Berkshire Hathaway Eyes Dubai’s Distressed Real Estate
Warren Buffett’s real estate brokerage sees value in Dubai’s flagging property market and wants to entice wealthy investors.
Real estate prices, which have been falling in Dubai since a recent peak in 2014, offer good value for investors looking to pick up distressed assets, Phil Sheridan, the chief executive officer of Berkshire Hathaway HomeServices Gulf Properties.
Berkshire Hathaway’s real estate brokerage, which had a hand in more closed real estate deals in the U.S. than any other residential brokerage last year, this week announced the opening of its Dubai office. Buffett is expanding in the city as the emirate’s property market defies all predictions of a rebound. S&P Global Ratings said last month it expects prices to fall as much as 10 percent this year.