Real Estate Soars High as UAE Shows Astounding Growth Rates
The UAE’s booming real estate market reflects its robust economy, attracting global investors with a strategic location, diverse portfolio, and policy reforms, ensuring high demand for residential and commercial properties
An ever-growing population, a steady economic growth rate, and a world-class infrastructure are the distinctive features of the UAE. The increase in real estate demand is a reflection of the UAE’s ever-growing economy and the stability. UAE offers diversity in its real estate portfolio with choices for every income group.
Many Pakistanis residing in the UAE find real estate to be a lucrative business, and there are many Pakistani real estate agents working either independently or with established real estate agencies.
As much as the estate agents contribute towards the sale and rentals, of properties, evaluations play a crucial role in real estate investments. There are several companies today that offer evaluation services to clients facilitating their investment decisions.
Anjum Fazil
“Indeed, the UAE’s property market has proven to be an alluring proposition for a diverse spectrum of purchases,” says Anjum Fazil.
In 2005, equipped with an experience of almost five years, in real estate Fazil, established her real estate agency, to provide enhanced support to her international clientele. By establishing a robust local presence, Anjum sought to offer an elevated level of service to those who had previously invested in properties, through her agency.
The success of Anjum’s agency hinges on a confluence of factors such as a thorough understanding of the market, an unwavering commitment to client satisfaction, and adherence to integrity and professionalism.
“One of the primary drivers of the high demand for properties in the UAE is its strategic location as a global business hub. The UAE’s business-friendly environment, combined with its world-class infrastructure, attracts investors and expatriates from around the world. This influx of people fuels the demand for both residential and commercial properties.”
The agency offers comprehensive property management supervision services. The management services include tenant administration, maintenance coordination, diligent rent collection with timely deposits into owner accounts, and stringent adherence to property upkeep and local regulations.
The laws in UAE have seen a series of policy reforms to facilitate expatriate property ownership. Some of these include the provision of long-term residency visas for property investors, expansion of freehold ownership to designated areas, and the establishment of a transparent and regulated real estate framework.
Commenting on the future of Airbnb, Fazil believes that the UAE will continue seeing a demand for short-term rentals facilitated by platforms such as Airbnb. This trend, catalysed by the growth in tourism and business travel, has prompted numerous property owners to capitalize on the opportunity by listing their properties.
“The UAE property market attracts investors from a global pool. Traditionally dominated by individuals from India, Pakistan, United Kingdom, and Saudi Arabia, the investor base has diversified in recent times to encompass a wider spectrum, including notable interest from China and Russia.”
Fazil believes that the prospect of substantial rental returns coupled with the potential for capital appreciation renders the emirate a compelling investment hub. Others are drawn to the region’s exceptional standard of living and unparalleled safety, opting to establish primary and secondary residences within its borders.
Bilal Moti
“Valuation is both science and art. It is the process of estimating the monetary value or worth of property,” says Bilal Moti.
In 2016 Moti founded Windmills Group in the UAE with the mindset of offering valuations and business consulting services with professionalism, transparency, service quality and quick turnaround time. Moti has ingrained business skills as he comes from a business-minded family. With 26 years of managerial expertise in his field, Moti met with unprecedented success. It is no surprise that with his managerial ability,
Today, it is a leading professional services firm in the UAE with branches in Dubai, Ajman and Abu Dhabi.
It undertakes the valuation of the subject property in detail from supporting documents and physical inspection and subsequently carries out an extensive market analysis which helps in determining the value accordingly. This process typically involves analyzing various factors of the property such as location, size, conditions, comparable sales transactions, income generation and many other factors.
Valuations are conducted for many purposes including buying, selling, financing, and financial reporting, etc.
Amongst the professional challenges faced by the business are ethics deployment, compliance with local standards, technical expertise development and quality service.
According to Moti, there are many commercial challenges as the company works with top-class institutions and organisations where the acceptance standards are very high. Other challenges faced by Moti are competition and client expectations.
Trust is an integral part of the company ethos. The key success factors for the company are integrity building, precise valuations, fast turnaround times, economic fee and first-class service. This has been achieved under Moti’s dynamic organisational and leadership skills along with his hard-working and experienced team.
In the year 2023, Dubai saw the highest real estate transactions of 133,000 valuing Dh41 billion in the last 10 years which is 37 per cent higher than 2022.
This exceptional rise in property buyers, from countries like UK, Russia, Lebanon, Pakistan, Jordan, France and UAE. Like any big city, the choice for buying or renting is a personal preference depending on market conditions and economic factors.
In 2023, the company recorded an increase in revenue by 36 per cent. One of the most trusted evaluation firms in the country, evidenced by empanelment by 22/25 mainstream banks and by foreign banks.
Over the years, the company has valued more than forty thousand real estate and industrial assets for more than two hundred plus corporate clients such as government authorities, banks, NBFIs, real estate developers, family groups, real estate trustees, insurance companies, financing companies, owner-associates and a large suite of companies.
However, it’s not just about mathematics and numbers for Moti.
He shares a passion for music and is a devoted fan of Pakistani and Indian semiclassical music. He has inherited a love for music from his father and being with friends enjoying music and signing are his favourite pastimes.
The UAE property market attracts investors from a global pool. Traditionally dominated by individuals from India, Pakistan, the UK and Saudi Arabia, the investor base has diversified in recent times to encompass a wider spectrum, including notable interest from China and Russia.” Anjum Fazil
There are many commercial challenges as the company works with top-class institutions and organisations where the acceptance standards are very high. Other challenges faced by Moti are competition and client expectations.” Bilal Moti
Working in Dubai in the real estate industry has given me a unique insight into the aspirations and dreams of people. Each day brings new challenges and opportunities and I have grown to enjoy the dynamic nature of my profession.” Fatima Akram
Fatima Akram
“Working in Dubai in the real estate industry has given me a unique insight into the aspirations and dreams of people. Each day brings new challenges and opportunities and I have grown to enjoy the dynamic nature of my profession,” says Fatima Akram.
Akram moved to Dubai about 20 years ago with her family. A young, highly skilled realtor Akram has been associated with real estate, for the past three years.
Fatima started her career with a small company which allowed her to learn the skills to excel in the real estate market. Equipped with valuable experience Akram joined Aeon and Trisl, a renowned real estate agency which has been operating in Dubai for many years.
Working at Aeon and Trisl has allowed Akram to work on both off-plan and secondary-market real estate deals.
“Real estate in Dubai is a competitive industry but it is also rewarding. I have had the privilege of helping clients find their dream homes and make sound investments,” adds Akram.
Commenting on her life in Dubai, Akram not only enjoys living here but is also grateful for the opportunities it has offered her, both on a personal and professional level.
Dubai is ever-growing and the real estate market is seeing continuous growth. More and more people from all walks of life are investing in real estate throughout the UAE. The investment turnovers are high and the demand, for real estate has been unprecedented in recent years.
“Working and living in Dubai has allowed me to carve out a successful career while staying true to my roots and values.”