Sitting and talking with Tarek Abou Assaf A to Z Properties you realise, not only is he a seasoned professional but he has some fantastic stories and friends in high places. A self made man, Tarek has an impressive personal portfolio of property and he knows the next best place to invest.
You’re always learning when you’re with Tarek. His down to earth attitude, client oriented approach and unique client service, which also run throughout the company, are what make him stand out from the rest.
Mahmoud El Arnaout, Property finder Senior Account Manager-Abu Dhabi
Q&A with Tarek
How long have you been in the industry?
You could say many years. I started out as an analyst, I would analyse data and trends for land and property development. I actually collaborated with the owners of this building, Shatha Tower – Property Finder HQ, for the purchase and development of the land. It was around this time I started my own private real estate company, we have been growing for over twelve years now.
Which areas do you specialise in?
I mainly specialise in Abu Dhabi, Reem Island, Khalifa City, Raha and MBZ (Mohammed Bin Zayed City), in Dubai my main areas of expertise are Jebel Ali and Business Bay.
Tell us about your first sale?
My first sale is a great story, a little unconventional but it makes me happy to remember it. I was looking to buy a car so I went to view a BMW X5, the owner opened the glove box and inside was site papers. I asked about them, and it turned out he was trying to sell the land but having no luck. I told him I could sell it for him. I don’t think he believed I would be able to, so he said “Ok you sell this land for me in one week and I’ll give you 50% off this car”. I sold the land the same day and got the car for half price.
How would you describe the current property market?
At present the market is very challenging, the people who have the advantage are the cash rich buyers who are able to make deals with distressed sellers.
Tell me about your big achievement – last month’s massive sale!
Last month’s sale was a big one, and I am proud to say that both of the leads came through Property Finder. They were both land sales, the first was for residential land in MBZ (Mohammed Bin Zayed City) which sold for AED 3,900,000 and the second was for commercial land in Zayed City which sold of AED 6,000,000 million.
What has been your favourite listing ever? What made it special to you?
My favorite is my biggest, two years ago I sold 110 villas from the complex, Shoreline Villas Abu Dhabi. They sold for AED 250,000,000 total.
How many of your sales are land versus property?
I would say may sales are 30% land 70% property.
How has that changed over the years?
If we take the timeframe of 2015 – 2018 land sales have depleted, mainly because all the desired land has already been built on, there is only really MBZ (Mohammed Bin Zayed City) available now. For residential properties there have been so many built and so quickly that now we are finding many apartments are sat empty.
What’s your favourite thing to do on the weekend?
I love spending time with my family, I have three children. They are 13, 9 and 3 years old. I also try and get to the gym as often as possible.
If you had 2 million dirhams to invest in real estate, where would you put your money?
Firstly if you’re investing, only buy 1 beds or studios. These have the quickest turnaround and highest rent out rate. The area would be Business Bay, it’s in demand and central.
How big of a role does Property Finder play in your job? What specifically do you use Property Finder for?
I used to work closely with one of your competitors but, once I saw the quality of your leads by comparison and how easy the end user finds your website and app, I pulled all my money from the competitor and invested it in Property Finder. I can’t fully put into words the appreciation I have for Property Finder and the impact it has had on my business.
Do you have what it takes to be our next Outstanding Agent winner? Go to propertyfinder.ae/league to apply.