29.Apr .2019 10:19

Buffett Bets on Dubai Property as Market Prolongs Slump

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Warren Buffett’s real estate brokerage is expanding into the Middle East with an office in Dubai. Berkshire Hathaway HomeServices Gulf Properties will be led by Chairman Ihsan Husein Al Marzouqi and Chief Executive Officer Phil Sheridan. It will have a team of 30 advisers and support staff, according to a statement. “Gulf Properties aspires to grow quickly by tripling its advisor count and opening a second office in Abu Dhabi within a year," it said.

Berkshire Hathaway HomeServices in November teamed up with London-based Kay & Co., its second franchisee in Europe, after Rubina Real Estate in Berlin. The company said then it hoped to add Milan, Vienna and Dubai to its network. Berkshire Hathaway Specialty Insurance Co. started operationsin Dubai last year.Buffett is expanding in Dubai as the emirate’s property market defies all predictions of a rebound and extends a slump since a peak in October 2014. S&P Global Ratings said last month it expects prices to fall as much as 10 percent this year.