On the spectacular streets of Dubai, behind the luxury cars, skyscrapers and glittering storefronts, a new professional reality is emerging. Many young Greek women who have migrated there in recent years, often starting out in completely different fields – hospitality, catering, aesthetics, modelling or promotion – now find themselves working in real estate, one of the region’s most dynamically evolving sectors.

On their Instagram profiles they state “Licensed Broker” for Dubai and Greece or use titles such as “Luxury Real Estate” and “Investment Consultant”, projecting an image of professionalism and international activity in real estate.

The Motive

The transition was not an obvious one. With no previous experience or education in real estate, most relied on their personal presence, their communication skills and familiarity with a luxury and high-end environment. The occasion was often a chance meeting or an incident that revealed to them what was really at stake in the UAE market. “I was working in a well-known lounge bar in Dubai Marina,” says M., 30, “and a client suggested I try my hand at a real estate company.

They wanted people who could stand up in front of demanding clients.” So she got started, and within a few months she managed to get involved in deals that yielded high commissions – even sales of properties worth more than 1 million euros. Greek-Romanian Ramona Morosanou, known for her participation in the reality show “Big Brother”, has now settled professionally in Dubai, operating in the real estate sector.

(Ramona Morosanou)

Speaking to Proto Thema she says she has already completed major purchases, including that of a luxury apartment: “It was a three-bedroom apartment in Palm Jumeirah, which closed for just under $5 million. It was a very nice property with stunning views and a buyer who understood the value.”

In the same sector, that of real estate in Dubai, is also active Ioanna Bella, who became known to the general public in 2018 when she won the title of Star of Greece and represented the country in the Miss Universe contest. After a career in modeling, with international appearances and a strong presence on social media, Bella has reportedly turned professionally to real estate, reportedly working with Greek real estate company Ocley Group, which also has a presence in the Middle East.

(Ioanna Bella)

The Dubai market, as confirmed by professionals in the field, offers significant rewards to anyone who manages to survive the fierce competition. Commissions from sales can reach impressive amounts, as long as there is a result.

“It’s a market that requires constant contact, quick moves and absolute focus,” says a Greek businessman operating in the region. “Image counts, but it’s not enough.” However, behind the impressive façade there are no shortage of shadows. According to information from people who know the industry well, there have been more than a few cases where pressure or inappropriate offers from buyers or even employers have been hidden behind a profitable deal.

“There were girls who, faced with the prospect of a commission of several thousand euros, felt they ‘had’ to give in,” reveals a source with knowledge of the insides of the market. This shady backstory is not the norm, but it is a real aspect of the profession in a market with huge competition and very high incentives.

Some Greek women, when they realized the demands or dilemmas that may arise, chose to leave the industry for good. Ramona Morosanou refers to the conditions that, in her opinion, are required to stand professionally in one of the most competitive markets worldwide: “You need discipline. You have to wake up every day as if it were the first.”

There are more than 30,000 registered agents in Dubai, not counting those operating unofficially. They are all trying to sell Dubai. What can make someone stand out is their expertise, their work ethic, their direct access to data and, perhaps most importantly, their ability to build meaningful relationships of trust. You need to know numbers, regions, trends and, most importantly, be able to deliver results.”

To whom and what they sell

Despite the international turbulence of recent years, the war in Ukraine, the conflict in the Middle East and the wider instability in markets and currencies, Dubai continues to act as a magnet for investors. The image of a stable city with rapid growth and strong government support in terms of investment is proving to be extremely attractive. A record number of residential sales were recorded in 2023, with 431 properties changing hands, mostly to Russian buyers who found the emirate a safe haven for their capital.

Interest, however, is not limited to the Russian market. There has been a significant increase in investment from citizens of Egypt, Lebanon, Pakistan and Turkey, countries where domestic or economic difficulties are pushing their wealthy citizens into overseas investment moves.

Dubai offers a package of incentives that is hard to find elsewhere: tax-free income, a flexible legal framework, simplified purchase and rental procedures, and the possibility of obtaining a 10-year Golden Visa through property ownership. In this environment, Greek real estate agents are called upon to reach a diverse and multinational clientele. From Russian and Arab investors to Turkish and Asian businessmen. The requirements vary, but the common denominator remains the same: a high return on investment.

On the buyers’ radar are mainly properties with an increased Return on Investment (ROI), be it apartments in new development zones or luxury villas in key areas such as Palm Jumeirah, Dubai Hills or Downtown. A number of Greeks are now among the new buyers, according to market players.

These are mainly people with significant financial means who are seeking to diversify their investment portfolio and avoid one-dimensional exposure to a single economy, a risk management tactic that has been gaining ground in recent years. Their choice to switch to the UAE is based on a deliberate strategy that focuses on both tax breaks and procedural flexibility.

As for prices, these vary considerably depending on the region. A three-bedroom apartment in a relatively economic zone can start from 350,000-400,000 euros, while luxury villas start from 600,000 euros and go up steeply, depending on location, views and amenities. Some projects, especially those with a tourism or business perspective, are well in excess of 1 million euros, with broker commissions reaching – or even exceeding – $50,000 per sale. This is a market of intense pace, strong competition, and great promise.

The Ocley Group, which aspires to become one of the most active Greek real estate agencies in Dubai, is investing not only in partnerships with high-profile investors, but also in staffing its team with people who have in-depth knowledge of the local community and its particularities.

As confirmed, the company’s core team has been joined by several Greek women with experience in high-end dining, coming from landmark nightlife and fine dining establishments in the UAE, such as “Nammos”. These are individuals who have worked in frontline positions in serving discerning international audiences and are now leveraging their communication skills and network of contacts in the real estate sector.

The Real Estate Agency

The founding executives of the company are Angelos Bougas and Odysseas Bougas, who, speaking to “THEMA”, attempt to capture the current picture of Greek interest in real estate in Dubai, which, they note, has increased dramatically over the last two years. As they say, “most Greeks who come to Dubai to buy property fall into two main categories: either they are businessmen looking for investment properties with annual returns of 7% to 12%, or they are private individuals looking for a quality, secondary residence or an acquisition with capital appreciation potential.”

In terms of the financial profile of buyers, they explain that most of the Greek interest is focused on properties worth between €200,000 and €500,000. They mainly concern one- or two-bedroom apartments, either in newly built complexes or in properties under construction, with the aim of future development or exploitation through short-term leasing. Although there are also higher budget cases, with properties reaching or exceeding €1 million – particularly in Palm Jumeirah, Dubai Marina or Downtown – they are currently in the minority.

“Dubai has managed to create a stable investment environment, with tax incentives, transparency in the purchase process and institutional protection for the buyer. Greek investors have now seriously put it on their map, seeing that it is a market that combines quality of life, financial security and realistic returns,” Angelos and Odysseas Bougas underline.