Ahmed Al Suwaidi, Managing Director of Residential Communities at Dubai Holding Asset Management, talks about Dubai’s real estate market and what new residents are prioritizing.
1. Starting with the Bigger Picture, How Is the UAE’s Residential Real Estate
Sector Performing in 2023?
Dubai has witnessed unprecedented demand for residential real estate in the past two years, demonstrating accelerated recovery across buying and rental categories.
According to JLL, rental gains across residential assets show double-digit positive trends in 2023. As droves of new residents continue to choose Dubai as a place to live and work, we can expect this momentum to persist.
In addition, Dubai Holding Asset Management’s residential leasing portfolio reflects the patterns in the wider market. We’re at full to near-full capacity across all 15 assets, from premium communities like Layan, City Walk and Bluewaters to family communities at Ghoroob, Shorooq, and Bayti.
2. What Are the Factors That Stimulate Such Heightened Activity in Dubai’s Residential Real Estate Market?
The main factor is Dubai’s thriving non-oil economy. The UAE government’s concentrated efforts for economic diversification, through Dubai Economic Agenda ‘D33’ and We the UAE 2031, stimulate robust cross-sector activity and secure economic resilience.
In addition, foreign businesses, investors, and professionals see industries and opportunities boom locally and regionally, and – thanks to its unparalleled quality of life – are making Dubai their choice of place to live and work.
3. In Your Role at Dubai Asset Management, Which Are the Features or Amenities That the Renters Prioritize When Choosing Their New Home?
The past couple of years have seen a sizeable shift in a prospective renter’s list of demands. Budget constraints continue to guide decision-making. However, people are willing to pay a little more for space, comfort and convenience.
Though villa rentals are booming across the board, apartments are still keeping pace in our portfolio.
Location and accessibility also fall under the convenience umbrella. People are more time-conscious and want seamless access to key amenities, especially as sustainable urban planning moves towards microcities – or cities within cities.
Assets like Bluewaters and City Walk, for example, are highly popular among those who prefer to be in close proximity to vibrant retail, dining, and entertainment outlets.
Moreover, properties like Ghoroob, Ghroob Square, and Shorooq in Mirdif or Bayti Villas in Al Barsha provide residents convenient access to major malls, schools, and healthcare facilities.
Nevertheless, many of our communities have specially curated retail centres that bring groceries, daily services, clinics, and nurseries within the community. This is in addition to several sports facilities to enable active living.
4. How Are You Adapting to the Resident’s Requirements?
As a key player in Dubai’s residential leasing market, Dubai Holding Asset Management is closely aligned with the Dubai 2040 Urban Master Plan; it paves a roadmap for Dubai’s sustainable and inclusive urban development which contributes to the resident’s happiness.
Additionally, we work to ensure all our efforts match the great ambitions set by the UAE’s leadership while ensuring our residents remain at the heart of our plans.
We regularly invest in community enhancement projects across our assets, including new electric vehicle charging stations in Ghoroob to satisfy sustainability-conscious residents.
This is in addition to the continuous developments to sports courts, children’s play areas, and dog parks to ensure greater physical activity.
Moreover, we also update our DubaiAM Life app with new features and capabilities to ensure convenience in a digitally-driven world. We introduced digital rent payments over three years ago, well before it became a norm.
5. Are High-quality Units and Strategic Locations Enough to Attract or Retain Residents?
Preferences have evolved significantly to extend beyond physical amenities and units. Residents’ values have reorientated to encapsulate emotional or intangible demands like belonging, wellness, and connections with neighbors.
In addition, nature and greenery reduce stress and enhance the quality of spaces, so we continue to invest in landscaping projects in common areas.
It’s simple to say that what defines a residential community is a shared, gated address. Common spaces where neighbours can interact and engage, like football courts and playgrounds, inject life and vibrancy into the neighbourhood.
Dubai Holding Asset Management also organised a year-round calendar of events that celebrate different cultural holidays, from Diwali to Chinese New Year and Eid. It also hosts family-friendly activities so residents can come together over shared experiences.
6. What Do You See in the Future of the UAE’s Residential Leasing Market?
Long-term economic roadmaps like D33 will continue to attract new talent and investment, sustaining healthy activity in the residential real estate market.
Dubai’s enhanced visa categories, which now offer long-term and retirement residency options, enable people to lay their roots here. This will continue to support and strengthen the residential real estate market.
While analysts like CBRE expect rental prices to decrease in the coming months, the demand for high-quality residential housing remains high.
Besides, on our side, we will continue to offer new and existing residents access to a diverse range of housing options that fit their needs and budgets; this is to provide them with enhanced living experiences.
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.
