Dubai-based property developer Nakheel has signed a letter of intent with German real estate brokerage Engel and Völkers (E&V), to create a new company to sell and lease properties in the emirate.
Trading under the E&V brand, the new joint venture expects to open its Dubai office on October 1, 2014, Nakheel revealed in a statement. Details of the JV were not disclosed.
The new firm will sell and lease all Dubai properties, not only Nakheel’s, a spokesperson clarified.
An “aggressive recruitment campaign” is already underway, with plans to appoint a CEO within the coming weeks and some 250 agents over the next 12 months, the statement added.
“This exciting joint venture is a natural progression for Nakheel and the Dubai real estate sector,” said Nakheel chairman Ali Rashed Lootah.
Christian Völkers, CEO and founder of Engel & Völkers added: “Dubai is witnessing an enormous growth in population numbers because of its high quality of life and its geographical location between Europe and Asia. That goes hand in hand with a higher demand for top-end property.”
Dubai’s property sector has boomed since 2013, with prices in the residential real estate market rising around 60 per cent in the last two years, according to reports.
Developers in the city have been taking advantage of the growing market to launch numerous new projects, with Nakheel, Emaar and Damac announcing developments.