The Dealmaker
Fakhreddin Minooeifar, Founder and Chairman of Mallorca Properties, has built a stellar reputation on trust, discretion, and determination.
Mallorca isn’t just a boutique real estate broker, it is multi-awardwinning and has just closed one of the biggest land deals in Dubai history. What can you tell us about the deal?
So far, 2021 has been a great year. We have just exceeded 1 billion AED ($272.3 million) in transactions, with the latest counting as Dubai’s most expensive land plot transaction this year involving a private investor. The investor was Hassan H. Nia, founder and CEO of Banian, the owner of Serenia Residences. Mallorca advised Serenia Residences on the $138.3 million purchase. The plot is located at The Crescent, Palm Jumeirah, and will be developed by Palma Holding into a new beachfront development. The new project will be launched in 2022 and is worth $680.6 million, according to Kareem Derbas, the founder and CEO of Palma Holding.
Why do you think clients turn to Mallorca for such important transactions?
We owe our success to the very special relationships we have developed with everyone in the industry, and everyone who deals with us knows they can trust us.
Our reputation is based on three things: absolute discretion, complete honesty, and the will to tackle any issue, no matter how difficult. To demonstrate what this represents, we currently have close to $17.7 billion worth of assets listed, including from Dubai’s largest asset owners who choose to list exclusively with us. We have also expanded our activity in Europe and the U.K. From there, we source similar types of assets for our customers.
From a real estate perspective, what attracts big names to invest in Dubai?
I always advise people to invest where they can get what money can’t buy – and that’s Dubai. What drives investors in the city is a special combination of unique lifestyle, cultural diversity, and a true sense of safety. Everyone is welcome, no matter their origin or religion.
Dubai leaders are not afraid to make bold moves to improve the situation in the country. Just look at how they dealt with the Covid crisis; everyone took notice and now investors increasingly see Dubai as a place to invest for the long term.
What qualities and capabilities would you say a real estate company needs to operate successfully in Dubai?
This is a very fast-paced city, and you need to be reactive. We do our homework and keep our finger on the pulse because, here, you won’t get away with not knowing what you are talking about. Good negotiations skills are another important element and you need to make sure you bring value to parties on both sides. However, probably the hardest part of the job is constantly building our reputation, which means building trust and putting clients first.