When a six-building compound in Dubai went up for sale last month, it never appeared on any property portal. The elderly owner wanted a quick, private sale of the entire property as one unit. Through his network of contacts, Bassel Alhamra learned of the opportunity and connected the seller with a buyer who secured the compound at 40% below market value.
This kind of off-market deal isn’t unusual for Bassel, who has spent years building relationships in Dubai’s real estate market. “Sometimes you find prices which are 15% lower than the market value which had already been transacted, but you cannot find it on any portal here,” he says, describing the parallel market that exists alongside public listings.
Why Sellers Choose Privacy
The reasons properties stay off public listings vary. Some owners, particularly in the luxury segment, prefer discretion. Others face time pressures that make traditional listing processes impractical. “When someone needs money through an urgent sale, they just need money at any cost,” Bassel explains. “They cannot wait for a listing to go for 3 weeks or even 1 month to be sold.”
These situations create opportunities for buyers with ready cash and the right connections. Last month, Bassel helped a client purchase a single unit that had been bought off-plan from a developer. The original buyer couldn’t complete the payments due to personal circumstances. “Let’s say the market price 1.3, 1.4 million for this property – we got it at 1.1,” he says. “Still somewhere around 25% below market price.”
Building the Network
When clients approach Bassel about property purchases, he often asks them to stay ready for unexpected opportunities. “I’ll tell you just wait for me. Maybe in a week or in 10 days, I’ll give you a call,” he explains. “I have a real distress deal in my hand which is way below market price and it’s a perfect deal to be finalized. But it should go very fast.” This speed requires buyers to have finances ready. “Off-market deals needs cash to be ready,” Bassel emphasizes. “Ready on the spot, not ready in a month or two months.” The opportunities can range dramatically in price – from $3 million apartments to $50 million compounds.
Beyond individual sales, Bassel has found another way to secure deals through bulk purchases from developers. Recently, he combined several individual buyers into a single large purchase. “We go there with a bulk deal,” he explains. “I start negotiating with the developer: I have this deal, and I want this discount for these clients because it’s coming through me.”
This approach often yields better terms than individual buyers could secure directly. “If you go directly to the developer, they will not give you anything. They will give you the same as everyone, same price,” he notes.
Planning for Success
Despite the opportunistic nature of off-market deals, Bassel emphasizes the importance of careful planning. Before looking at properties, he helps clients determine their investment strategy – whether that’s generating rental income, flipping off-plan properties, or renovating older buildings for resale. “You should have a very clear investment strategy and of course you should determine the exit, not only the entry,” he advises. This might mean planning to invest $10 million over three years, then deciding how to split that between off-plan and ready properties.
Through these varied approaches to property deals, Bassel continues finding opportunities in Dubai’s competitive real estate market. Some weeks bring urgent sales of luxury villas, others yield bulk deals with developers. The common thread is understanding not just what’s available on public listings, but what might be available through the right connections at the right time.
To learn more about Bassel Alhamra and his approach, you can visit his Instagram or check out his LinkedIn profile.
