Results 2025: Flipping
Gave out New Year bonuses today to the assistants and designer I've been working with all year on upgrades to apartments on Bluewaters. Gave them 50,000 dirhams each. That's just over a million rubles each. Thanked them for their work.
Now we're renovating five apartments on the island. We'll start on three more in January. I want the team to have a blast over the holidays. For me it is more important than any reports and schedules, because these people have been around all year, dragging processes, keeping the pace and sharing responsibility.
Now for the numbers. In one year, I closed 20 deals on Bluewaters. That's down from what I used to do. In 2024 and 2023, I sold 25 condos each year.
We're running out of condos on the island. It's getting harder and harder to buy new, good lots. You can't move the price up indefinitely either. Two of the three two-bedrooms that I bought in November and December, immediately sold, because the demand for certain apartments on the island is greater than the supply.
Some clients even had to be sent shopping to sad flippers who had suitable apartments left. The clients grumbled, but eventually seemed to sign up. Helped out my coworkers. Gave away a couple of deals.
Sales in 2024 turned out to be bigger than 2025 too. $103m last year versus $93m this year. But that doesn't bother me for two reasons.
First, we have two signed $9m deals hanging on the low end that will go through early in the year. And second, the profit this year turned out to be more than last year. Yes, with fewer deals and less sales, my personal flipping income is up.
The reason is simple - I'm doing more and more flipping apartments on my own personal capital. No partners. And therefore no profit sharing. Only large lots are taken with partners. Obviously, it becomes more and more difficult to find new successful deals on a small island every new year. I've already sold 70 apartments. I've got nine more lots in the works.
Next year I'll probably have to develop new locations in Dubai, get a couple villas in the works, or keep pushing the price on Bluewaters. Or maybe even stop with these upgrades altogether..... although I sure as hell like to modify spaces and then sell them dearly, giving them new life.
The best offers from the 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.
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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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