Warren Buffet’s real estate firm establishes operation in Dubai
Berkshire Hathaway HomeServices Gulf Properties will represent properties valued at AED3m and higher from individual sellers
Dubai has become the fourth overseas market for famed investor Warren Buffet’s Berkshire Hathaway Home Services real estate brokerage following a deal with Gulf Properties.
The firm – which already has a presence in London, Berlin and Milan – will initially focus on Dubai before extending to Abu Dhabi.
Berkshire Hathaway HomeServices Gulf Properties’ new CEO, Phil Sheridan said that it firm will represent properties valued at AED 3 million and higher from individual sellers.
“The price range will definitely be broader when we are selling on behalf of developers,” Sheridan told Gulf News.
In the interview, Sheridan said that the company will focus on Dubai’s long-term prospects.
“It will not be about us only trying to get US buyers interested in Dubai or Abu Dhabi,” he said. “There were 16,000 overseas buyers acquiring property in Dubai between January to June 2018 for $10 billion. There will be more of them and that’s whom we will target.”
The firm, which was founded in 2013, boasts 1,450 offices in the United States and approximately 50,000 advisors.
Sheridan added that he believes Dubai’s “over-brokered” market may see a wave of consolidations.
“I see the bigger names in the business getting bigger,” he said. “While the number of agents active in the market could remain the same or go up, the number of brokerage businesses is going down. There is no way that many of them can sustain the cost of running a business.”
In November 2018, Berkshire Hathaway’s Gino Blefari said that Dubai was one of a number of international markets the firm was exploring, which also included Vienna, Mexico City, Hong Kong and Tokyo.