Dubai’s buoyant real estate market is defying predictions of a slowdown, indicating that the Middle East region’s tourism and business hub might be breaking free from its boom-and-bust cycles.
The city’s property market continues to showcase strong demand, with the total volume of transactions surging by 44.2 per cent in the year through May to reach 15,766, the highest monthly figure on record to date, according to CBRE.
Though much has been said about the influx of new launches and the potential dampening impact that this may have on prices, the absorption of new stock sits at markedly high levels, with the latest data showing that at least 70 per cent of units launched since 2022 have been sold to date.
Here, Kanso talks about Prosper Real Estate Intl’s unique approach to real estate consultancy, the importance of consultancy firms in the real estate sector, and trends driving sustainable investment.
Prosper Real Estate Intl has grown exponentially over the years. Explain how the company has benefitted from Dubai’s booming property market.
Dubai’s property market is flooded with brokerage firms, and Prosper Real Estate Intl stand out by integrating consultancy services alongside brokerage and investment planning. Over the past two years, the number of individual brokers has surged, with more than 40,000 brokers now in the market.
Our goal is to differentiate the company by offering comprehensive consultancy services that build trust and credibility, especially among foreign investors. Consultancy is essential for providing the right advice and building investor trust.
Our consultancy services cover market research and strategic planning. By understanding investors’ budgets and conducting market studies, we create strategies that maximise their capital appreciation and return on investment (ROI). This approach benefits both developers and investors.
We focus on two main types of investments for our investors: short-term and long-term. Given the varying market conditions, our consultancy ensures the right strategy is employed at the right time.
Prosper follows traditional brokerage methods, including lead generation, digital marketing, and SEO campaigns. However, what sets us apart is our consultancy approach, which many companies lack.
By building trust and attracting the right investors, we support the entire real estate system in Dubai.
What are the real estate agency’s growth priorities, and how do you plan to keep raising its profile in the country?
Our priority is to maintain and strengthen our relationships with our major investors while expanding the company’s reach to include international investors. Simultaneously, we are focusing on business development to grow our market presence.
A critical part of our strategy is investing heavily in our sales advisors’ team. Since they represent the company, we provide extensive training in self-development, motivation, and sales to ensure they perform at their best.
We also emphasise refining our internal processes, particularly our customer relationship management (CRM) and customer service systems. With numerous deals and transactions happening, accuracy is crucial. Therefore, we invest significantly in these systems to ensure smooth and error-free operations.
Dubai has demonstrated remarkable resilience and growth over the years. What trends do you foresee impacting supply and demand in the city’s real estate market?
Dubai’s population has been growing steadily over the years. Recently, we have seen waves of international investors come to the city, and reports indicate an increasing number of millionaires and billionaires—6,700 and rising.
The robust demand in Dubai’s real estate sector has led to a surge in off-plan projects and expansion into new areas, particularly in the south around Al Maktoum International Airport.
New residential and commercial developments are emerging, contributing to a positive impact on demand and supply. This growth is driven by strategic leadership and planning from the Dubai government. The city offers not just a high quantity of inventory but also diverse, high-quality projects and landscaping.