DO NOT BUY A PROPERTY IN DUBAI WITHOUT WATCHING THIS - 2024 DUBAI REAL ESTATE MARKET UPDATE
Summary
TLDRIn this podcast, Dr. Anand, CEO of Empowered Performance, discusses the booming Dubai real estate market, predicting continued growth through 2024 due to the D33 agenda and increasing population. He highlights the city's transformation, making it a unique investment opportunity with factors like the 10-year golden visa, casinos, and global talent attraction. Dr. Anand also addresses concerns about housing shortages and the influx of high-end residential projects, emphasizing the city's appeal to ultra-high net worth individuals.
Takeaways
- 📈 The Dubai real estate market is experiencing a continuous rise in prices for the fourth year, with an upward trend expected to continue for the next 2 to 3 years due to the city's growing population and economic initiatives.
- 🌐 Dubai's unique investment proposition is strengthened by the city's transformation since 2014, including new policies like the 10-year golden visa, the D33 economic agenda, and a focus on sustainability and green building standards.
- 🏠 There is a significant housing shortage in Dubai, particularly in the ultra-high net worth and affordable home segments, which is projected to persist for at least the next five years.
- 📊 The market's performance has exceeded expectations, with a 17.8% increase in off-plan sales and a 35.6% increase in overall sales, outpacing predictions and highlighting the strength of Dubai's real estate market.
- 🏢 The city's economic growth and development plans, such as the D33 agenda, are directly influencing the real estate market's growth, with a focus on doubling the economy and attracting a significant population increase.
- 💰 The average price per unit in Dubai has risen significantly, reflecting the high demand for luxury properties among ultra-high net worth individuals and the overall increase in property values.
- 🏡 There is a trend towards more sustainable and high-quality residential developments, with an emphasis on branded, high-end properties that cater to the lifestyle preferences of wealthy buyers.
- 🌍 Dubai's attractiveness as a global city is bolstered by its ranking as the second most stable economy and its position as a top destination for talent, education, and business opportunities.
- 🎰 The upcoming introduction of casinos in Dubai is expected to bring a new type of buyer to the market, further driving demand for premium and high-end properties.
- 📉 The traditional real estate cycle of peak and correction is no longer applicable to Dubai due to the city's unique economic and demographic growth drivers.
- 📈 The market's booming sales and rental increases, along with the high volume of transactions, indicate a vibrant and active real estate market in Dubai with significant opportunities for investors.
Q & A
What is the current state of Dubai's real estate market according to the discussion?
-Dubai's real estate market is in a state of consistent growth, with prices rising for the fourth consecutive year. It is expected to continue growing for the next 2 to 3 years due to various factors including the D33 agenda, population growth, and global attention.
What is the D33 agenda and how does it influence the real estate market?
-The D33 agenda is a plan by Sheikh Mohammed to double Dubai's economy in the next 10 years. This economic growth directly influences the real estate market by creating a demand for commercial and residential spaces, contributing to the upward trend in property prices.
Why is there a housing shortage in Dubai and how long is it expected to last?
-The housing shortage in Dubai is due to a combination of factors including population growth, the D33 agenda, and the influx of high-net-worth individuals. This shortage is expected to persist for at least the next 5 years.
What factors make Dubai a unique investment proposition for international investors?
-Dubai's unique investment proposition includes its stable economy, the D33 agenda, a growing population, the introduction of the golden visa, and the city's positioning as a global talent magnet with world-class infrastructure and amenities.
How has the cost of construction materials impacted the real estate market in Dubai?
-The cost of construction materials such as cement, steel, and glass has significantly increased over the past decade. This has affected the real estate market by making property prices higher and making it difficult to compare the market of 10 years ago with today's market.
What trends are being noticed by brokers in the Dubai real estate market?
-Brokers are noticing a trend towards more high-end, branded residential towers and an increase in demand for waterfront properties. There is also a movement towards more sustainable and green buildings as part of Dubai's aim for a platinum LEED city rating.
What is the impact of the golden visa on the real estate market?
-The golden visa, which offers long-term residence possibilities, has increased the demand for ready homes. This has led to a significant increase in the sale of ready properties, contributing to the overall growth of the real estate market.
How has the rental market in Dubai been affected by the real estate boom?
-The rental market has seen significant increases, with reports of 23% growth last year and a target of 20% for the current year. High rental prices have led to rental migrations within the city, with people moving to more affordable areas.
What are the implications of the upcoming casinos for Dubai's real estate market?
-The introduction of casinos is expected to attract a new type of high-net-worth buyer to Dubai, potentially increasing demand for premium and high-end properties, especially in areas close to the casinos.
What are the views on the future of Dubai's real estate market in comparison to other cities like Macau?
-Dubai is expected to outshine cities like Macau due to its comprehensive lifestyle offerings, economic infrastructure, and global appeal. While Macau's casino offering was unique, Dubai's diverse attractions and robust economy are seen as more sustainable for long-term growth in the real estate market.
Outlines
🏙️ Dubai Real Estate Market Outlook 2024
The first paragraph discusses the state of Dubai's real estate market and its projected growth in 2024. It highlights the unique investment proposition of Dubai, emphasizing the city's transformation over the past decade. The speaker, Dr. Anand, predicts a continued rise in property prices for the next 2-3 years, attributing this to the D33 agenda aimed at doubling Dubai's economy and attracting global attention. A housing shortage is identified, particularly in the ultra-high net worth and affordable home segments, which is expected to persist for at least five years. The conversation underscores the importance of being invested in Dubai's real estate market and the impact of new developments and branded high-end residential towers on market trends.
🌐 Factors Enhancing Dubai's Investment Appeal
This paragraph delves into the factors that make Dubai an attractive investment destination. It contrasts the city's status in 2014 with its current position, highlighting government initiatives that have bolstered Dubai's appeal. The discussion includes the introduction of a 10-year golden visa, the D33 agenda's focus on economic growth, and the projection of a population increase to 7.8 million by 2033. The paragraph also mentions the upcoming casinos, the Dubai 2020 project, and efforts to attract global talent and top universities, all contributing to a robust real estate market with rising rental demands and sales.
🌱 Sustainability and Quality of Life in Dubai's Real Estate
The third paragraph focuses on sustainability and the quality of life as key trends in Dubai's real estate market. It discusses the city's commitment to green building standards and the LEED City rating, as well as the selection of Dubai to host COP 28, reflecting its environmental goals. The paragraph also addresses the preferences of younger buyers for sustainable communities and the city's attractiveness for families due to its high quality of life, business opportunities, and health and safety standards. The discussion points to the importance of these factors in driving the demand for real estate in Dubai.
📈 Dubai's Economic Agenda and Real Estate Growth
This paragraph examines the connection between Dubai's economic agenda and the growth of its real estate market. It emphasizes the importance of aligning real estate development with the city's economic goals, as outlined in the D33 agenda. The speaker addresses concerns about an oversupply of properties and the potential for a market bubble, explaining that the expected population growth and the need for housing will absorb the incoming inventory. The paragraph also discusses the role of first-time homebuyers and the impact of rental migrations on the market dynamics.
🎰 The Impact of Casinos and Luxury Developments on Dubai's Market
The fifth paragraph discusses the impact of upcoming casinos and luxury developments on Dubai's real estate market. It suggests that the introduction of casinos will attract a new type of buyer and investment to the city, competing with other regions that have similar offerings. The paragraph also highlights the shift in focus from other cities to Dubai due to its comprehensive lifestyle offerings, economic infrastructure, and global appeal. The conversation points to the rise of high-end branded residences and the increasing demand for luxury living spaces as indicators of the market's upward trajectory.
📝 Sales Strategies and Negotiating in Dubai's Booming Market
The final paragraph teases the next segment of the podcast, which will focus on sales strategies and the art of negotiating a good deal in Dubai's thriving real estate market. It sets the stage for a discussion led by Dr. Anand, who is introduced as an expert in the field, and promises valuable insights for agents and investors alike. The summary suggests that upcoming topics will cover effective sales techniques and strategies for securing favorable outcomes in a competitive market.
Mindmap
Keywords
💡Dubai real estate market
💡Real estate investment
💡Housing shortage
💡Sustainability trends
💡High-end residential towers
💡Rental migrations
💡Off-plan sales
💡Golden Visa
💡Population growth
💡D33 Agenda
💡Casinos
Highlights
Dubai's real estate market is experiencing its fourth consecutive year of rising prices and is expected to continue this upward trend for the next 2 to 3 years.
Dubai's D33 agenda has captured the world's attention, leading to a significant increase in population and contributing to the housing shortage expected to last for at least the next 5 years.
Dubai is positioned as a unique investment proposition due to factors such as the 10-year golden visa, economic growth plans, and the influx of global talent.
The traditional real estate cycle no longer applies to Dubai due to government initiatives that have broken the cycle and continue to drive market growth.
The cost of construction materials and the city's population growth have significantly increased, making comparisons between real estate of 10 years ago and today invalid.
Sustainability is becoming a key focus in Dubai's real estate market, with developers aiming for green building certifications and the city targeting a platinum LEED rating.
Dubai's population growth and demand for quality living have led to rental increases, indicating a healthy and active real estate market.
The upcoming opening of casinos in Dubai is expected to attract a new type of high-net-worth buyer, further driving the luxury real estate segment.
Dubai's real estate market is seeing a shift towards more high-end, branded residential towers, reflecting the city's appeal to millionaires and ultra-high-net-worth individuals.
Developers in Dubai are continuously launching new projects in alignment with the city's economic agenda and the demand for residential and commercial spaces.
Dubai's housing shortage is driving up the prices of ready properties, with a significant increase in transaction volumes in the affordable category.
The introduction of the 10-year visa in Dubai is making the real estate market more attractive to first-time home buyers and investors alike.
Dubai's real estate market is witnessing an internal migration trend, with residents moving from more expensive to more affordable areas, impacting rental prices across the city.
The upcoming high-end residential projects in Business Bay and JBC are indicative of the market's shift towards more luxurious offerings.
Dubai's real estate market is set to benefit from the city's growing prominence as a global destination for tourism, business, and luxury living.
The podcast discusses sales strategies and the importance of negotiating in the real estate market, highlighting the expertise of Dr. Anand in this area.
Transcripts
the billion doll question what is the
state of Dubai's real estate market and
where are you seeing it go in the year
2024 what factors do you think make
Dubai a unique investment proposition
for them there's a big difference in the
10-year-old Dubai and the 2024 Dubai the
cost of everything has gone up so much
so how can you compare real estate 10
years ago to real estate today where are
you seeing the developers or the new
trends in the market heading towards
what are your thoughts about that about
all the inventory which is going to come
into the market to find a good Villa or
a townhouse today is a challenge Dr
Anand we working with clients where
there's just not enough inventory all
the new launches that are happening in
Business Bay for example Mercedes-Benz
coming up with their Tower benatti
coming up with Bugatti residences we
have the W residences the masonis the
Pagan you have all of these branded
high-end residential Towers everyone is
I believe moving a bit more up Market as
well and I think that's that's one of
the trends that we as Brokers have
noticed in most of the communities the
entire sales pitch for rack was that
they would be the casino I mean I still
do believe that there is some value
there but Dubai is Dubai at the end of
the
[Music]
day hello everyone and welcome back to
another episode of Springfield talks
today's guest is someone that I really
look up to is someone that I think
everyone in the market really looks up
to and I'm sure if you're an agent and
you're watching this video or you're
related to devis real estate market at
all you probably have guessed who I'm
here with I'm here with Dr Anand the CEO
and sculptor of empowered performance
it's such an honor to have you here Dr
Anand thank you for taking the time out
to come here far thank you for having me
once again it's always amazing
conversations that we have together
because you're someone with so much
in-depth knowledge about the market and
every time he's come in to train our
team it's been a power packed session
you know everyone is very excited and
when I told a few people that you were
coming on my podcast today they were
messaging me they're like oh make sure
to ask Dr Anan this question make sure
to ask Dr Anan this question so let's
get started let's get into it so Dr
Anand first question the billion dooll
question what is and how is the state of
Dubai's real estate market and where are
you seeing it go in the year 2024 okay
uh we are into our fourth record year
straight year running of prices
consistently Rising it's going to go up
for the next 2 to three years for sure
very very simply because shik Muhammad's
agenda the d33 is ensuring that we have
caught the Market's attention the
world's attention and the population is
coming in in large numbers so I will
probably later in the podcast talk a
little bit more on d33 but to keep the
answer very short to this one we are on
an upward roll prices are going to
continue to grow all major newspapers
have carried their headlines Dubai is
facing a housing shortage in the ultra
high net worth as well as the affordable
home category and that shortage is
staying for at least the next 5 years so
if you're in a great space in the market
right now absolutely no problem in
selling real estate in Dubai if you're
an investor and you're not in Dubai
you're a big time loser I have to agree
with that being on the other side on the
sales side of things the market has been
extremely boom booming every project
that is coming out is selling out in
record time uh but of course people
always do like to ask how much longer is
this bull run going to last so we've
heard it from you yourself that another
two years hopefully but for the
international investors that are
watching this podcast what factors do
you think make Dubai a unique investment
proposition for them okay uh to
understand that question I think let me
share a little bit of information before
that every person you meet particularly
in the last one year or so were getting
concerned that we were reaching close to
the 2014 peak in fact all articles were
were talking about it that Dubai has not
yet reached 2014 implying once we hit
that the correction is going to start
and the market is going to fall there
was no way that was going to happen and
if if you look at where we sit today we
hit the peak in November and prices are
still continuing to rise now again it's
purely a historical reference that
they're doing because they're looking at
what happened in the previous Cycles in
historically I mean historically in the
real estate cycle not just in Dubai
globally once your prices Peak a
correction happens and you have two to
three years of a uh slow down and the
prices do drop but that is not happening
anymore the traditional cycle of
property does not exist exist in Dubai
anymore we have bro broken that cycle
because of the brilliant initiatives of
the government so let's let's understand
one thing very simply here in
2014 when you had the correction
starting to happen after the peak the
Dubai of 2014 is not the Dubai of
2024 so you cannot be looking at that
Dubai which did not have the magnetic
appeal yet to bring people in in 2014 we
never had a 10-year golden Visa so when
property was ready it wasn't going to
get picked up as quickly as now if you
look at articles that have come out just
today in the property news.ua uh if you
go to their page you will see that ready
homes the percentage of increase of sale
has jumped from 38% to 44% and one major
factor for that has been the 2 million
you know the drop from the earlier 10
million to 2 million for the golden Visa
so when the ready homes are available
people are taking it because of that we
never had the d33 agenda of shik
Muhammad to double the economy in the
next 10 years we never we never had the
population that is now projected to grow
by 2.5 million in just the next 10 years
up to 2033 and and then to 7.8 million
so we did not have those people coming
in we never had the commercial gaming uh
regulation Authority when now we have
the casinos coming in which is going to
be bringing a completely different kind
of player into the market we're excited
about that we never had a district 2020
we never had Dubai positioning itself as
the Global Talent magnet which shik
hamdan announced late last year that's
what we becoming part of the d33 agenda
and now the s33 the social agenda is to
attract the top universities of the
world we have some very good
universities in Dubai for the Howards
the yales the mits the stanfords are now
going to be targeted and invited into
Dubai can you imagine a Howard coming
here and they haven't gone anywhere else
so we never had the city that we have
today compared to before we now the
second most stable economy in the world
the US News and World reports so number
one being Switzerland of course in terms
of the top 10 power cities globally we
are number three The Economist survey
that came out in August of last year so
you cannot be looking at the Dubai of
2014 and saying that's where we are
today and therefore the prices are going
to drop every major newspaper has
carried the headline that we are facing
a housing shortage and if we have time
in this podcast I can even explain by
how much we have the shortage and the
reasons why we are facing it including
the affordable segment of housing true I
completely agree with you that there's a
big difference in the 10-year-old Dubai
and the 2024 Dubai even the cost of
making real estate the cost of cement
the cost of Steel the cost of glass the
cost of everything has gone up so much
so how can you compare real estate 10
years ago to real estate today if it's
only going to go so much higher plus the
number of people in the city itself has
grown tremendously so the actual demand
for Real Estate or end users has gone up
so much and I think it's quite evident
in the rental increases this year you
know last year 23% this year targeting
20% wow wow okay if you look at the
night Frank report last year in terms of
market performance we're talking sale
night Frank had predicted 13.5% we
closed the year on 17.8 % off plan
closed on 35.6% as an increase and
someone who doesn't look at this as an
opportune Market I'm sorry they're not
the real investors that's true I mean
13.5 if I remember correctly in that
night Frank report we were at the
highest in terms of compare like
compared to the I think the top 30 35 40
cities in the world Dubai ranked number
one with the highest expected growth at
13.5 so having such a bullish approach
and then beating those expect
expectations is truly commendable uh for
Dubai as a city and I mean I think all
of us in the sales side of things are
enjoying the perks and the benefits that
that brings to the buy uh Dr another
very interesting um thing that you
touched upon was the population
increase uh a lot of people are asking
what are the now the future trends that
you will see in the market that the
developers are um you know projecting in
their new projects sustainability is one
of the big talks of this year where are
you seeing the developers or the new
trends in the market heading towards
okay first thing when we talk about
sustainability the green Council the
economic green Council the green
buildings Council was set up by shik
Muhammad years ago years ago there was
already a requirement that future
buildings had to be green meeting
sustainability requirements Dubai as a
city is aiming to get into a platinum
rating with the leads City rating
councils so you can only get there when
sustainable is high on your agenda the
reason we were selected to host cop 28
is because we have demonstrated the
commitment as of a city towards becoming
Green in the future so sustainability is
important yes particularly with the
young younger buyers the new generation
buyers are very very conscious about
what we're doing to the planet and they
want to leave a healthy planet for their
own children so they are more interested
in communities that are sustainable
today so we definitely are going to see
more more of that but particularly in
terms of the the question you as which
is the population coming in the
population that is coming in here is
because everything in this city is
ticking all the boxes for giving you a
good quality life business opportunities
lifestyle opportunities education
opportunities Health Care opportunities
long long-term residence possibilities
now in the city the unique talent coming
in and global positioning health and
safety we have and cleanliness we are
number one for the last 3 years running
there is no reason why a family would
not choose to come to the city of Dubai
today and that is what is putting the
pressure on the housing market positive
pressure because we know for us in real
estate we've got some amazing business
in the years to come that's true that's
true Dr Anan tell us from perspective of
an international investor that is
looking at Dubai um you know
foreign investment uh in real estate
where do you see the opportunities that
lie today in Dubai which sectors or
which segments do you find most
attractive okay personally if you ask me
right now if as an investor if I'm
looking at something that is uh a
shortterm rental short-term Investments
waterfront properties are doing
extremely well waterfront properties you
find Dubai South is looking attractive
but you have to hold that for a certain
amount of time the JV the affordable
areas the jvc's jvts arjan the business
base the Town Square areas all of these
the furjan all of these areas have have
increased in demand uh a lot if you look
at JBC the highest volume of
transactions happened last year was in
that community so we are is booming all
these communities are doing really
really well now again what I've seen
happen is Dubai land is also picking up
uh right now but for me at this point
Waterfront communities is the place to
be there is just so much coming in
particularly now when you're having the
ultra high net worth people coming into
the city or homes of $10 million and
above $25 million and above we're number
one on the planet already there is no
City that can hold a candle to us last
year we were number four behind New York
was number one vas was number two and
London was number three we were in
number four but in 2020 three itself we
jumped into the number one position and
we're going to hold that flag for this
year and even the years to come the
average price per unit registered now in
the land department has jumped to over 3
million as the average unit registered
price it used to be in the 900,000 the
1.1 and 1.2 so in a way it is scaring a
few people because they're thinking my
goodness prices have jumped no that's
because the ultra high net worth homes
which are being picked up faster and
faster today are making that average
balloon so it's it's really showing much
more than what it should be so we still
have a very very heavy transaction
volume happening in the affordable
category so I think what would be good
from now is if he could see two averages
averages given in they fix a range uh
the government of Dubai should do this
and we say in those category homes this
is the average uh amount per unit that's
being sold and in the affordable so I
think we need a luxury category average
and we need an affordable category
average just so that people sitting in
some other remote corner of the world
looking at it doesn't freak out
wondering what's really happening here
that's true that's true I was just uh we
were preparing our annual report and in
that I was just going through the
numbers yesterday in the morning it was
the I think the overall sales is around
319 billion worth of transactions in
2023 which was a 41% increase from 2022
which was 222 billion around that number
and you were very correct when you said
the average is around 3 million because
there was a total of I think
119,000 yeah around 120,000 around
120,000 unit transactions so I mean
that's a 27% increase from last year
which is I mean it just shows you so
much activity in the market you know and
one another interesting point that we
noticed was there's a lot more Off plan
uh transactions that have happened last
year what are your thoughts about that
about all the inventory which is going
to come into the market okay a great
question I get asked this literally
every single day this is where the d33
agenda cannot be ignored you see one of
the problems with uh and I know for some
of the people who are going to be
looking at this they'll probably say
he's saying the same thing again yes
because we hear the same questions again
and again and again and if this is the
answer you're going to hear it again
otherwise ask me a different question
right in the market you see uh the
challenge the two things that you're
going to here today is what's going to
happen with all this inventory the crazy
launches that have been happening close
to 100,000 units will come out and we're
still not stopping the launches so that
is one one question which we get the
second one is duice a bubble it has to
be a bubble right now it's been
consistently going up for the last three
and a half years and it doesn't seem to
be slowing down the reason why people
cannot understand what is happening is
they separate real estate from the
economic agenda of Dubai you can never
do that the economic agenda of any city
or country influences directly the
growth of real estate so when you have a
d33 agenda where shik Muhammad's his
goal is to double the economy in 10
years we're sitting at 14.2 trillion
today and he's going to
26.8 trillion by 2033 with the ultimate
goal of 32 trillion in 2033 so when the
economy is doubling how is it possible
that you don't get commercial space
residential spaces communities Towers
hotels malls night clubs entertainment
how is it possible for an economy to
double when Real Estate is going to be
stagnant so you want real estate to slow
down for you to believe it's a good time
to buy then it is pulling south from the
agenda so you can never separate them
now let's look at what's happening we're
expecting about 100,000 units hand over
in total from last year year right up to
2028 so you're averaging in 5 years
around 20,000 units will come out Max
every year that's what we're looking at
you have an average population growth of
250,000 people every year for the next
10 years if they want to achieve the 2.5
2.5 million now the average family size
in Dubai surprise is 5.3 this is from
the cic the census and economic
information center 5.3 is the average
family size in Dubai so if I have
250,000 people coming in and I take an
average of five to a family I need
50,000 new homes every single year
already are short we are 30,000 plus
short every year for the next 5 years
this is taking into account an
absorption of all the 100,000 units
that's coming out now and that is the
reason why all the developers they don't
just wake up in the morning and say let
me launch they study the agenda they
work with the Dubai economic department
and they know what is the requirement
going forward that is why all the major
developers are continuing to launch
because come
2728 everything is finished so we will
need new handovers from 28 to 32 and all
these new launches that are happening
and which will continue to launch this
year and next year will become the
inventory 5 years from now because when
you have a shortage of 30 to 35,000
homes every year for the next 10 years
we are short yeah of course and that's
why we're seeing this massive uptick in
the prices in the ready property you
know I was talking to one of my broker
um you know brokers in the office he was
telling me it's like it's become a
challenge to find a good unit in most of
the good communities in Dubai to find a
good Villa or a townhouse today is a
challenge Dr Anand we're working with
clients where there's just not enough
inventory 100% which is why we know
there is a shortage today so why do do
you think every launch is selling out we
just had the launch from Dak recently
1.9 billion done in one morning yeah
it's gone every single launch every
single launch is selling out are we
saying that these investors don't
understand the market dynamics that's
going on in addition something else has
happened we've got now a new kind of
buyer in the market that emerged last
year the firsttime home buyers because
rents have started going up so high many
of them now are looking at taking homes
and since a lot of handovers are
happening now interest rates have
started to drop so they're now going out
in for the mortgages to be able to pick
up these homes and the 10-year Visa
carrot is also making them make the
decision faster so now we have a
different category of buyer in addition
to the previous people who are buying in
the market not to forget the 250,000
people every year who's coming in and
it's the reason these people are now
thinking of buying is because rental
migrations have started for the first
time now in Dubai we're seeing rental
migrations it's a clear sign of a
developing world-class City people who
are renting on the pal Jas are finding
it expensive so they're moving into the
Dubai marinas now the landlord in the
Dubai Marina when he saw this guy paying
the 300,000 on the palms and he's asking
for 190 is able to ask for
225 so he's increasing the rents in dub
Marina and ready to pay 225 rather than
300 or 350 so they migrate to the Dubai
Marina the Dubai Marina tenant who finds
it getting high comes to the jts and the
business base and those go to the jvc's
so this migration is happening but as a
result of the migration every other
community is hiking the prices because
new flow is coming in that's why across
the city we're seeing the rents go up
and this is causing a lot of those
people who are renting to now say enough
is enough let's buy so we're seeing
these people come up and of course the
10e Visa is making it really attractive
for these people now today I think
that's a very important point that you
touched upon about this internal
migration that's happening within the
city I think that is one of the reasons
why most of the developers are now
moving a bit more up Market in their
launches as well so if you look at all
the new launches that are happening in
Business Bay for example they're
extremely high-end projects as compared
to everything that was that everything
that exists in the city so we looking at
Mercedes-Benz coming up with their Tower
benatti coming up with Bugatti
residences we have the W residences the
masonis the Pagan you have all of these
branded high-end residential Towers same
a similar uh thing is going on in JBC so
you see all the new developers that are
coming in they really upped their game
in terms of the finishing the quality
that they're using everyone is I believe
moving a bit more up Market as well and
I think that's one of the trends that we
as Brokers have noticed in most of the
communities yes again that has been
fueled by this migration because
remember the maximum number of
millionaires on the planet are now
moving into the UA last year ended with
sing with Australia edging us out a
little bit but for the last two years we
definitely among the top two now these
people don't want a regular Community or
an apartment they want branded they want
Signature Homes they want that unique
lifestyle and that's why the developers
now are starting to offer that to them
and that's causing the buyers to look in
the other areas it's just going to
happen wait till the first casinos open
we're not talking just Russel Kima the
announcements have come out softly about
Dubai and you've got Dubai is now going
to take the Limelight back from rack for
sure it is going to happen just look at
your Instagrams you'll know what I'm
talking about for the last one year
everything was rack rack rack rack rack
Rack that's all was there in the last
two months what do you see on Instagram
about rack it's almost disappeared I
think the agents Focus have also shifted
because the entire sales pitch for rack
was that they would be the casino uh I
mean I still do believe that there is
some value there but Dubai is Dubai at
the end of the day see at the end of day
what did rack have you had water they
offering Waterfront Lifestyles we have
that in Dubai but you had the casino so
people have made over 70% in the last
year and a half absolutely killer
earnings but now what's happened is we
can give Waterfront Lifestyles even here
when we announced three potential ones
coming up the mgms the bagas and the
Aras now we've taken away that only one
thing they had where is the lifestyle in
irq where is the economic infrastructure
in irq where are where is the education
in global universities there where are
the worldclass hotels uh nightclubs the
beaches the parks the malls what is
there if you come into rack and you
leave the Waterfront and you go to the
next street you're almost into I don't
know Oblivion there is no way that City
at this point can match or comp compete
with Dubai the one thing that was
standing out was the casino which will
do well but they're only going to ever
have one there because rack as a city
cannot attract that volume of people but
Dubai as a city will attract the whole
world we cannot survive with a single
Casino yeah yeah for sure and so I think
this is just the start absolutely and
even the
location right in the Heart of the City
on kite Beach next to um you know the
burgal Arab I'm very excited about this
I think is going to bring so much more
attention to Dubai uh from a real estate
perspective as well yeah that is exactly
why you will see a new type of buyer
coming in from there as well so they
will go for the premium high-end owns
because the people going to those
casinos they splashing a million dollars
a day in casinos so what kind of homes
do you think they would be looking for
yeah yeah true I think it will really uh
assist in taking the market further more
upwards and I do believe Dubai as a City
will continue to grow and I think this
will end our first segment of our
podcast which is more geared towards
Dubai as a city the investors and in the
next segment we will discuss sales
because I know I'm sitting in front of
one of the best salesmen in the world so
I'm sure there's a lot of agents that
are watching this that will want to be
stick around for this second segment
which is going to be geared more towards
sales sales strategies and a concept
that Dr Anand gets very excited about is
negotiating a good deal so stay tuned
and we'll catch you in the next podcast
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