The unit will handle property transactions in the $3 million to $5 million and above bracket. Brian Etemad, a former MD at Hamptons International Real Estate and legal council at Emaar Properties has been selected to lead the Dubai operation, which is a newly established affiliate.
According to Joachim Wrang-Widén, SVP and regional director for Europe, Middle East, Russia, India and Africa Christie’s International Real Estate, the new wing of Christie's is looking to facilitate the sale of luxury properties, with the sale of a 75 million euro Arabic palace in the works.
Wrang-Widén said the new affiliate was in Dubai for the long term and expressed confidence in the emirate’s real estate market, which has previously gone through boom and bust cycles. “I would not want to have an affiliation in the market if I had any concerns about the market’s long term sustainability and solidity,” he said.