Dubai’s real estate market is witnessing a significant transformation, with a shift in consumer preferences between off-plan projects and ready-to-move-in properties. As the market evolves, some of Dubai’s top developers are shedding light on the factors driving this change.
Here, industry names such as Shaher Mousli, chairman and CEO of Gulf Land Property, highlight the growing appeal of off-plan projects due to their investment potential, flexible payment plans, and customisation options. Meanwhile, insights from Ramjee Iyer of Acube Developments and Yogesh Bulchandani of Sunrise Capital underscore the increasing demand for well-designed, sustainable, and amenity-rich living spaces. As developers navigate these trends, they are also looking ahead to the future of the market, with experts like Sergi Voronovych of Peak Summit expressing optimism about the opportunities for growth and innovation in the years to come.
On factors driving a shift in consumer preference between off-plan projects and ready-to-move-in properties
Shaher Mousli, chairman and CEO, Gulf Land Property
In recent years, we’ve observed a notable shift in consumer preference towards off-plan projects within the UAE real estate market. Several factors are driving this trend. Off-plan properties offer buyers the opportunity to purchase at lower initial prices compared to ready-to-move-in properties, making them attractive for investment purposes. Additionally, off-plan projects provide flexibility in terms of payment plans, often allowing buyers to spread payments over the construction period.
As Gulf Land Property Developers, we strategically focus on launching off-plan projects for their diverse advantages. Off-plan projects offer significant flexibility in design and customisation, allowing buyers to customise finishes and fixtures to their specific tastes and preferences where applicable. They also provide valuable market insights into consumer demands, enabling us to refine our offerings to better meet market expectations. This early engagement not only strengthens our market position but also enhances the return on investment for our customers, particularly investors seeking financial gains.
The extended timeframe for marketing and brand development associated with off-plan projects further reinforces our commitment to delivering exceptional value and meeting the evolving needs of our clientele in the Gulf region
Key trends seen among real estate buyers and investors
Ramjee Iyer, chairman and MD, Acube Developments
Home buyers are looking for several factors when purchasing a new home. Location and accessibility to various parts of the city are fundamental. Another key factor is the size of the spaces of the unit with most buyers looking for well-designed, spacious homes that they can grow in with their families.
Amenities are also an important factor as buyers want to have all the facilities for exercise, health and wellbeing conveniently available within their community. We are responding to this need by offering over 50 unique amenities at our latest development, Electra. We see this trend continuing for the foreseeable future and have even appointed an international theme park consultancy to help create and design exciting amenities that cater to the needs of the entire family.
Other important factors include sustainable features like smart lighting and water-saving fixtures which have a positive environmental impact but also reduce utility costs for residents. Smart Home technology is also key as it creates convenience for the tenant and adds a touch of luxury to any home.
Yogesh Bulchandani, Founder and CEO, Sunrise Capital
The modern real estate customer has become very discerning. They now expect spacious layouts with well-designed living areas, including open floor plans, ample storage and functional spaces.
A very recent trend has been the demand for home office areas, with so many people working at least partly remotely.
Eco-friendly features such as energy-efficient appliances, green building materials, and water-saving fixtures are also increasingly important in this era of sustainability – while smart homes with integrated automation, such as smart lighting, security systems, and climate control, are also in demand for
added convenience.
As ever, proximity to schools, hospitals, shopping malls, and parks, along with access to amenities like gyms, pools, and community spaces, are prized.
I would also say consumers have become more savvy about quality construction and are doing their research on a developer’s reputation.
At Sunrise, we adopt a truly holistic approach to project development and take pride in delivering homes that appeal to all the above concerns – especially when it comes to eliciting a sense of seamless community and individual wellbeing.
On the outlook for the Dubai property market over the next two to three years
Sergi Voronovych, CEO, Peak Summit
The coming two or three years hold great promise for developers in Dubai and the UAE. This growth is not sudden but the culmination of years of dedicated efforts by the UAE government and society. They have successfully created a welcoming international environment, fostering open competition, security, and a tax-friendly landscape. These factors have collectively propelled economic growth, particularly in the real estate market. We are proud to contribute to and participate in this development journey for the nation and its society.
For medium-sized developers, there are abundant opportunities. The development process is multifaceted and creative, with no singular approach to success.
Just as Gaudi’s unique buildings in Barcelona are not the most efficient but highly successful, we view building development as creating art. There are countless styles and approaches, each with its potential for success. Medium-sized developers must find their unique style, niche, and clientele.
Following trends, such as developing communities rather than individual buildings and branded residencies, can provide initial advantages. However, to achieve long-term success, all project details must be meticulously implemented. Peak Summit’s strategy involves launching new projects in the central parts of well-developed districts and acquiring large plots to control the quality and design of the community. This approach ensures additional benefits for our residents.