FROM INVESTOR TO INDUSTRY LEADER, SHITIJ KAPOOR—MD & CEO OF LUXURY CONCIERGE REAL ESTATE—HAS LIVED THE HIGHS AND LOWS OF DUBAI’S REAL ESTATE JOURNEY. IN THIS CANDID INTERVIEW WITH BINESH BABU PANICKER, HE OPENS UP ABOUT WEATHERING MARKET CRASHES, REDEFINING BROKERAGE ETHICS, AND WHY DUBAI REMAINS THE SAFEST BET IN THE GLOBAL LUXURY PROPERTY GAME.
Let’s go back in time— what were you up to before 2010?
I finished my higher education in the US with an MBA in finance and moved back to India in 2002. I launched a hospitality business, but it didn’t do well. I funded it with family money, which we ended up losing. That led me to move to Dubai in 2008. I had been traveling here since 2004, and though I initially came for a couple of years just to test the waters, I ended up staying for good.
What was your initial experience with Dubai like?
I came as an investor, using what little money I had to create rental income. But almost immediately, the market crashed—the Lehman Brothers fiasco hit mid-2008. That wasn’t the best time to be here, yet I found opportunity where others saw despair. Bulk units were selling at 40% below developer cost. I invested with friends, not for short-term flips, but for rental yield. By 2012–2014, those assets had appreciated 140–160%.
Was that when you shifted gears into real estate brokerage?
Yes. I realized that brokerages in Dubai could actually earn more than investors. By 2024, Dubai’s freehold off-plan sales were 6.5 times higher than all of India’s, despite India’s massive population. We have investors from more than 192 nationalities—that makes Dubai a truly dynamic and unique market.
What made Dubai real estate so resilient?
Transparency. Regulation. And sheer opportunity. After 2008, RERA (Real Estate Regulatory Agency) became more relevant. People lost faith for a while, but those who believed in Dubai—like me—benefited immensely. Dubai is incomparable. There’s no “number two” city.
How did you transition from just investing to founding your own brokerage?
It was organic. The influx of people, the appetite for growth—it all made sense. We went from tough beginnings to building a firm investors could trust. Trust and reputation take years. You can’t shortcut that cycle.
Your investor-first philosophy seems strong.
Very. I tell my people daily—think like an investor. Treat their money like your own. That mindset builds trust. Our track record comes from consistent performance over years. Back in 2018, closing AED 90 million felt huge. Today, we close that in a day and move on.
With thousands of agencies now, do a handful dominate?
Shitij Kapoor: That was once true. Not anymore. The Dubai Land Department and developers have built an equitable playing field. Whether it’s Sobha or DAMAC, developers today care about numbers—not legacy. Even young brokerages can thrive if they perform.
But don’t developers still rely heavily on brokers?
They do. You can’t replace brokers—not with 1,000 in-house staff. Brokers bring market-wide visibility, not just one project. Clients trust them. The way Dubai rewards brokers also helps—fast payments, timely commissions, even gold coupons as gifts. DAMAC recently surprised agents with 10,000-dirham gold coupons per unit sold—no announcement, just respect.
Speaking of respect, what happens when brokers face ethical dilemmas?
It’s simple. Choose the right project—regardless of commission percentage. If you chase quick profits, you lose long-term trust. Investors won’t come back to someone who misleads them. Ethics and morals go hand-in-hand in this business.
What about agents who struggle?
This market isn’t for everyone. If you can’t sell in 3–4 months, maybe it’s time to reconsider. Selling is tough. We’ve survived hard years—2016 through 2019—and today is much better. But even then, you must sell the right product. Investors ask what you’ve done for yourself before trusting your advice. It’s fair.
Has Dubai’s infrastructure played a role in this boom?
Absolutely. Infrastructure is unparalleled. When you land at Dubai Airport, you’re through immigration in minutes. Sheikh Zayed Road still gives me goosebumps. I thank God I live here. You’re not just selling properties—you’re selling Dubai as a concept. If you can’t sell Dubai, you can’t sell real estate here.
How do you compare Dubai to other global cities?
There’s no comparison. People say Dubai is number one—but I say Dubai has no number two. In dollar terms, it’s still cheaper than Tokyo, Hong Kong, New York, or London. I’m selling my London properties to reinvest here. It’s the safest basket today.
What’s your take on the luxury segment?
It’s under-supplied. If you want to invest between $3 million to $10 million, options are limited. But sentiment is strong, and 2025 is already outperforming 2024. That’s a great sign for Dubai’s premium property market.
Early stage
For Shitij Kapoor, business wasn’t just a career choice, it was a calling shaped by his entrepreneurial roots. Raised in India in a family deeply involved in pharmaceuticals, he was exposed to the world of business early on. After graduating in the U.S.he returned home to contribute to the family enterprise. But it wasn’t long before Dubai with its energy, ambition, and incredible potential drew him in. He made the move in 2007, just before the global financial crisis reshaped the industry.
Why real estate?
By 2008, Kapoor had made his first property investments in what were then emerging communities: Downtown Dubai and Business Bay. With a sharp eye for capital growth and spotting supply gaps, he set his sights on newer areas like Jumeirah Village Circle (JVC) and The Greens. But Kapoor’s real focus has always been on the top tier, luxury villas and high-ticket properties in iconic neighborhoods like Emirates Hills and Palm Jumeirah.
Starting from Scratch
In 2011, in the aftermath of the 2008 crash, Kapoor founded Luxury Concierge Real Estate (LCRE) with just 10 people and a vision. The market was slow. Investor confidence was shaky. It wasn’t easy. But Kapoor knew the only way forward was consistency in service, in learning, and in building relationships one client at a time.
A Defining Shift
By 2017, things really started to change. LCRE had grown into a team of 50 passionate people, and they had formed strong partnerships with some of Dubai’s top developers like Emaar, Damac, Nakheel, and Meraas. Slowly but surely, the LCRE name began to get noticed around the city. They opened new offices, and the brand was finally picking up real momentum.
Pandemic Setbacks and Bold Pivots
Then 2020 hit, and the COVID-19 pandemic shook the world including the property market. But because of Dubai’s quick and smart response, the city bounced back faster than most. Kapoor adapted fast, shifting his focus to off-plan projects and closing AED 585 million in sales during a global crisis. By 2021, LCRE had crossed AED 1.3 billion in sales and earned top recognition from major developers.
What He’s Learned
“People think luxury real estate is about flashy deals, ” Kapoor says. “But it’s about listening. It’s about understanding exactly what your client wants even if they can’t quite articulate it themselves. ” High-value transactions take time. Sometimes months. Sometimes over a year. Kapoor believes that deep product knowledge and client trust are everything.
He also credits Dubai’s business-friendly environment as a key driver of LCRE’s success from smart regulations to long-term residency options. Initiatives like the Golden Visa, which offers residency for property investors, have played a huge role in attracting serious international buyers and creating long-term confidence in the market.
The future outlook
Kapoor is confident that Dubai’s luxury market is only just getting started. “Between 2015 and 2019, the market was volatile. Today, it’s stable, mature, and still full of potential, ” he says. Compared to cities like London or New York, Dubai’s pricing is still competitive, with none of the red tape and all of the ambition.
Kapoor’s vision
To transform LCRE into a global leader by creating experiences, building trust, and shaping the future of high-end living.
