Beauty, architecture and connections: building luxury in Abu Dhabi

Felicia Agmyren, Founder & Managing Partner of REX Real Estate, shares her views on serving the capital city’s ultra luxury property sector for almost two decades.

Tell us about yourself and your career

I’m from Sweden, and I grew up in Abu Dhabi – a city that is ever evolving and growing – and I absolutely loved growing up here, and still love to be in such a multicultural place with friends and clients from all over the world (not forgetting the Emiratis, their amazing spirit, as well as their kind and generous hospitality and rich culture).

In 2008, I started REX Real Estate – a luxury real estate advisory, after working for Citibank and realizing that the corporate world was not for me. REX was one of the first companies dealing with sales and the freehold market that had just been launched in 2007. After spending a year in Dubai Marina and watching the buildings mushroom there, I returned to Abu Dhabi to be part of this spectacular growth story.

Any career highlights?

An absolute career highlight has been meeting and interacting with such a diverse range of clients, also a testament to where we are. It has been everyone from a Hollywood star to some of the world’s biggest athletes and finance houses, and just so many truly interesting and inspiring clients throughout this whole journey.

Tell us more about REX Real Estate

REX Real Estate aims to be a boutique luxury real estate advisory. As such, we look to treat our clients in terms of advising them as we would our best friends or our family.

We are not selling to them. It’s more about building a long-term relationship and ensuring that we help build their portfolio, while also ensuring best access to the most unique properties, an ongoing dialogue where we share a passion for real estate. We chose the name “REX” because it is short and easy to pronounce, but it also means king in Latin and we aim to treat our clients as such.

In such a competitive sector, what makes REX Real Estate stand out?

Our personal touch, our dedication, our patience, and also our knowledge built since the very start of the real estate market here. It has indeed become much more competitive, in the last few years especially, but I like to think that we set ourselves apart by knowing more about the market, the history and where it is now, and where it will be going. The majority of our team has been here for over 10 years.

What motivates you?

Beauty. Architecture. Connecting people, and at the end of a deal, knowing that all parties walk away happy.

What does luxury property mean to you?

It’s several things. From the tangible – ranging from finishing, selection of materials, real stone, wood, large sizes, high ceilings and beautiful architecture – to the intangible: the feeling, the space, the flow, the services offered and a sense of exclusivity and privacy.

These are the things that make you exhale as you walk through a place, because it’s all so beautiful. A luxury property can instantly lower your blood pressure and make you feel relaxed and excited to spend time in the space.

What do you think people considering purchasing a luxury property are looking for?

Ease, comfort, beauty and location. Something exclusive. Somewhere to invite people over for lunch or dinner and know that this is a unique place.

Have you ever had any strange requests, in terms of luxury property hunting?

Currently, just very high budgets for what is not yet ready to move into in Abu Dhabi. We will show them a property and they will say they want a larger space, or higher ceilings throughout, and as close to the sea as possible.

What do you see as the trends – perhaps over the next few years – in luxury property?

A luxury property, like a luxury good, is a Veblen good. The higher the price and the more unique, the more it signals prestige and social status, although it also has a functional utility and is a much better investment long term (Birkin bags aside).

While we want privacy, we also want access to inclusion and connection, a form of private members club through ownership – which branded residences can also deliver.

This may also be why we see developers adding a sort of very special high-end network as part of the property, as with the recently launched Baccarat Residences on Saadiyat island, with direct views of the Guggenheim, Louvre and the sea.

Once completed, it will be a top global luxury real estate address. As an owner, you will be part of an exclusive Baccarat network with special trips and more.

We also now see the health and wellness trend combined with luxury property.

I’ve witnessed a growth in the inclusion of spaces like meditation zones, pilates rooms and salt rooms, to name a few. These spaces have arisen on top of the usual ‘luxury’ elements, like the perennial sauna, steam room and plunge pool trio. Design elements are also very important, designer’s names, and what their previous projects have been.

Where are the growth areas (geographically) in terms of luxury property?

 In the next three to five years, Abu Dhabi will be a leading global destination for luxury property. It has only just started. Last summer, we set a record for a waterfront mansion sold off-plan for AED 400M (USD 109M approx), and we currently have the beachfront Four Seasons Villas selling for AED 350M. There is so much more to come – and it will come rapidly.

In a few years, we will be reading about real estate price records being set in Abu Dhabi on a global scale. In terms of location – always as close to the sea or nature as possible.

Right now, my top picks are Rahman Island and Hudayriat Island. Rahman Island is a great buy – every villa faces the water. Some are still sleeping on the fact that Hudayriat luxury villas will appreciate over the coming years, specifically the ones on the hills.

I predict great appreciation for both of these, as well as anything with proximity to the sea, the entertainment zones and cultural districts, not to forget the hospitality branded residences on Al Maryah island. In a few years, we will have the Ritz Carlton, the St Regis, and the Four Seasons is a flagship development on Al Maryah with a stunning penthouse and incredible views!

What useful advice can you offer a buyer or investor?

Obviously numbers are important, but more than that is a gut feeling when you walk into a place. Does the view relax you? Does the space invite you? If you plan to buy it for yourself, these are crucial factors, but if not, the person that you will perhaps rent it to will subconsciously be taking that in as well. Is it close to things that are of interest to you? Golf courses, schools, and commercial areas?

 Anything else you’d like to add?

As someone who has grown up here, and to be fair, even someone who arrived just a few years ago can attest to the same – things here move at breakneck speed. Progress and development happens fast, and have never been as rapid as now. What we see today will be very different in three years. As Saadiyat Cultural district completes, it will be referenced in global real estate parlance.

As infrastructure, transport links, commercial activity and lifestyle amenities continue to improve, Reem Island and Al Maryah Island are likely to become more mature, convenient and desirable urban hubs.

Meanwhile, the recently announced Dubai Metro Gold Line heralds a new era in transport connectivity. My thoughts? Buy now, in a year or two you will wish you bought sooner!