The Oppenheim Group, famous for Netflix’s Selling Sunset, launched its first international office in Dubai just as geopolitical tensions triggered a property market correction. Despite a 21% drop in March sales and ongoing volatility, managing partner Omar Abaza and president Jason Oppenheim proceeded with the expansion, viewing the downturn as a necessary cooling of speculative excess. By September, transactions remained 36% below January levels, but average sale prices recovered from Dh2.09mn to Dh2.26mn.
Oppenheim argues the market needed a "slow burn" rather than a crash. The decision was driven by opportunity: while Los Angeles sees 25–30 homes monthly above the $5.4mn mansion tax threshold, Dubai recorded 1,314 high-value sales in the same period. The group, with 130 agents across four offices, chose Dubai over booming markets like Miami or Austin, betting on long-term growth in a tax-advantaged, high-volume luxury segment.
Source: Financial Times Companies · Summarized by HeadlinesBriefing