International real estate advisor Savills has started the year with a strategic and large-scale expansion of its regional residential team in the Middle East that will see its agency division expand to over 100 property consultants in 2024.
This move is in response to the unprecedented growth in activity across the region, and particularly within the UAE. Dubai’s residential property market has seen record levels of price growth, fuelled by high levels of net inward migration, particularly amongst HNWIs, long-term visa and residency reforms, a welcoming business environment, and the delivery of world-class residential developments.
Recent studies from Savills showed that Dubai led prime residential market price growth among 30 cities in H1 2023, whilst also ranking as the hottest of hotspots for branded residences. Dubai was also the top destination for Executive Nomads, followed by Abu Dhabi.
Andrew Cummings will lead the new, expanded residential agency within Savills Middle East. Cummings is one of the UAE’s most well-known and leading real estate professionals and joins Savills with a long-standing history of success. He brings a stellar track record to the team, having sold over AED 1 billion globally in the last 18 months, at an average sale price of over AED 40 million. Regionally, he has sold over AED 350 million with Majid Al Futtaim, including two record-breaking sales of over AED 90 million in Tilal Al Ghaf. His other achievements include notable deals in prime communities such as Emirates Hills, Palm Jumeirah, Al Barari, and Dubai Hills.
Steven Morgan, CEO Middle East at Savills, said, “We are pleased that Andrew has joined us to drive the strategic growth of our residential agency business. This expansion continues our regional growth story, the recent highlights of which have been office openings in Egypt and KSA, as well as expanding our service lines to provide the largest full-service consultancy across the Middle East region.”
Speaking on his appointment, Andrew Cummings, Head of Residential Sales Middle East at Savills, said, “Savills is undoubtedly the global market leader in prime real estate, powered by the most expansive network stretching across continents. With the huge increase in demand, especially from global HNWIs in the region, there is no better time to tap into that global network to ensure buyers are receiving the best advice and the most suitable properties befitting their needs.”
He added, “I am excited to get started on this journey and intend to cement Savills position as a regional market leader in residential real estate. Dubai is of course a key priority, but we will also be leveraging our long history in Abu Dhabi to grow market share and in the northern emirates where Ras Al Khaimah, in particular, is experiencing a watershed moment. More broadly, I am excited to build on our extensive consultancy practice to support the ambitious goals of Saudi Vision 2030.”
“The growth in demand for regional real estate has seen a plethora of new projects and opportunities emerge, it has also led to a maturing of the market. That maturity increases the need for buyers and sellers to have sound, professional, data-driven advice from trusted advisers. As a globally renowned real estate company, Savills is ideally placed to cater to the increasingly more complex demands of buyers and sellers to navigate the changing dynamics,” Cummings concluded.
Savills residential team in the Middle East is expected to grow to over 100 agents by H2 2024, and the international real estate advisor has already acquired additional office space that will open at the end of January to accommodate the expanding team.
Justin Marking, head of global residential at Savills, commented, “The region, and Dubai in particular, attracts a wide cross sector of purchasers, which plays to the strength of the Savills global network.”
“This latest move follows our recent expansion within European markets. Earlier this month, we acquired Verbier Location, a property management and rentals company in the Swiss Alps. In 2023, Savills acquired Beliving, a residential sales and lettings real estate agency in Italy;Predibisa, a market-leading real estate firm in Porto, Portugal; and launched a residential business in Barcelona, Spain.”
Savills track record globally is well known. With a presence in the Middle East for over 40 years, Savills continues to build on an extensive range of specialist advisory, management, and transactional services across the region.