The UAE Property Market: My Humble Point of view.
November 3, 2017
Anyone working in the UAE property market can see that the sector has reached maturity and that sustainable growth is being achieved. The question now is how to remain on this upward trajectory? It is an endeavour that will require developers to go beyond just constructing buildings.
The UAE’s top developers are not simply building villas, apartments or towers; instead, they are building lifestyles and offering customers a whole new way of living. This shift in focus reflects the growing need to understand customers and meet their needs on a more meaningful and emotional level, which is a trend that has permeated all sectors including property, where buyers are savvier than ever before, competition between developers has never been higher, and customers are seeking homes that fulfil their personal aspirations and dreams.
To keep up with this trend, we need to become increasingly proactive, from integrating state-of-the-art amenities and incorporating tranquil green spaces, to ensuring strategic access to main roads and parking, and providing attractive payment plans. Dubai has remained particularly ahead of the game in this respect and is a special hub for holistic developments that offer an integrated and convenient lifestyle, reflecting His Highness Sheikh Mohamed bin Rashid Al Maktoum’s vision for making Dubai one of the smartest cities in the world.
This has already made the UAE a highly attractive destination for both local and regional investment, as confirmed by the latest research from DLD, which reveals that real estate transactions for the first half of 2017 rose by 16.8% compared to the same period last year, and that 217 nationalities have invested AED 151 billion in Dubai’s property market over the past 18 months.
It is crucial that we do not rest on our laurels. While our property market is built on solid foundations and will continue to thrive, we must still commit ourselves to driving further progress. It is now time to do more, to think bigger, and to surpass ourselves by gearing every single aspect of our projects toward truly enhancing peoples’ lives.
How can we do this and take the UAE’s property market to new levels? By bravely rethinking real estate from scratch to introduce entirely new, customer-centric concepts that change the face of our industry and give us a new role – ‘lifestyle developers’. At MAG, we take this new role very seriously and have focused our efforts not on building our real estate portfolio, but on building new ways of living with our MAG of Life and MAG of Value offerings.
This is underpinned by our ambition to provide all segments of the community with lifestyle-oriented developments. MAG of Value has been established to offer mid-income earners a better life than they have every enjoyed before, and to exceed expectations in this segment of the market by providing superior features at affordable prices. We achieve this by going above and beyond in a 360-degree approach that encompasses strategic location, inspired design, advanced materials and meticulous finishing – all of which are intended to make our resident’s lives more comfortable and content on a day-to-day basis.
This approach is evident at MAG of Value projects like MAG EYE, where we will be giving people the chance to live both a highly connected and blissfully peaceful lifestyle. The project is strategically located in the heart of Mohammed bin Rashid City in Meydan Dubai, putting residents in close proximity to the Meydan Racecourse and many of the city’s most important landmarks including the Burj Khalifa, Dubai Mall and Downtown Dubai, as well as the major Al Khail and Mohammed bin Zayed roads.
Residents will be living in the pulse of the city but as soon as they get home, they will enter an environment of utmost calm. MAG EYE is privately gated and will offer 4,000 apartments and 536 townhouses, all of which will be lovingly crafted to offer our customers the very best in the segment. MAG EYE will also feature a community club, an area for entertainment and special events, a swimming pool, and open green areas so that residents can relax, unwind and rejuvenate in an oasis of tranquility. We are confident that this holistic and customer-minded type of development is the future.
Getting to the heart of what people really need to live well is the next major breakthrough for the UAE’s property market, and I believe this trend will spur a fresh wave of growth in the sector by taking us into a new era of entirely lifestyle-centric development.
– Talal M. AlGaddah is the Chief Executive Officer of MAG PD and CEO Middle East Awards’ ‘Young CEO of the Year’ – 2017.