In your view as a market authority, is now the right time for HNWIs to invest in Dubai’s luxury property market? What are the options Ax Capital has on tap?
Dubai’s proposition is unparalleled despite global macro-economic conditions and geopolitical turbulences which is underpinned by its wise leadership.
The impact of events has propelled the entirety of the real estate market given the volume of transactions recorded week on week or even when compared year on year post-pandemic and the re-opening of the skies.
The luxury segment, present today for buyers remains undersupplied especially the ready-to-move-in segment which is highly sought for. Despite the primary market’s new project announcements in the luxury segment, the sales trajectory will continue in an unprecedented momentum for the last quarter of the year.
Population has been on the rise, which is reflective of rental increase and that the UAE is set to attract the highest number of UHNWIs for 2022, who in turn require such luxury residences that are either spacious penthouses or larger units if it is within the apartment segment, as well as standalone villas with an appealing lifestyle offering.
Having said this, luxury remains lucrative given that it’s the ideal time to buy as it is underpriced when compared to other key cities on the global landscape, such as, London, Paris, New York, Monaco and Hong Kong. Ax Capital’s reach to an audience with an appeal for luxury is entrenched within the CIS countries, Europe and Americas, hence, our engagement with leading developers where luxury is at the forefront of their offering is paramount. Today, projects from Dubai Marina, Palm Jumeirah, Business Bay and the Jumeirah coastline are districts we cover as our market share continues to grow.
Which are the big off-plan properties that Ax Capital is excited about?
There are a great number of projects which excite us across the city; nevertheless, we have been awarded several sales mandates from developers that require our approach as Master Agent to sell in their residential projects located at Dubai Marina, Sheikh Zayed Road, and Al Jaddaf (Culture Village). We are thrilled to be preparing the marketing material and product positioning needed with the leadership team.
In your eyes as the head of a leading real estate brand, how challenging is it to come up with unique property solutions for your clients in the UAE, and how is Ax Capital meeting this demand?
Ax Capital has been working tirelessly behind the scenes on a new product that is going to enhance the purchasing journey for different customer types with a keen interest to purchase in Dubai. This technological tool will assist buyers on making an informed decision based on a set of algorithms and behaviours supported by real time data. Currently, our core challenge is limited to supply of luxury residences now.
Brand partnerships is the new catch phrase for UAE real estate. In this regard please shed some light on your recent agreement with Continental Investments and what this entails for your clients and for Ax Capital.
The recent agreement between Ax Capital and Continental Investments will encompass a variety of residential real estate projects that are bound to be launched over the next six months in different waterfront locations. Our customer reach coupled with their real estate development know-how is a testament to our commitment of placemaking in Dubai’s real estate sector and signifying a new benchmark for affordable quality residences.
For Ax Capital, this will entail prioritising asset value for our investors in terms of return on investment and/or capital appreciation which is a quintessential metric that will enhance our customer base experience, instilling trust in the business along with our 300+ advisors. Our purpose is not to only sell the projects, but also to offer clients long lasting services that include, rental, disposition of the asset based on an educated exit strategy and property management.
Dubai has been a rapidly growing market with tremendous appetite for innovative projects. What are the future trends you predict for real estate and property development here in the next 10 years?
As the city continues to expand faster, transportation and innovative solutions are pivotal with such a fast-paced lifestyle environment. The means of transportation available needs to progress in par with new communities. This brings value and desirability among buyers to live further away from the congestion witnessed in central locations.
Technology and how it’s used in our industry will also evolve where AI becomes an integral part of an agency to identify, capture and engage with clients on the look out for property and where buyers and/or sellers will be able to utilise it for better sales outcome or purchase.
Moreover, augmented reality advancement will provide better experiences for those house buyers as it develops to provide an experience as good as a tangible encounter. Most importantly, blockchain for transacting on real estate will be in place whereby I believe a live transaction for transfer of ownership would be concluded in less then a minute.
We also believe that lifestyle offering in residential real estate that will include more services for the ease of convenience across the mid to luxury markets will be taken into consideration as the way we work, live and entertained as Millennials and Generation Z continues to change.
