Monday, October 06, 2008

Star US property broker Shvo marks entry into Gulf property sector

The founder and Chief Executive of the US-based property firm, Michael Shvo, which he named after himself, have opened an office in Dubai. Speaking to the media on Sunday, Shvo, the former star US property broker, said that any real estate downturn in New York is "out of question"

Former star US property broker Michael Shvo said on Sunday there was "no question" of a real estate downturn in New York, as his company beefs up its presence in the Gulf.

This represents the growing attraction of the Middle East property market among developers and real estate consultants, who are eager to spread risk away from the stumbling US property market.

"There is no question about any slowdown, but, that is one of the reasons that we are in Dubai and are opening an office in London," Shvo said.

He continued that there are major shifts between the Europe, Middle East, Asia and the US from a corporate perspective, and being able to invest in the Middle East will decrease the risk. Shvo founded this company five years ago, after carving a name for himself as the leading real estate broker in New York. After being nicknamed as 'real estate assassin' in 2003, Shvo completed 350 deals on properties that are totally worth over $1billion, the highest number of residential sales in New York during that year.

During the year 2003, Shvo, a marketing firm specializing in real estate, was founded by Shvo, who teamed up with developers to deliver projects. Shvo is renowned in the UAE for its 130,000 square meters of private island development, Nurai, situated off the coast of Abu Dhabi, which comprises a true blend of luxury waterside bungalows and luxury villas.

The company has several projects in pipeline for Dubai, which is likely to be launched next year.
Shvo revealed that his firm is involved with $50bn worth of projects throughout the world.

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