Phoenix Homes moves to flagship office with growth in mind

DUBAI: Leading real estate market disruptor Phoenix Homes is beginning 2023 with a bold move to a 4,000 square feet office space in Barsha Heights’ I-Rise Tower.

The boutique real estate brokerage launched by local real estate veterans Myles Bush, Padraic Hickey and Martin Hyre in 2021 began with aggressive growth plans and a market-disrupting 80 percent commission model, unseen before in the UAE.

The trio of partners offer unrivalled experience in Dubai’s dynamic real estate sector, all having worked together for many years previously.

Now, just two years on, the company has outgrown its existing offices, with a 35-strong team, set to grow as sector pundits predict real estate market growth of some 13 percent in 2023 as reported by HSBC and Bloomberg.

Demand is outstripping supply in terms of apartments, as the price point and lifestyle offered in Dubai continues to attract expat buyers in their droves. Prices, however, are expected to rise by up to 46 percent in the most popular areas, with Hyre warning wavering buyers to commit to a purchase sooner rather than later.

Director Myles Bush says: “Our company is growing so fast; we’ve had to seek out larger premises. And our rapid growth reflects the monumental growth in real estate sales we’ve witnessed post-pandemic.

“Not only are clients drawn to Phoenix Homes because of our deep experience, knowledge, transparency and trustworthiness, but real estate agents are keen to join Phoenix because of our market-leading commission model. More and more brokers are leaving the traditional 50/50 commission model behind and gravitating towards our 80 percent split.”

The company has plans to grow by 100 percent this year, backed by continuing positive market sentiment, post-pandemic, which has seen a flurry of new buyers heading to the emirate, attracted by high quality, low prices and strong economic growth.

The company’s move to the iconic I-Rise tower is slated for March, after two years in a 2,000 square feet office.

“Many people thought our different commission model would be un-scalable. But the move to larger premises and our rapid growth goes to show how we have turned this company into a huge ongoing success story. It’s also lovely to see Dubai brokers finally taking a larger slice of the pie rather than accepting the usual 50-60 percent commission offering,” concluded Hickey.