How does Imtiaz Developments ensure providing unique, premium and affordable properties through each of its real estate projects?
As a prominent boutique developer, our primary objective is to place emphasis on creating unique residential complexes that are accessible to a wide range of clients across all our projects. We accomplish this by meticulously selecting prime and highly desirable locations, which enhance the overall living experience by ensuring convenience and proximity to essential amenities such as schools, hospitals, public transportation, and retail centres.
Furthermore, we prioritise innovative design and an unwavering commitment to quality, solidifying our position as a distinguished premium developer in Dubai.
As a major player in the sector, mark some of the chief trends you perceive will rule the real estate market in the next couple of years in the UAE and region.
Dubai’s rising population and flourishing tourism industry have generated a significant demand for residential complexes. Investors are attracted to Dubai due to its infrastructure advancements, strategic location, and recent government reforms, such as the 2040 vision of Urban Master Plan aimed at reinforcing Dubai’s status as a significant regional hub, offering both a high quality of life and economic influence. The plan is designed to strengthen Dubai’s position as a top priority for expatriates worldwide. According to a CBRE article, the primary objectives of this plan are infrastructure development, talent pool development, and attraction.
By improving infrastructure and integrating new technologies, the city can support future business needs and create opportunities for innovative business models. These developments are expected to enhance Dubai’s attractiveness as a place to live, work, and engage in leisure activities.
What are the main factors influencing the sale of affordable properties in Dubai, and how is Imtiaz Developments playing to this?
In Dubai’s dynamic real estate landscape, this is influenced by several critical factors, like government initiatives to provide Golden Visa for investors and property owners, tax reforms for investors and businesses, economic variables such as growing job opportunities in the region, and retirement visas; as per CBRE report; the new option will stimulate home ownership demand nationwide, impacting residents’ behaviours and real estate buying choices. The UAE may increasingly be viewed as an attractive retirement spot, demanding enhanced quality of life and services tailored for this demographic.
Previously deserted areas like JVC, Al-Furjan, Arjan, Palm Jebel Ali, Dubai South and Dubai Islands and Expo 2020 have become investor hotspots due to prime location, high returns, metro extensions, and rapid infrastructure development.
Imtiaz Developments is actively navigating these market dynamics, consistently ensuring that our projects align with the market’s evolving needs and remain accessible to a broad spectrum of potential buyers.
What are the main challenges you foresee stifling market growth for the real estate sector in Dubai? For instance, is the limited supply of properties affecting demand?
Dubai is currently experiencing a surge in population, coupled with an influx of European property investors. As a result, there has been a housing shortage and increased rental prices. The city’s growing appeal has led to a rapid sell-out of newly available properties, and the high costs associated with moving have discouraged current tenants and owners from relocating. Consequently, there is a noticeable shortfall in the property market, with demand surpassing supply. Given the high population and limited availability, finding suitable housing options is increasingly challenging for potential tenants and buyers.
Unless there is a substantial acceleration in property construction and handovers, this supply shortage will persist, especially considering Dubai’s vision of accommodating 6.5 million residents by 2040. New investors acquire properties as soon as they become available, with significant shares from British, Russian, and Indian buyers.
An important aspect of this scarcity stems from house hunters focusing their search on popular areas with low inventory, such as Barsha Heights, Al-Furjan, Jumeirah Village Circle (JVC), the Springs, and Jumeirah Village Triangle (JVT).
According to real estate consultancy Knight Frank, Dubai’s current population of 3.5 million could reach 6 million by 2033, in line with Dubai Economic Agenda D33’s goal of doubling GDP. Looking ahead, the Dubai Urban Master Plan 2040 envisions a population of 7.8 million, indicating the need for strategic property development to meet this burgeoning demand.
Please elaborate on some of the major property developments that Imtiaz Developments is currently working on or has planned over the next couple of years.
We are engaged in several significant property ventures, demonstrating our commitment to innovation and quality. In the vibrant area of JVC, we have recently launched multiple boutique projects. We are actively working on five distinct projects, each tailored to meet the needs and preferences of our clientele.
Additionally, a notable achievement on the horizon is the upcoming handover of Westwood by Imtiaz in Al-Furjan, scheduled for handover next month. This endeavour represents our dedication to deliver quality, innovation, elegance and convenience. We continuously strive to elevate the standards of real estate in Dubai through these ventures.
What are your expansion plans for Imtiaz Developments over the next five years?
We have mapped out our expansion plans for the next five years by focusing on becoming a master developer for communities.
Our strategic objective involves substantial growth by achieving a revenue milestone exceeding $10 billion. We are committed to scaling our operations and projects, leveraging our expertise to elevate the real estate landscape in target markets. By establishing ourselves as master developers, we aim to shape and create integrated, sustainable communities, reflecting our dedication towards holistic urban development.
As the CEO of a cherished made-in-UAE brand, what legacy do you hope to leave behind for your staff, loyal customers and value partners?
With a decade-long experience and a robust foothold in the real estate development industry, I envision a legacy of exemplary leadership for my company and employees to ensure Imtiaz developments remain ahead of the curve through cutting-edge ideas and technology to deliver premium quality and excellence in all our future projects. Focusing on long-term value creation will guide our strategic decisions, ensuring our legacy endures and enriches future generations.
Above all, a legacy built on trust, integrity, and transparency will be the cornerstone of our journey, fostering lasting relationships and cementing our place in the real estate industry.