Kasun Illankoon spoke to Husni Al Bayari, CEO & founder of D&B properties, on his thoughts on the real estate industry in Dubai
Vision 2020
“The future of the real estate market in Dubai is very bright due to the leadership shown in the UAE. Dubai probably has one of the best infrastructures in the world, with aspirations to always be the best, and we want to proportionally advance as a company along with the emirate’s ambitions. Since D&B’s inception in mid-2015, we have grown organically and successfully to become a serious market player and contender by building a fantastic team built upon professional family ethics that we look forward to continuously nurture.
Dubai’s real estate market comes down to basic economics relating to supply and demand. At this stage, though the supply is slightly higher than the demand, I am confident that the government is putting the right policies and regulations in place to increase demand, which will subsequently lead to a healthy recovery of the real estate sector in this great city”.
Property Market
“The real estate market in Dubai has continued to grow over the years, establishing itself as one of the world’s most exciting markets. The luxury sector is also consistently getting better, and investors from around the world are considering adding Dubai to their property portfolio.
There will always be a significant demand for luxury in this part of the world. However, over the past couple of years, though developers have built master communities, supplying the market with a large number of units, not all of them can be considered high-end luxury goods.
This, combined with where we are priced at in terms of price per square foot compared to many metropolitan cities around the world, will create a formula that will be extremely attractive for people of all lifestyles and mid-income earners who also aspire to own high-end luxury products.
For all Dubai’s dynamic culture, robust security, and incredible lifestyle, the popularity of its real estate market only started 20 years ago, and over this short time, the emirate has established itself as a significant player on the global stage”.
COVID-19’s Impact
“Yes, sales have been affected, and the market has naturally slowed down as a result. However, we have seen a considerable increase in demand from people wanting to buy and rent properties all over the city; the sales and leasing teams have not seen this amount of demand for a long time.
We utilized the most advanced technology to communicate and motivate everyone within the company as well as increased our marketing budget, lead generation, and incentives to instill every agent with the inspiration to keep moving and closing deals”.
Adapting to change
“We were able to adapt by employing the best processes, making more calls than ever, and working with Dubai Land Department to complete transactions virtually and securely. We believe that Dubai is fully prepared to cope with COVID-19 just as it recovered from the last global recession in 2008.
From a brokers’ perspective, the majority of the technology that we use helps us increase our reach to customers interested in this part of the world and improve our internal efficiency operationally.
Technology plays an integral role in transferring and registering properties quicker and more efficiently. The constant improvement of these technologies and processes will have a direct impact on the quality of service that the government provides”.
