Robbie’s Real Estate Trends: Dallas to Dubai
March 31st, 2014 | by admin
A photo from Robbie Briggs’ recent trip to the Mideast. Photo / Briggs Freeman Sotheby’s International Realty
I traveled to Dubai earlier this month for the opening of a new Sotheby’s International Realty office. Dubai is one of the most lavish places in the world. It is an expansive desert refuge on the southeast coast of the spectacular Persian Gulf that blends new and old worlds into one amazingly cosmopolitan city.
The cityscape is mindboggling, buzzing with progress. Dubai is oil-rich, home to the world’s tallest building, the Burj Khalifa, and clusters of other magnificent skyscrapers that tower over Ferraris and Lamborghinis zipping by on the roadways. You can go from the world’s most expensive racetrack to an indoor ski resort and experience a depth of opulence unrivaled anywhere on earth, all punctuated by a variety of international cultures, as traditional Arabian clothing mixes seamlessly with of-the-moment western apparel.
The Chinese influence here is significant. Having lived and worked in China for years, I find it fascinating to observe how popular Dubai has become with the Chinese. In February, real estate developer Dubai Pearl sold nearly $2 billion in property assets, including high-end residences, apartments and a pair of five-star hotels, to a Hong Kong-based investor. Increasingly, Chinese investors are looking for global diversification. Financial experts think Dubai fits nicely into this category.
I brought along our ranch land expert, Bernie Uechtritz, as well as my son, Ben Briggs, who has worked extensively throughout China for several years. There is a provocative Texas-meets-Dubai theme at play, and we are eager to gauge interest in what Dallas and North Texas have to offer investors.
It’s certainly an exciting time, and we are enjoying the opportunity to meet people and discuss investment options in the U.S. I will keep you posted on our progress in the City of Gold.
Click here to see the latest in real estate news. CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty with five offices in Dallas, Uptown, Ranch and Land, The Ballpark and Southlake.