We are pleased to introduce The Edition 2024: the latest JamesEdition magazine issue that guides you to the top destinations for luxury real estate.
For this issue, JamesEdition spoke with Firas Al Msaddi, CEO of fäm Properties, Dubai. The emirate’s real estate market has experienced significant growth over the past year, driven by its appeal as a global safe haven. Key trends shaping the market include a focus on sustainability, increased demand for affordable and luxury properties, and a rise in smart home technologies. Looking ahead, Dubai’s real estate sector shows strong adaptability and growth potential.
Q&A Highlights
How has the local real estate market changed in the past year, and what trends do you foresee shaping the market in the upcoming year
Over the past year, Dubai’s real estate has thrived, leveraging its status as a global safe haven. Key growth indicators include a rising population, more tourists, and GDP growth. Looking into 2024, the market is shaped by trends like sustainability, with an increase in green properties; affordable housing, through government and developer initiatives; continued interest in luxury real estate; the lasting impact of Expo 2020 fostering further development; the rise of smart homes enhancing living quality; and a focus on wellness- centric communities for healthier lifestyles. Regulatory efforts are also in place to maintain market transparency and investor confidence. These trends highlight Dubai’s dynamic real estate sector’s adaptability and growth potential.
Burj Khalifa, Dubai, UAE
With sustainability becoming increasingly important, are you seeing a rise in demand for eco-friendly or energyefficient homes? If so, what are some examples of features that buyers are particularly interested in?
Yes, there’s a notable rise in demand for eco-friendly and energy-efficient homes in Dubai, fuelled by increasing environmental awareness and COP28. Developers are integrating sustainable features into their projects, such as solar panels, green roofs, rainwater harvesting systems, and energy- efficient HVAC systems. These features, along with green building certifications, are becoming standard inclusions to reduce carbon footprints and operational costs.
In response to the global push for sustainability, the UAE has been proactive in adopting green building standards since 2007. Initiatives in Abu Dhabi and the Green Building Regulations and Specifications in Dubai mandate environment- friendly practices for all new buildings. These efforts are part of a broader strategy to promote sustainable development, aligning with the UAE Vision 2021, the Dubai Integrated Energy Strategy, and the UAE Energy Plan for 2050.
Additionally, the demand for homes with sustainable features reflects a global trend towards environmental, social, and governance factors. Buyers are increasingly focused on sustainability, seeking homes that align with ESG targets, prioritize energy efficiency, and offer green spaces and good air quality.
Developers are integrating sustainable features into their projects, such as solar panels, green roofs, rainwater harvesting systems, and energy-efficient HVAC systems.
Are there any demographic shifts you’ve noticed in recent buyer profiles, such as an increase in first-time homebuyers or a surge in downsizing retirees?
In Dubai, there’s a noticeable surge in first-time homebuyers, driven by rising rents and high demand, with most entering the market at entry-level prices around Dh3 million. This demographic shift is significantly contributing to the demand for apartments and small townhouses in suburban locations. Additionally, with many new projects and off-plan developments set for handover in 2024, a broader range of property options is becoming available.
Can you tell me about any innovative technologies or tools fam Properties utilizes to streamline the buying or selling process for clients?
DXBinteract, launched by fäm Properties, is revolutionizing Dubai’s real estate landscape by offering a comprehensive tool for data-driven investment decisions. Collaborating with the Dubai Land Department, the platform provides invaluable insights, including actual property sale prices, geographical insights through an Interactive Investment Map, in-depth area analysis, and buyer demographics. This initiative underscores fäm Properties’ commitment to transparency, aiding investors in identifying valuable market trends, ensuring investments are made at their right value, and offering assistance every step of the way.
How does your agency approach client communication and support throughout the buying or selling journey, and what feedback have you received from clients about this approach?
fäm Properties and its branches across different regions focus on offering a comprehensive suite of real estate services tailored to meet the varied needs of their clients. By integrating advanced technologies like DXBinteract for enhanced market analysis and decision-making, along with deep local market expertise, they facilitate smoother transactions. Their approach includes personalized consultations, detailed property evaluations, legal and financial advisory, and after-sale support, ensuring clients receive significant added value throughout their real estate journey.
Are there any specialized services or niche markets that your agency caters to, providing a tailored experience for specific types of buyers or sellers?
We pride ourselves on being a leading real estate firm in Dubai, offering a wide array of top-tier services. From luxury residential properties to commercial investments, our expert team delivers unparalleled market insights and personalized solutions. Distinguished by our innovative approach, we stand out in a competitive market, providing property management, interior design, mortgage assistance, and more.
fam Properties is excited to introduce fäm Luxe, our new luxury division tailored to high-end clients and properties. This specialized segment is dedicated to offering exceptional real estate options in Dubai’s most prestigious areas, ensuring that discerning buyers and sellers receive the utmost in quality, exclusivity, and personalized service. With fäm Luxe, we’re elevating the standard for luxury real estate, affirming our position as the leading choice for those seeking the very best.
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For more insights on luxury real estate trends and this season’s hotspots, download The Edition 2024
