2025 Results: Flipping
Today I gave out New Year's bonuses to the assistants and the designer I've been working with all year on the Bluewaters apartment upgrades. I gave them 50,000 dirhams each. That's a little over a million rubles each. Told the guys thank you for their work.
Right now we're renovating five apartments on the island at once. We'll start three more in January. I want the team to enjoy themselves during the holidays. For me, that's more important than any reports or schedules, because these are the people who were there all year, kept things moving, maintained the pace, and shared the responsibility.
Now for the numbers. This year I closed 20 deals on Bluewaters. That's fewer than before. In 2024 and 2023 I sold 25 apartments annually.
The apartments on the island are gradually running out. Finding new good lots to buy is getting harder. Pushing prices up indefinitely is also impossible. Two of the three two-bedrooms I bought in November and December I sold immediately, because demand for certain apartments on the island outstrips supply.
Some clients I even had to send to the sad flippers who still had suitable apartments left. The clients grimaced, but in the end they seem to have signed. Helped out some colleagues. Gave away a couple of deals.
Sales volume in 2024 also turned out higher than in 2025. $103m last year versus $93m this year. But that doesn't bother me for two reasons.
First, we have two signed deals worth $9m sitting in the starting blocks, set to close early next year. And second, the profit this year was higher than last year. Yes, with fewer deals and less sales volume, my personal income from flipping increased.
The reason is simple — more and more apartments I'm doing with my own capital. Without partners. And therefore without splitting the profit. I only take on large lots with partners. Obviously, finding new good deals on a small island gets harder with each passing year. I've already sold 70 apartments. I have 9 more lots in the pipeline.
Most likely, next year I'll have to explore new locations in Dubai, take on a couple of villas, or just keep pushing prices on Bluewaters. Or maybe I'll quit these upgrades altogether... although I do love transforming spaces and then selling them for a good price, giving them new life.
Best offers from developer Meraas:
A 10-story apartment complex in the exclusive community of Port De La Mer. The diverse collection includes apartments with 1-4 bedrooms - you can easily find a configuration for any request. In addition to standard variants there are also duplex units with spacious terraces.
A residential complex of 12 buildings in the City Walk neighborhood. The project offers a collection of apartments and townhouses with elegant interiors. Spacious layouts create comfortable conditions for everyday life, and panoramic windows offer views of blooming gardens and parks. The residential complex is filled with recreational facilities to suit all tastes - you can barbecue, meditate and pamper yourself with a relaxing spa or sauna.
A residential complex of two buildings in the center of Madinat Jumeirah Living community. In the project you can choose furnished apartments with 1-4 bedrooms and interior in white and beige color scheme with the use of natural materials. The complex features azure pools, a gym and walking paths.
Two residential towers on the famous Bluewaters Island. Inside is a large collection of 1-4 bedroom apartments and three penthouses. Each residence has at least one balcony with magnificent views of the Dubai waterfront and the Ain Dubai Ferris wheel. The infrastructure of the complex includes a recreational center with play areas and several restaurants.
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