First Bulgarian real estate company opens an office in the UAE

The real estate company Unique Estates has signed a partnership agreement to acquire shares in the leading Dubai-based luxury real estate company Savoir Prive Properties, creating an entirely new company that will operate under the name Savoir| Unique Estates.

Unique Estates thus becomes the first Bulgarian real estate company with its own office in the United Arab Emirates (UAE).

The signing of the partnership took place on Friday, during a press conference for journalists in Sofia. The event was attended by the management of Unique Estates and Savoir Prive Properties, as well as a representative of Binghatti, a leading construction developer in Dubai.

The goals of the new company are to establish itself in the Dubai market; expand its client network in key markets, such as China, India and Romania; triple its financial results; and grow the team to 80 consultants within two years. This was stated by Vessela Ilieva, managing partner of Unique Estates.

In fact, the Bulgarian company announced already several years ago its intention to enter the Dubai market. However, as it did not have an office there, it sent its clients to Dubai by partnering with local agencies.

Now, we are officially entering the UAE market with our own office and a completely new company is being created," Vessela Ilieva explained to Economic.bg.

What will Savoir| Unique Estates offer to the market?

Currently, the housing market in Dubai is mainly offered as greenfield projects. However, Savoir| Unique Estates will be different in that it will offer its clients fully completed properties. This is a trend that is starting to become increasingly popular in the Middle Eastern market, and the demand comes mainly from foreign clients who have chosen Dubai as their new home, and not just as a place to invest.

There is also no shortage of Bulgarian buyers in the exotic destination, but no details about them can be officially shared, according to the real estate agency. 

Dubai's housing market will continue to set new records in 2025, experts say. According to Savoir Prive Properties, sales deals for villas and apartments in 2024 reached 172,300, which represents a growth of 38% compared to a year earlier.

The market is dominated by new construction properties, which account for over 68% of all sales at the end of 2024.

Prices remain on the rise, with expectations that this year we will see an increase of around 15%," said Vessela Nedyalkova, managing partner at Savoir Prive Properties.

Luxury residential projects

During the press conference, it became clear that the yield from renting out a home in Dubai is between 6 and 10%, when we are talking about a long-term contract. In the case of short-term rentals, the yield reaches 13 percent. One of the biggest differences with European markets is that in the UAE, VAT is not paid for residential properties. The tax is levied only on the resale of corporate properties.

The signing event was also attended by representatives from Binghatti, who spoke about some of Dubai's most impressive projects. Among them is the Burj Binghatti Jacob&Co Residence, a skyscraper with a planned height of 557 meters and 104 floors, expected to become the tallest residential building in the world.

Binghatti also designed the first branded residential project of the German automotive giant Mercedes Benz, which is 341 meters high.

In another project built by them, and branded by Bugatti, one can find the most expensive property for sale on the Dubai housing market at the moment. This is ​​The Sky Mansion penthouse with an asking price of 189 million euros. The property has a private car elevator, which allows the owner to park directly in the penthouse. The property also has its own pool and jacuzzi.

Translated by Tzvetozar Vincent Iolov