Ahmed Al Suwaidi, Managing Director of Dubai Holding Asset Management – Residential Communities, discusses his outlook for the residential market in 2024.
1. What Is Your Outlook on Dubai’s Property Market in 2024?
Dubai’s property market registered robust growth in 2023, drawing attention from domestic and international investors. Dubai’s dynamic business ecosystem continues to spur cross-sector growth, attracting new talent, entrepreneurs, and investors.
Moreover, various factors, including tourism, economic expansion, government initiatives, and global market trends, will play crucial roles in shaping the outlook of the property market in 2024.
In addition, the current indicators point towards continued resilience and growth, especially as supply is challenged by demand from the influx of new residents.
However, according to Reidin (a portal that provides accurate and credible data on residential and commercial real estate) and JLL (a global property consultancy company), more than 80,000 new units are under construction this year between Dubai and Abu Dhabi alone, which may help in tempering prices.
While luxury developments in Dubai continue to gain traction, especially as new branded projects emerge across the city, it is also important to ensure an adequate supply of high-quality housing catering to various budgets.
2. What Are DAM’s Priorities in the Coming Year?
As we enter 2024, Dubai Asset Management (DAM) will continue strengthening its portfolio and assets to enhance resident happiness and drive retention. At the ennd of 2023, we have recorded strong retention and occupancy across all 15 of our residential communities, and we hope to maintain that momentum.
This includes investing in community enhancement projects, which carry on from last year, Also having strategic partnerships with reputable public and private organisations to provide our residents with the best level of experiences, services, and amenities.
We wrapped up last year having signed a partnership with BEEAH Tandeef for sustainable waste management for over 100,000 residents and have more in the pipeline.
Moreover, we aim to further integrate sustainability into our portfolio and drive community engagement to enhance resident’s overall living experience.
3. What Are the Challenges You Foresee in the Residential Leasing Market?
The residential leasing market in Dubai remains robust due to a fast-growing population, an inflow of foreign funds, and a sustained demand for housing.
To capitalise on this, we have outlined a 7-year plan for development to expand our portfolio of 15 strategically located residential communities; they are home to families, young couples, and corporate clients alike.
The plan also considers
- Inevitable external challenges, such as potential economic fluctuations and evolving tenant preferences, so we can approach the future with an agile, solution-driven mindset.
- Technology is also transforming the world, the property sector included, and it’s on us as market leaders to leverage innovations and drive our own.
I would say these aren’t challenges as much as opportunities for us to get creative in enhancing Dubai’s liveability and meeting our residents’ needs.
4. How Do You See the Evolution of the Resident’s Preferences This Year?
Residents increasingly value quality living experiences beyond the unit, encompassing a sense of belonging, access to green spaces and wellness amenities, and proximity to key lifestyle destinations.
We proactively seek feedback and measure their living experience through regular surveys; we invest accordingly in community enhancements that uplift their overall living experience.
For example, last year, we updated our landscaped areas and added new sporting facilities to enable active living; moreover, we hosted a range of events to emphasise that living in our homes is not just about the physical house but an overarching community experience.
5. What Are the Three Things All Community Operators Should Prioritise in 2024?
In this context, Ahmed Al Suwaidi said “There are important points that all community operators should prioritise in 2024 like:
- Embracing ESG. In an era where increasing residents are becoming sustainability-conscious and actively seeking communities that share their commitment to environmental and social responsibility, community managers should authentically and measurably embrace ESG.
This is in order to demonstrate their commitment to these values, aligning with global sustainability goals post-COP28 and the UAE’s wider sustainability agenda.
- Pricing. Strategically pricing your units is essential for long-term satisfaction. DAM aims to provide quality housing to a diverse spectrum of residents and budgets.
Brands must identify their target market and use data to make informed decisions to adjust pricing with market performance and audience needs.
- Committing to Improvements. Lastly, a steadfast commitment to continuous improvements, be it through technological advancements or community enhancements, is essential for building lasting community satisfaction and engagement.
In our case, the DubaiAM Life app helps enhance the convenience of residents, simplify day-to-day interactions, and make a more digitally enabled community.
By prioritising ESG efforts, fair pricing, and continual improvements, community operators can establish a resilient foundation for sustainable and thriving communities.”
6. What Is the Sign of a Great Community from Your Point of View?
A strong indicator of a great residential community is a pervasive and palpable sense of belonging amongst its residents.
This connection goes beyond physical infrastructure, shaping a community where individuals feel connected, safe, and truly at home. This sense of belonging is the bedrock upon which a thriving residential community stands.
In addition, this also requires that community managers and operators are well connected to their residents and actively address the needs of their community, creating a place where people genuinely want to live and raise families long-term.
7. How Important Is Community Engagement to the Resident Experience?
Facilitating community events, such as cultural celebrations, community gatherings, and educational workshops, is important in shaping resident experiences.
By promoting resident interaction, we nurture a crucial sense of belonging, encourage social engagement, and foster collaboration, strengthening the overall connectivity of community members.
Additionally, in 2023, DAM hosted 75 on-ground events and activations to promote resident engagement and happiness. This helped residents across our communities engage with their neighbours, making for a more fulfilling living experience and allowing us to demonstrate our values as an organisation.
Ahmed Al Suwaidi
Managing Director, Residential Communities – Dubai Holding Asset Management
Ahmed Al Suwaidi brings over 15 years of experience to his role and has been instrumental in enriching Dubai’s housing landscape and enhancing its appeal as a global destination to live and work. He is at the helm of Dubai Asset Management, the residential leasing arm of Dubai Holding Asset Management (DHAM), which manages a portfolio of 15 strategically located residential communities across 25,000 units that provide ideal solutions for individuals, families and corporate clients.
