Insider Insights With Luxury Address Founder Yasin Valimulla
As Dubai’s Real Estate Market Booms, The Realtor Shares The Secrets To His Success
Yasin Valimulla founded Luxury Address this year, amid a huge boom in the UAE property market. With two decades of experience under his belt, he is perfectly positioned to navigate Dubai’s unique market which is seeing an influx of new clientele from markets including the UK and Russia. Based in Dubai, the high-end real estate company is already going from strength to strength, its CEO recently selling an apartment at Atlantis the Royal for AED36m with the client’s return on equity a staggering 185%. We sit down with property-pro Yasin to learn more about his vision as the company grows in Dubai’s thriving market.
Tell us about your company
As a prestigious boutique luxury real estate brokerage in Dubai we specialise in beachfront communities and branded residences In Dubai’s prime areas. We recognise that buying or selling a luxury property can be a complex and challenging process, which is why we are committed to assisting our clients every step of the way, from the initial consultation to the final closing. Our commitment to upholding the highest standards of professionalism, integrity, and excellence is unwavering, and we take pride in assisting our clients in finding their dream home, whether it is a magnificent villa on the Palm Jumeirah, a deluxe branded residence penthouse in Downtown, or a sprawling estate in Emirates Hills.
What do you think is your most unique offering as a company?
We have deep industry knowledge. One of our most unique offerings is our unparalleled expertise in beachfront communities and branded residences. Our CEO possesses an in-depth understanding of the intricacies and nuances of this niche market. This knowledge allows us to provide clients with valuable insights and strategic guidance tailored to their specific needs.
We pride ourselves on delivering highly personalised and bespoke services to our clients. We understand that each buyer and seller is unique, and we take the time to listen to their goals, preferences, and priorities. Our advisors work closely with clients exclusively to develop tailored strategies that align with their individual objectives.
Our extensive network and relationships within the industry grant our clients exclusive access to some of the most sought-after beachfront properties and branded residences. We have access to off-market listings and insider information, ensuring that our clients are among the first to discover exceptional opportunities.
We take a holistic approach to real estate advisory, considering not only the property itself but also the lifestyle it offers. Whether it’s a beachfront retreat or a branded residence, we help clients envision how the property fits into their overall lifestyle and investment goals.
From market research and property inspections to negotiation and closing, we offer end-to-end support to streamline the real estate transaction process. Our clients can rely on us for expert guidance at every step of their journey.
What do you think makes Dubai such a prime location for real estate investors?
Dubai is a strategic location and serves as a global crossroads, making it a hub for business and tourism, attracting a diverse range of investors.
The city’s stable economy and investor-friendly policies create a secure environment for real estate investments.
Dubai offers tax advantages, including no income tax and low property transfer fees, making it attractive to investors.
Constant infrastructure development and world-class amenities enhance the appeal of properties in Dubai.
Attractive rental yields, particularly in key areas, offer potential for strong returns on investment.
A culturally diverse population contributes to a thriving real estate market with varying preferences and needs.
Dubai has a well-defined legal framework for property ownership and investment protection.
Dubai offers a luxurious lifestyle with stunning properties, entertainment, and leisure options.
High tourism rates translate to demand for short-term rentals and holiday homes, benefiting investors.
You have clients from all over the world but who is your primary market and why do they love Dubai?
Our primary market for real estate clients in Dubai is mainly European clientele, and there are several reasons why they are drawn to this vibrant city. European investors are drawn to Dubai due to its diverse real estate offerings, favourable climate, accessibility, stable investment environment, tax benefits, cultural diversity, luxury lifestyle, global events like Expo 2020, strong rental market, and potential for property appreciation. These factors combine to make Dubai an attractive and sought-after destination for European real estate investors.
What led you to this career and what keeps you in it?
Having lived and studied in southern Spain between 2002 to 2003 and exploring and being introduced to the property market in Marbella, this sparked an interest into the industry which has since stayed. We are also looking at opening an office in Marbella in the coming years and have already signed partnership agreements with several leading agencies within the region.
You’ve been in the industry for many years now. What would you say has changed the most in the Dubai market since you started? Please elaborate.
Since 2009, several significant changes have occurred in the Dubai real estate market. The most notable change has been the stabilisation of the real estate market. After the 2008 global financial crisis, Dubai experienced a property market crash, with plummeting prices and oversupply. However, since then, the market has gradually rebounded, and measures have been implemented to prevent a repeat of the bubble.
Dubai introduced stringent regulations and oversight to ensure a more transparent and secure real estate environment. The establishment of regulatory bodies like the Dubai Land Department and Real Estate Regulatory Agency (RERA) has improved investor confidence.
The announcement and hosting of Expo 2020 significantly boosted investor sentiment and stimulated the real estate market. It led to increased infrastructure development, tourism, and business opportunities.
Dubai expanded its real estate offerings beyond luxury properties. There is now a greater emphasis on affordable housing, which has attracted a wider range of investors and residents.
There is a growing focus on sustainable and environmentally friendly real estate projects. Green building standards and initiatives like the Dubai Sustainable City have emerged.
The use of technology in the real estate industry has grown exponentially. Online property portals, virtual property tours, and blockchain-based property transactions are becoming more common.
Dubai has relaxed property ownership regulations for foreigners, allowing for greater foreign ownership of properties in designated areas.
Significant investments have been made in infrastructure, including improved transportation networks, such as the Dubai Metro, which has enhanced connectivity and accessibility.
The COVID-19 pandemic had a temporary impact on the real estate market, leading to changes in demand patterns, with a greater emphasis on spacious and remote-working-friendly properties.
Dubai introduced various laws and initiatives, such as long-term visas for investors and retirees, which have attracted more foreign investors and residents.
What are the advantages of being solo now after years of working in agencies?
Transitioning from working as a real estate agent for companies to establishing my own real estate advisory firm comes with several advantages. Being independent allows me the autonomy to choose my focus areas, clientele, and business strategies. I also have the potential to earn more than I would as an agent for a company. I can set my own compensation rates and have greater control over my income. I also have the opportunity to build my own brand and reputation in the industry. Over time, a strong personal brand can attract clients and referrals. As a business owner, I can cultivate deeper, long-term relationships with clients. This can lead to repeat business and referrals, which are essential for sustainable growth. Running my own firm is also a path to more personal and professional growth. I’ll gain experience in various aspects of entrepreneurship, including marketing, finance, and management.
What’s your personal dream home/destination and why?
It would have to be a beachfront villa either in Dubai like the Palm Jumeirah or in Marbella (Spain) the 2 places I have a personal connection with. Both cities offer a diverse rich metropolitan lifestyle both for me and my family.