Dubai-based property firm Powerhouse Properties recorded its highest sales volume in its five-year history in August, director Myles Bush told the National.
The high-end specialist posted Dh75 million ($20.4 million) in sales for the month, traditionally the worst time of the year for sales. The previous record was about Dh60 million in sales in July of 2009, Mr Bush said.
Five sales in Palm Jumeirah and Emirates Hills accounted for the Dh75 million, including one "massive" sale in Emirates Hills, Mr Bush said. He declined to provide details on the individual transactions.
In response to the sales, Mr Bush said the 25-person firm is expanding and looking for new brokers.
Property companies around Dubai have been reporting strong sales in villas at the high-end of the market. This week during the Cityscape Global conference Cluttons reported values in Palm Jumeirah, Emirates Hills and other villa communities increased by one per cent in the third quarter, compared to the second quarter.
Dubai property firm sets sales record
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