MAIN IMAGE: Samuel Seeff, chairman of Seeff Property Group, and Nombasa Mawele, licensee of Seeff Property Group Dubai
Seeff Property Group
South Africans are increasingly looking offshore for property investments, with or without residence, depending on their needs. One such destination which is increasingly catching the eye of SA investors is Dubai according to Ms. Nombasa Mawela, licensee and principal of the Seeff Property Group’s newly opened office there.
Samuel Seeff, chairman of the group spotted an opportunity to expand, and Seeff is the first South African brand to set up in Dubai.
Following a female lead
Building on a successful business career with Blue Chip entities in SA, Nombasa moved to Dubai a few years ago and has worked her way up the property ladder. She now represents top developers and properties across the City-state.
Nombasa holds BSc, MSc and MBA qualifications and is currently pursuing a DBA (Swiss Business School) in Dubai. In 2022, she was also listed among the Top Women in Dubai, a publication that celebrated women making strides in different fields across the city. She is also a member of the board of SABCO (South African Business Council), UAE.
Breaking new ground in Dubai
Seeff says the prospect of expanding into Dubai is hugely exciting for the group and will enable the company to tap into the offshore property investment market there. Dubai continues expanding exponentially and there are already many top SA brands present such as MTN and Multichoice along with a multitude of other SA businesses including now the Seeff Property Group.
Nombasa shares that property investments from buyers from the African continent is expanding and include countries such as Nigeria, Egypt and Kenya, and many SA Expats who live in the City. Seeff looks forward to now growing the market out of SA substantially.
A growing, affordable, market
While Dubai prices can be eyewatering with the most expensive property sold in 2022, being a beachfront villa in Palm Jumeirah which sold for just under R3 billion (AED 598 million) property is affordable for SA investors.
Prices start from around R2.3 million (AED 450,000). If you want UAE residency which will give you a UAE bank account, you will need to invest a minimum of just under R4 million (AED 750,000).
From a cost comparison perspective, Nombasa says the R4 million-plus (minimum for residency) range equates to what you will pay for a house in an upper middle-class neighbourhood in South Africa, and there are now finance options available.
Most recently, non-UAE residents can now qualify for a mortgage of up to 75% of the purchase price. The developers are also providing flexible payment plans of up to five years for those not wanting a mortgage. She says the ROI on property investments is among the highest in the world.
Dubai is regarded among the safest cities to live in and offers centrality to most parts of the world. As a growing business and tourist and shopping hub, opportunities just keep multiplying daily, she adds.
Property types tend to vary from apartments to luxury villas with prices ranging from around R2.3 million (AED 450,000) for a basic studio depending on the location and amenities. A one-bed unit ranges from around R4.5 million (AED875,000) and villas from around R14.3 million (AED2.8 million).
The market has performed exceptionally well, and property values keep rising with just about no upper limit these days as is evident from the Palm Jumeirah villa sale, she says.
Popular areas for property include Downtown Dubai, famous for the Burj Khalifa (the tallest building in the world), and a popular shopping and tourist area which is central to most facilities. The fabulous Palm Jumeirah is home to the most expensive oceanfront villas in Dubai.
Dubai Marina is popular with Expats for its mix of good beaches and social life. Jumeirah Golf Estate is also popular with Expat families, especially those who prefer outdoor and play areas for children. It also happens to be the home of the famous DP World Golf Tournament.
Nombasa says setting up Seeff in Dubai is hugely beneficial for South African investors as they will be working with a credible and recognised South African real estate brand with an outstanding reputation built over nearly 60 years.
Seeff Dubai contact details
The Seeff Dubai office is located in Jumeirah Lake Towers, Office 2703, JBC4, Cluster N. Contact Nombasa at nombasa.mawela@seeff.com or call +971562440585, or the office at +97148746556 or +971562440585
