‘Ohana by the Sea” development success could see more “exclusivity” projects in the UAE
Metropolitan Capital Real Estate (MCRE), a leading full-service real estate agency, sold the entire “Ohana by the Sea” development, a collection of 45 premium villas located at the Dubai and Ghantout border, in under 30 days. This marks one of the quickest off-market sales in the UAE for an entire development of villas given to an agency on an exclusivity basis. Over 80 percent of the villas were sold, off-market, to VIP clients of the Metropolitan Group consisting of customers from various European and CIS countries.
“Ohana by The Sea Villas” is a luxurious residential community by Ohana Development located between Abu Dhabi and Dubai. The community, which is situated along the Arabian Riviera of Sahel Al Emarat in Ghantout, offers coastal living in a secluded family-friendly community. The residential project consists of four to five-bedroom villas starting from AED 4,600,000 and ranging from 275 sq. m. to 555 sq. m.
Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate, said: “Most real estate projects in the UAE are sold on the open market which means multiple agencies are involved in the sales process. However, in many international real estate markets projects are given to trusted agencies on an exclusivity basis as this can really streamline the process for a developer. For one agency to sell the entire project in under 30 days is probably a record in the UAE and after the success of Ohana, I wouldn’t be surprised if working on an exclusivity basis with niche developers is the start of an emerging trend in the market. For a luxury project outside of a major UAE city to sell out so quickly shows that there is an appetite for premium coastal locations across the country, not just in Dubai or Abu Dhabi.”
Husein Salem, Chief Operations and Development Officer of Ohana Development said: “We looked at several options for the best way to market and sell our project and finally decided to award it to Metropolitan Capital Real Estate on an exclusivity basis. Their experience in off-plan projects, overall brand visibility and reputation in the market was key to our decision. Their team also immersed themselves in our product and their ability to take on the entire project from A-Z including the sales and marketing was appealing to us and proved to be the right decision.”
The “Ohana by the Sea” coastal community seamlessly integrates within the natural and raw beauty of the community. The development blends into the natural environment and encourages guests and residents to become protectors of the ecosystem to preserve the heritage of Sahel Al Emarat.
The Metropolitan Group in the UAE includes two full-service real estate agencies: Metropolitan Premium Properties (Dubai) and Metropolitan Capital Real Estate LLC (Abu Dhabi). The group also has Metropolitan Consulting FZE, a supporting company that provides personal and business legal services in the UAE.
