The value-added tax (VAT), which went into effect in the whole of the UAE on Jan 1, 2018, levies a 5-percent fee on the real estate industry. While home purchases in the secondary market are exempt from VAT, buyers still have to pay it on any commissions or processing fees. Commercial real estate buyers as well as tenants will pay VAT.

Further exacerbating the price reduction is the geopolitical isolation of Qatar on accusations of supporting regional rival Iran and terrorist groups. While Qataris make only a sliver of Dubai’s real estate investors, the sanctions against Qatar create a precarious situation where market trust is waning.

Although property prices have gone down by up to 19 percent from their zenith in 2014-2015, as the National Bank of Kuwait reported, experts do not envision a crash of Great Recession magnitude. Back in 2009 – 2010, prices plummeted by an astounding half.

S&P predicts that the market will jump back up in a couple of years with Dubai Expo 2020, which is expected to attract 25 million visitors from around the world and spur positive business sentiment. Yet, the report stops short of quantifying the possible upward trend and warns that a speculative hike in prices without a supply-and-demand match would hurt the Gulf sheikdom.

The post S&P Report: Dubai’s Declining Real Estate Prices To Last Until 2020 appeared first on Haute Residence by Haute Living.