It was Sir Richard Branson who said: “Records are there to be broken. It is in human nature to continue to strive to do just that.” but for Dubai entrepreneur and realtor Chris Boswell, his particular achievement seems to be standing the test of time.
In what is often seen as a billionaire’s playground in terms of real estate and property, Chris Boswell’s 2015 sale on Dubai’s Palm Jumeirah – for a staggering $50m (AED185m) – remains an unbroken record to this day seven years later.
In 2015, he closed over $105m in Dubai real estate, which included the first, third, sixth and 17th highest single residential sales ever recorded, all on the iconic Palm Jumeirah.
Over that same 12 months, he also achieved the highest price per square foot sale on the Palm, the highest refurbished signature villa sale and the highest ever recorded sale for a privately-constructed villa. All of this at a time when the country, and indeed the wider GCC and Middle East, was forced into recovery mode again as a result of the crash in oil prices.
“Yes, I am still officially the record holder of the highest private residence sale ever recorded in the emirate,” he says with a smile. “But if someone came along and broke my record, I’d be delighted – it would be a great indication of how resilient our market can be, even during tough times.”
It’s an indication of his priorities as a businessman; a firm belief in ‘win’ for his clients and a sustainable, long-term view that relies on building long-term trust.
“It’s the nature of sales that people want to close the deal at all costs. But to succeed long-term, to build a business and to retain customers, you have to deliver that with quality and integrity. Your most valuable assets are your product knowledge and your reputation.”
Reputation goes a long way
His record-breaking transaction is undoubtedly one that many in the property industry would love to claim as their own. Boswell turned just 33 when he closed the sale, having moved from his native United Kingdom to work as a sales consultant for Ocean View Real Estate, a company founded by his brother years earlier.
A Dubai resident for over 16 years, Boswell ‘survived’ the global financial meltdown of 2008, when sand-covered super cars deserted at Dubai International Airport served as a stark reminder of the high risks involved in adopting a lavish lifestyle.
“I was advised by my brother early on to own where you live. Not everybody shares that sentiment and not everybody can afford to do that. Fortunately, being in this industry enabled me to do just that and it remains the best investment I ever made.”
Boswell garnered a burgeoning reputation, as the emirate and industry picked through the economic wreckage and rebuilt with purpose. His realistic approach with clients coupled with a no-nonsense demeanour means that even in 2020 and 2021, when average Dubai sales prices overall showed a decline thanks to the pandemic, he managed to deliver results.
“I was lucky enough to close over $100m over nine months in 2021, setting several new price per square foot records on the Palm and Jumeirah Bay. I also set a new price per square foot record for the highest single residential property ever sold, which I’m enormously proud of.”
He adds: “Because I’ve lived through the ups and downs of Dubai, my partners and I think and act with a long-term view. Successful leaders know that a sustainable vision is a cornerstone of business as much as a bottomline. For us, that means advising our clients based on rigorous market research, our cumulative experience and an understanding of trends and basically just doing it better than the competition.”
The Dubai attraction
Some may say that properties on the iconic Palm Jumeirah, the archipelago of artificial islands that can be viewed from space and has been labelled the eighth wonder of the world, could sell themselves. From the luxury apartments on the ‘trunk’ of the development, to the villas which line the fronds, the Palm is home to a veritable Who’s Who of the rich and famous, including Hollywood and Bollywood celebrities, sports stars and titans of the business world.
However, that would be doing a disservice to the hard yards put in by Boswell in what is arguably one of the most competitive real estate markets in the world.
“The Palm stands out as one of the most recognisable and desirable waterfront projects on earth. Not forgetting that Dubai, as a whole, is excellently located geographically, it has amazing year-round weather, freehold ownership and tax advantages. I think with the incredibly positive way the government has handled the pandemic, Dubai is only going to go from strength to strength.”
While the Palm maybe helped to cement his name as the ‘go-to broker’ for those looking for ultra-luxury, Boswell is no ‘one-trick-pony’, and has also sold over $1.6bn worth of international luxury real estate, including luxurious homes in the UAE capital Abu Dhabi, as well as in London, Los Angeles, New York, Paris and, most recently, he closed a $6.5m minimalist home sale in Marbella.
“The real estate business can seem a lonely place at times, but I’m lucky to have built up an extensive list of contacts, who continue to be drawn to Dubai, as well as reaching out with other potential luxury deals to be made across the globe.”
Lucky? “Luck is what happens when preparation meets opportunity.” Another pearl of wisdom from Branson, who, if he’s thinking about buying a property in Dubai, might choose to look no further than Chris Boswell.