By Beth McGuire
Known for its ultramodern architecture—including the world’s tallest building, the Burj Khalifa—and luxury lifestyle, Dubai has become the most populous city in the United Arab Emirates (UAE), a global destination and the business hub of the Middle East. All of this serves to make Dubai and its surrounding areas destinations for compelling real estate investments for buyers from around the world. In this exclusive interview, Dounia Fadi, CEO of Dubai’s MD Properties, sheds light on the challenges and opportunities in her market.
Real Estate magazine: First, how large is your firm, and what regions does it serve?
Dounia Fadi: MD Properties is a young real estate group with 20 highly experienced team members located in the UAE and Qatar; we’re headquartered in Dubai. Not only does MD Properties have a rapidly growing business that caters to our regional client needs across the full spectrum of real estate assets, but we also maintain a global footprint, servicing clients through our associate offices and our network of associated REALTORS® in several key markets, including Europe and Asia Pacific.
RE: What is your housing market like?
DF: The UAE housing market, having an eventful history, has gone through a lot of changes in the past few years. Dubai, specifically, has won the hearts and minds of those who aspire for a safe, clean, progressive and well-balanced lifestyle. In recent times, Dubai has made its mark as a preferred global destination to live and work. Overall, the Dubai housing market is a healthy, balanced market; pricing and control are dynamic, relative to many variants, swinging between a buyer’s and seller’s market. The market has a robust infrastructure to support it for the long term.
RE: What is the average sales price and days on market?
DF: That all depends on the area, development, views and the like. You can find a price differential of up to 20 percent within the same building for different units depending on the floor, view, access, parking spot, etc. Some areas and developments sell within a week; others take up to two months or more.
RE: You mentioned your market’s eventful history. Please elaborate.
DF: From the dramatic rise of per-square-foot pricing our market experienced from 2004 to 2008, to the market crash due to the global financial crisis, followed by an upcycle, then a Russian ruble crash, an oil glut pushing oil prices down, and so forth, many factors have impacted real estate pricing and supply and demand in the UAE.
RE: What are the various types of properties available in your market, and which is most popular?
DF: Our market has residential, commercial, industrial and hospitality offerings. Out of all these, residential properties are the most popular.
RE: How prevalent is new construction/development in your market, and how is it affecting your business?
DF: New developments are launched regularly in our market, making the UAE and Dubai specifically a very exciting place to do business. The launch or completion of new developments has a positive impact on our business. There’s always a new buzz in …read more
From:: Real Estate News