Estate agent Savills is launching a base in the Middle East after acquiring Cluttons’ business in the region.
The property adviser and estate agency will take full ownership of Cluttons Middle East, which is based in Dubai and has been operating in the region for more than 40 years.
Providing surveying and property advisory services for residential and commercial buildings, Cluttons will be re-branded Savills during 2018.
The Cluttons team will continue to lead the business, with Steven Morgan, its chief executive, remaining in place.
FTSE 250 listed Savills has made the Middle East a target for some time. The deal sees it establish its first wholly owned business in the region, having previously been represented by associates.
The property market in areas such as the UAE has slumped over the past three years with the fall in oil prices. However, the market is expected to recover by next year as crude prices rebound and economic growth in the area accelerates, according to a report in the Times.
Mark Ridley, deputy group chief executive at Savills, said: “The Middle East region is key to the global economy. Its continued economic development, increased government investment and a young population will continue to accelerate its significance.”
Ridley added that the acquisition geographically links Savills’ European and Asian businesses by enhancing its EMEA platform.
Steven Morgan, chief executive at Cluttons Middle East, said: “Despite economic headwinds across the region in recent years, Cluttons Middle East has grown from strength to strength and Savills acquisition is testament to our current position in the market.”