< Previous10 AB Top 10 Architects Supplement, August 2023 DUBAI REAL ESTATE “Off-plan investments offer a distinct advantage by enabling inves- tors to allocate funds towards prop- erties still available at their original prices. The flexibility of payment plans mitigates the impact of high lending rates, ensuring greater adapt- ability in managing nances.” Managing Director of Coldwell Banker UAE, Ayman Youssef, agreed with Khurana’s sentiment. “Off-plan properties are more investor friendly owing to benefits such as price appreciation, exible payment plans, [and] attractive o ers from developers,” he told Arabian Business. “They can be booked at a reasonably lower initial cost compared to buying a completed property.” Exploring Dubai’s off-plan boom O -plan is becoming a very popular investment option for many in Dubai. In 2022, property sales in this segment experienced phenomenal growth, accounting for 55 percent of overall sales volume and 56 percent of total sales value. Dubai’s o -plan property market de ed the usual mid-year dip trend and recorded over 10,000 transac- tions last month, according to Prop- erty Finder, indicating that it is currently experiencing a boom. Around AED30.41bn in real estate transactions were recorded last month, marking the highest transac- tion volume and value for the month of June in a decade. O -plan proper- Off-plan property is becoming a very popular investment option for many in Dubai Kulwant Khurana , Off-Plan Manager at real estate agency Betterhomes arabianbusiness.com 11 DUBAI REAL ESTATE ties contributed over 41 percent of the total transaction value. The top 10 Dubai districts for off-plan buyers last month included: Dubai Marina, Palm Jumeirah, Dubai Harbour, Dubai Creek Harbour, Dubai Hills, Burj Khalifa, Jumeirah Lake Towers, Jumeirah Village Circle, Umm Suqeim Third and Dubai Design District. With exible payment plans, rela- tively lower prices, the promise of higher returns, and the opportunity to customise the property to your liking, the o -plan property market in Dubai has garnered enduring favour among residents and investors alike. But potential buyers need to do their research before committing to such an investment. “Buying off-plan allows you to purchase a property at a lower price compared to completed units and as Dubai continues to develop and expand, there is potential for the value of o -plan properties to appreciate by the time of completion,” said Khurana. “However, it’s important to research the location, demand, and market trends to assess the potential for capital appreciation.” Simon Quinton, O -plan Manager, Residential Brokerage, at Colliers in the Middle East told Arabian Business that o -plan is “an excellent option” for expats in Dubai. “Many expats recognise the areas of development within the region and can readily identify the emerging growth areas that align with the UAE govern- ment’s plans and proposals, such as the Dubai 2040 Urban Master Plan, which offer fantastic off-plan investment opportunities,” Quinton said. He added that many of the new developments and communities being introduced in the emirate “align closely with the elevated expectations” of potential clients in terms of quality and services. The latest gures from Dubai Land Department further validate Dubai’s status as one of the world’s leading real estate investment destinations Real estate is a complex product that serves as both a home for families and an investment 12 AB Top 10 Architects Supplement, August 2023 DUBAI REAL ESTATE “They outshine many of the current o erings in both older prop- erties [and] communities, and enable the clients to take advantage of better build quality, and modern designs and nished, along with some fantastic payment options and returns on investments.” Risk assessment Though buying o -plan may seem like a lucrative investment opportunity, it does not come without its risks. People looking to invest in an o -plan property need to evaluate the reputation and track record of the real estate developer, said Khurana, to ensure that the project is more likely to be completed on time and at a good quality. Knowing the develop- er’s history can help mitigate the risks associated with delays, project cancellations, or substandard construction. “Real estate is a complex product that serves as both a home for families and an investment,” he said. Before buying a property, Khurana said that buyers should not only choose a reputable developer, but also evaluate the location, under- stand the payment plans and associ- ated costs, and review legal and contractual safeguards. In the rst half of 2023, the Dubai Land Department issued 4,416 real estate licenses, re ecting increasing demand for licenses for various real estate activities Ayman Youssef, Managing Director of Coldwell Banker UAEarabianbusiness.com 13 DUBAI REAL ESTATE When is a good time to invest? “Market uctuations also pose a risk, as the value of the o -plan property may decrease by the time it is completed, therefore, buyers must be aware of the potential for changes in market conditions and assess the long-term prospects of the property,” said Quinton. Given the current global economic climate and a peak price boom in Dubai’s property market, identifying the opportune moment for real estate investments can be particularly chal- lenging. Buyers need to cultivate a more comprehensive understanding of some key market factors to make the right decisions. “Finalising on an ideal real estate investment plan would vary from person to person based on factors such as immediate cash ow, purpose of purchase, occupancy plan, and more,” said Youssef. Cash buyers or those who already have access to a mortgage and are looking to purchase a property to live in and move immediately, should consider other options, he said. Instead of buying o -plan, they should invest in a resale property to better suit their needs and help them save on the rent they would pay if they were waiting for an o -plan property to be completed. “On the other hand, if you’re an investor and want to manage your cash ow, you can opt for an o -plan property with an upside potential.” He emphasised the importance of benchmarking against resale units to gauge purchasing potential, calculat- ing potential rental income for similar units, understanding ownership costs such as service charges, and thor- oughly researching the demand and supply patterns of upcoming commu- nities to ensure a financially viable investment in o -plan properties. But when the market is “over- heated” or if it is a “speculative market” then it may be too risky to buy o -plan. “It is important to consider the overall real estate market conditions and demand in Dubai. Assess the supply and demand dynamics for the type of property you’re interested in, as well as the rental market potential if you plan to generate rental income,” said Khurana. “Analyse market trends, economic indicators, and future development plans to gauge the long-term pros- pects of your investment.” “Despite the inherent risks, investing in off-plan properties remains a lucrative option with the potential for attractive returns,” said Quinton. “If the right steps are taken, informed investors can traverse the market and unlock pro table opportunities.” Buyers need to cultivate a more comprehensive understanding of some key market factors to make the right decisions 55% The rise in real estate licenses in Dubai in the rst half of 2022 Despite the inherent risks, investing in o - plan properties remains a lucrative option with the potential for attractive returns 14 AB Top 10 Architects Supplement, August 2023 U A E CASINO Dubai real estate faces rival market as RAK gears up to launch legal gaming Building on the anticipation for the opening of the world’s largest and UAE’s rst legal casino in 2027, Ras Al Khaimah is boosting its real estate offer- ings to rival Dubai developers that were not previously present in the emirate. UAE casino sparks real estate interest With increased demand, economic growth, rising property prices and major infrastructure development, the presence of the world’s largest casino will not only transform the local real estate landscape, but also position the city as an exciting and lucrative property market in the UAE, Simon Quinton, O -plan Manager, Residential Brokerage, at Colliers MENA, told Arabian Business. “Ras Al Khaimah’s upcoming luxury casino resort, set to be the world’s largest and the UAE’s first legal casino, is propelling the emirate to premium destination status,” said Quinton. “The presence of this major attraction is expected to have a signif- icant impact on the local real estate market.” He added that it will attract a substantial in ux of tourists and visi- tors, driving up demand for real estate, particularly in residential properties, and becoming a more enticing market for buyers, investors and developers who are looking to capitalise on “expanding opportunities.” BY TALA MICHEL ISSA Ras Al Khaimah’s upcoming luxury casino resort, set to be the world’s largest, is propelling the emirate to premium destination status 1,500 The number of rooms at the Wynn Resorts to be built on Al Marjan Island in RAK REAL ESTATE The Emirate of Ras Al Khaimah is gearing up for the launch of the UAE’s rst legal casino in 2027 by boosting its real estate sector, with many new luxury properties and substantial projects to rival Dubai and attract more of the world’s wealthy. The 18,500sq m casino, set to be the world’s largest, will be launched as part of a luxury resort by Wynn Resorts, which will have 1,500 rooms on Al Marjan Island. Since the gaming industry announcement, there has been a spike in investment activity and increased market sentiment from reputable arabianbusiness.com 15 REAL ESTATE Ras Al Khaimah has been quietly transforming itself over the last 10 to 15 years as an alternative tourist hub to Dubai Faisal Durrani, Partner, Head of Middle East Research at Knight Frank “As the area gains popularity and experiences increased demand, prop- erty prices are projected to rise, bene- fiting both property owners and investors. Additionally, the casino’s development will spur infrastructure improvements, including transporta- tion links, amenities and public facil- ities, further enhancing the area’s appeal,” said Quinton. In an effort to up the ante, the emirate’s government recently estab- lished the Ras Al Khaimah Depart- ment of Entertainment and Gaming Regulation, a precursor to the announcement of the development of the region’s rst casino. News of the RAK’s debut on the gaming scene has unsurprisingly fuelled speculation about the opening of casinos elsewhere in the country. However, since Wynn’s announce- ment last year, no other casino plans have been unveiled. The pandemic gave the city’s domestic tourism a massive boost as Abu Dhabi and Dubai residents ocked to the emirate for staycations, hiking trips, and glamping experiences. Since then, it has steadily grown, attracting more visitors year after year. In 2022, it welcomed over 1.13m overnight arrivals, accounting for a 15.6 per cent increase from the year before, exceeding pre-pandemic levels, according to the Ras Al Khaimah Government Media O ce. Massive hospitality industry play- ers such as Intercontinental Hotels Group (IHG), Movenpick, and Radis- son brands entered the market for the rst time, marking a 17 per cent annual growth rate in hotel supply. But what most people don’t know is that RAK already began to embark on this development journey back in 2004, with an ambitious plan to turn the city into a world-class tourism destination. “Ras Al Khaimah has been quietly transforming itself over the last 10 to 15 years as an alternative tourist hub to Dubai and part of this plan involves the now under construction 1,500 room Wynn hotel and responsible gaming resort,” said Knight Frank’s The emirate’s real estate market has witnessed significant shifts in demand and preferences in 2023, according to Property Finder’s proprietary data which indicates that there is a growing demand for property ownership and changing tenant preferences geared towards villa rentals. The real estate platform told Arabian Business that the top areas searched by home seekers who are looking to own apartments include Al Hamra Village, which has seen a substantial surge of demand by 19.7 per cent in 2022 compared to 2021, and Al Marjan Island closely follows with an impressive increase of 20.5 per cent. Other sought-after areas included Mina Al Arab, Yasmin Village, Al Nakheel, Al Seer, Ras al Khaimah Gateway, Ras Al Khaimah Waterfront, Al Jazirah Al Hamra, and RAK FTZ. During the rst half of 2022 alone, the city’s land and properties sector registered a 45 per cent surge in trans- actions to AED4bn compared to the same period in 2021, hugely driven by the multimillion-dollar Wynn deal. Dubai’s property market on the other hand is experiencing a boom, with the latest data from the city’s Land Department indicating a total of AED179.4bn made in real estate sales transactions. “As Dubai’s real estate sector continues to evolve, it is demonstrat- ing characteristics of a mature market, with stable forecasted price growth, supply, and demand, re ec- tive of client preferences and reduced susceptibility to external fluctua- tions,” said Shehzad Jamal, Partner, Head of Strategy and Consulting, Real Estate, Healthcare and Education at Knight Frank. “World-class infrastructure, excellent connectivity and proactive government policies have caught the eyes of investors beyond the tradi- tional cohort from Europe, East Asia and Americas who have actioned real estate investments in the emirate, especially within the realm of luxury residential property.” Faisal Durrani, Partner, Head of Middle East Research. After conducting a survey to better understand high net-worth individu- als (HNWI)’s attitudes towards the emirate, Knight Frank found that 55 per cent said the impending launch of a gaming resort did not in uence their perceptions of the emirate as a place to invest and 30 per cent said it was even more attractive. “For those with a net worth of over $10m, this rises to 50 per cent and amongst East Asian HNWI, 60 per cent are more keen on Ras Al Khaimah as a property purchase destination directly as a result of Wynn’s develop- ment on Al Marjan Island,” said Durrani. “I think it’s fair to say that the fortunes of Ras Al Khaimah are de - nitely improving and the development of a widespread tourism and hospital- ity o ering is shifting its appeal as an investment location in the minds of the world’s wealthy.”16 AB Top 10 Architects Supplement, August 2023 JOSHU A KANE JOSHU A KANE 16 AB Top 10 Architects Supplement, August 2023arabianbusiness.com 17 JOSHU A KANE Passion for fashion British designer Joshua Kane offers a glimpse into the future of digital fashion BY LISA AMNEGARD Tell us a little more about how you were able to take your brand into the metaverse It all began with my passion for storytelling. Each of my runway shows revolve around characters and their journeys. So, I took this approach and expanded it into the digital realm. By using CGI films and video game design, I translated the fabric designs from my real tailored garments into formats compatible with the metaverse. And it all just elevated from there. I took all my intellectual property, including patterns of suits that I’ve designed for celebrities, and digitalised them for di erent medi- ums such as video games, NFTs, or any digital platform that may emerge in the future. What is the purpose of digital fashion? In my opinion, digital fashion still hasn’t found its purpose. Currently, digital garments are primarily being used in video games to dress avatars and they are also sold as NFTs. However, I believe we are still in the early stages of witnessing something signi cant, similar to the early days of the internet. But looking ahead, I think the future of digital fashion will take shape in a more lifelike manner. This could involve integrating digital fash- ion into augmented reality (AR) expe- riences, virtual reality (VR) environ- Although the metaverse isn’t new, the idea of wearing digi- tal fashion in these virtual spaces remains a puzzle for many. It’s like a contemporary rendition of “The Emperor’s New Clothes,” blur- ring the line between reality and illu- sion. Yet, this intangible realm is expected to become a booming market, reaching a staggering $4.8bn by 2031. It’s no wonder that industry insiders are eagerly focusing on this expanding frontier. Meet Joshua Kane, the London- based tailor who has been a pioneer in this space. From designing bespoke garments for A-list celebrities to costume designs for the Net ix series She-Hulk, he’s also a designer leading the way for virtual fashion in the metaverse. In an exclusive interview with Arabian Business, the celebrity designer discusses the intersection of fashion and the metaverse, o ering a glimpse into the future of the industry. What inspired you to design fashion for the metaverse? The concept of merging age-old tradi- tional tailoring techniques with the metaverse was a captivating idea for me. As a designer, I’m always seeking new outlets for self–expression and storytelling - the metaverse o ered a unique platform to bring my fashion designs to life in ways that were previ- ously unimaginable. As a designer, I’m always seeking new outlets for self–expression and storytelling - the metaverse o ered a unique platform to bring my fashion designs to life in ways that were previously unimaginable 18 AB Top 10 Architects Supplement, August 2023 JOSHU A KANE ments, or even yet-to-be-realised emerging technologies. The possibil- ities for innovation in this eld are endless, and there are countless avenues currently being explored and developed. In an industry that is evolving rapidly, how do you stay ahead of the curve? As a designer, it is essential for me to keep developing, creating, and preparing assets that are portable and usable for an ever–changing land- scape until the nal form exists. What I am currently doing is creating the technology for our digital tailoring and digital fashion assets for all the di erent versions of what that format could potentially be. Currently, my focus lies in creating customised digi- tal garments for video games. I am actively adapting my creations and embracing emerging technologies to stay ahead of the curve as this eld evolves. Do you see the metaverse impacting the future of fashion as a whole? I de nitely believe it will. Digital fash- ion will make a significant impact, although it may take di erent forms and unfold over time. In the distant future, its impact will be colossal. However, in the coming years, it may still be seen as something not fully understood or a passing trend. It will require time for people to truly grasp its potential. Creating fashion garments, whether digital or physical, requires knowledge of real–life construction, Kane says $5M The estimated net worth of British designer Joshua Kanearabianbusiness.com 19 JOSHU A KANE But I do anticipate there will be developments in digital fashion, and those who become early adopters of digital fashion will gain a substantial advantage in staying ahead of the game. In any case, I nd digital fashion to be exciting and innovative. Clothing design has remained relatively stag- nant for a period of time, and digital fashion opens up a brand new avenue for creativity. And I think it is really exciting. Tech and fashion are two very different mediums. What advan- tages can fashion designers bring to the metaverse? Creating fashion garments, whether digital or physical, requires knowledge of real–life construction. If you can’t put them together in real life, there is no way you can accurately portray them in the digital world. Digital artists can make digital art and capture form e ectively, but it’s not digital fashion. To understand how to replicate function, such as a three– dimensional structure that ts and is comfortable to wear is di cult, that is something that fashion designers understand. A digital model is never going to complain if it doesn’t feel good, the garment just has to look good. But when making fashion in real–life, there’s a science behind body language, movement, self-perception, and how a garment makes someone feel, that needs to be re ected in the digital form. This is not to undermine the skills of digital artists, who face their own challenges. However, there is a miss- ing connection between the emotional bond we have with clothes in the real world versus in the digital world. Fashion designers can also contribute to aspects such as making digital fabrics drape or ow like they do in real life. These are the possibil- ities that I am obsessed with learning. At the moment, we are looking at the rst “big drop” of digital fashion, but I would say in the next few years, we will be seeing digital fabrics look and behave in a completely di erent way. Clothing design has remained relatively stagnant for a period of time, and digital fashion opens up a brand new avenue for creativity, Kane believesNext >