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Warren Buffett bets on Dubai property as market extends slump

Berkshire Hathaway Inc. first acquired a stake in HomeServices of America as part of the purchase of an energy business in 2000

Shaji Mathew | Bloomberg 

Warren Buffett, Buffett
File photo of Warren Buffett | Photo: Reuters

Warren Buffett’s real estate brokerage is expanding into the Middle East with an office in

Gulf Properties will be led by Chairman Ihsan Husein Al Marzouqi and Chief Executive Officer 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.

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 to its network. Berkshire Hathaway Specialty Insurance Co. started operations in 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. said last month it expects prices to fall as much as 10 per cent this year.

“Dubai has been a top priority for our network’s global expansion," Chairman Gino Blefari said in Sunday’s statement. “Gulf Properties will connect our growing brokerage network between East and West.”

Berkshire Hathaway Inc. first acquired a stake in HomeServices of America as part of the purchase of an energy business in 2000. The billionaire investor originally paid little attention to HomeServices, but that operation has since become one of the largest residential-brokerage owners in the U.S.

First Published: Sun, April 28 2019. 15:04 IST
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