< PreviousSUSTAINABLE SPACES 70SEPTEMBER 2024 Sustainable City? How have you overcome these challenges? Spanning 7.2 million square feet in Sharjah’s Al Rahmaniyah area, the development features 1,250 villas designed with sustainability at their core. Each villa, ranging from three to fi ve bedrooms, is a smart home boasting rooftop solar panels. These villas combine high-quality living standards with minimal impact on the natural environment, refl ecting a holistic approach to eco-friendly design and construction. And while the entire development was constructed and designed based on a masterplan developed after extensive research, which included studying the local weather conditions and social factors, being a fi rst-of-its-kind project we faced some unique challenges. For example, we had to build and scale partnerships with both the public and private sectors to foster cooperation and collaboration. Additionally, the challenges of constructing high-quality infrastructure while considering environmental impact, selecting a competent team of consultants and contractors, and meeting project deadlines were signifi cant. Overcoming obstacles such as public acceptance, conveying project benefi ts, and educating new residents about the initiative were also key challenges. However, through the eff orts of our team and the guidance of our leadership, we successfully overcame these challenges. What lessons have you learnt from the development process that can be applied to future projects? During the course of this project, it became evident to all of us that eff ective collaboration between the public and private sectors is vital for success. Additionally, the integration of top-notch infrastructure with environmental concerns is crucial. It is essential to establish a skilled team of consultants and contractors to uphold effi ciency and professionalism. Educating and involving the public in the benefi ts of sustainable living, on both an individual and community level, is pivotal for gaining support. Moreover, detailed planning and strong leadership are essential for projects to reach their objectives. Spanning 7.2 million square feet in Sharjah’s Al Rahmaniyah area, the development features 1,250 villas designed with sustainability at their core” Left: The project promotes local farming Right: SSC off ers various sports and wellness facilities, including a swimming pool; Vertical farms that produce chemical- free leafy greens and vegetables CWPME_Sep2024_66-71_Sustainable Spaces_13370585.indd 70CWPME_Sep2024_66-71_Sustainable Spaces_13370585.indd 7026/08/2024 14:5626/08/2024 14:56SUSTAINABLE SPACES 71SEPTEMBER 2024 What are the economic benefi ts of living in Sharjah Sustainable City for its residents? Sharjah Sustainable City off ers several economic benefi ts for its residents. The city is designed for maximum cost and energy effi ciency, providing residents with zero service fees for the fi rst fi ve years after purchase. Each villa is a smart home equipped with rooftop solar panels and energy-effi cient appliances, which can reduce utility bills by up to 50%. Additionally, villa prices are competitive, with fl exible payment plans available. Beyond fi nancial savings, the city’s focus on wellness contributes to improved health, potentially reducing healthcare costs over time. What advice would you give to other developers looking to create similar sustainable communities? The advice would be to focus not only on the development itself but also on its broader impact. A successful sustainable community should elevate its surrounding area and contribute positively to the larger region. For instance, Sharjah Sustainable City has signifi cantly enhanced the profi le of Al Rahmaniyah and has become a prominent landmark in Sharjah, driving growth and development in the emirate. Additionally, by fostering a culture of sustainability, residents have become change-makers, inspiring others to adopt eco-friendly practices. This approach is crucial as we face increasing climate- related challenges, and creating a community that leads by example can amplify its positive eff ects. CWPME_Sep2024_66-71_Sustainable Spaces_13370585.indd 71CWPME_Sep2024_66-71_Sustainable Spaces_13370585.indd 7126/08/2024 14:5726/08/2024 14:5772SEPTEMBER 202472 BROKER BRILLIANCE Peeling back the layers of the property market to reveal the expertise, strategy, and dedication of the professionals who make dreams come true SEPTEMBER 2024 CWPME_Sep2024_72-73_Broker Brilliance Opener_13364526.indd 72CWPME_Sep2024_72-73_Broker Brilliance Opener_13364526.indd 7223/08/2024 14:4823/08/2024 14:4873SEPTEMBER 202473SEPTEMBER 2024 CWPME_Sep2024_72-73_Broker Brilliance Opener_13364526.indd 73CWPME_Sep2024_72-73_Broker Brilliance Opener_13364526.indd 7323/08/2024 14:4823/08/2024 14:48BROKER BRILLIANCE 74SEPTEMBER 2024 DREAM, OWN, LIVE Qurat Ul Ain, Founder of DRE Homes Real Estate, shares with us her journey, how she navigates Dubai’s dynamic real estate market, and where she believes the sector is headed Words by Shehzin Shaikh BROKER BRILLIANCE CWPME_Sep2024_74-77_Broker Brilliance_13367053.indd 74CWPME_Sep2024_74-77_Broker Brilliance_13367053.indd 7427/08/2024 19:2127/08/2024 19:21BROKER BRILLIANCE 75SEPTEMBER 2024 Qurat Ul Ain, Founder of DRE Homes Real Estate, is a woman with a steadfast determination and proactive nature. She completed her BBA from the American University of Sharjah, while working part-time to fund her education. After earning a master’s degree in international business from the University of Wollongong, she began her career selling privilege cards for hotels. In 2007, she established DRE Homes Real Estate, a boutique brokerage fi rm with her brother. Celebrating their 17th anniversary recently, the company has made signifi cant strides and solidifi ed its position in the market. WHAT DOES A DAY IN THE LIFE LOOK LIKE? “I thrive on being constantly occupied. As a mother to a young child, my day starts with taking care of her needs. Typically, I am at work by 10:00 am, where I meet with my direct reportees and department heads before engaging with partners and visiting their premises. Additionally, I regularly meet with several clients throughout the day. A signifi cant portion of my time is devoted to gathering market insights and on-ground information,” the founder of DRE Homes Real Estate shares. THE EVOLUTION OF DUBAI’S REAL ESTATE MARKET Ul Ain has seen the market evolve, from its early days of being unregulated to the highly regulated environment we see today. “The market has undergone a signifi cant transformation, shifting from catering primarily to the luxury and investor segments to becoming a mature secondary market driven by population growth, particularly fuelled by the Golden Visa program and eff ective governance practices. Today, the market is characterised by a growing aff ordable segment that appeals to a broader audience and a more diverse array of investors not only from India, Pakistan, and Bangladesh but also from the GCC, UK, Europe, Canada, and the USA,” she explains. Images supplied by: Shutterstock/DRE Homes Left: New projects are being launched practically every day Right: End-users are paying close attention to the quality of construction CWPME_Sep2024_74-77_Broker Brilliance_13367053.indd 75CWPME_Sep2024_74-77_Broker Brilliance_13367053.indd 7523/08/2024 14:4923/08/2024 14:49BROKER BRILLIANCE 76SEPTEMBER 2024 CHALLENGES PLAGUING THE INDUSTRY When probed about the issues faced by the industry today, Ul Ain believes that there has been a modest increase in rents and property prices in the market, causing some concern among residents. “Nevertheless, compared to prices in their home countries, the market remains aff ordable for individuals migrating from other parts of the world. Moreover, this trend is a common occurrence in regions experiencing a population upsurge, and is expected to gradually stabilise over time, as seen in many other parts of the world.” THE ROLE OF WOMEN The real estate industry is known for being demanding and competitive, especially in the off -plan space where challenges can be even greater. From convincing clients to working long hours and dealing with intense competition, navigating this dynamic and ever-evolving market requires resilience and adaptability. “For women in particular, there are additional challenges to juggle due to multiple roles and responsibilities. Overcoming self-doubt, managing irregular income streams, and balancing family commitments add an extra layer of complexity to an already challenging environment. In such a demanding sector, it is crucial to stay agile and proactive, particularly when market conditions shift and adjustments are needed,” advises Ul Ain. So, how can we encourage more women to pursue leadership roles in this sector? “Increasing the number of forums, platforms, and avenues for promoting women entrepreneurship on a larger scale is a necessary step. Implementing mentorship programs supported by industry leaders will also greatly contribute to advancing this eff ort,” she says. She continues, “Recent data indicates a signifi cant rise in the number of women venturing into real estate investment from various countries. This trend can be attributed to factors such as greater workplace equality, a rise in women getting educated, and government initiatives aimed at promoting gender diversity. The presence of women in key leadership roles across various industries is becoming increasingly common, with the real estate sector in Dubai serving as a prominent example. Hence, it is clear that empowering and supporting women to showcase their talents is crucial for continued progress and Left: The skyline of Dubai; Qurat Ul Ain, Founder of DRE Homes Real Estate Right: The global population is increasingly residing in urban areas; DRE’s new headquarters in Dubai Hills Estate CWPME_Sep2024_74-77_Broker Brilliance_13367053.indd 76CWPME_Sep2024_74-77_Broker Brilliance_13367053.indd 7623/08/2024 14:4923/08/2024 14:49BROKER BRILLIANCE 77SEPTEMBER 2024 The real estate industry is known for being demanding and competitive, especially in the off -plan space where challenges can be even greater” success in the industry.” TECHNOLOGY WILL BOOST THE SECTOR Communication and data analytics are crucial for success in any business, and in today’s fast-paced world, speed is essential. With new projects being launched practically every day, it is important to eff ectively manage and communicate with the right audience while aligning the appropriate salesperson. “The introduction of AI has helped bridge gaps in communication and skills, leading to improved effi ciency and ultimately enhancing productivity and bottom line performance. Utilising tools such as 360 virtual tours, Zoom calls, WhatsApp, automated voice calls, and emails will play a signifi cant role in closing the communication gap and building trust with customers, especially those who do not reside in Dubai,” she believes. EMERGING NEIGHBOURHOODS Which areas should be on the radar of investors if they are looking for strong returns? “Real estate operates in cycles, with each cycle lasting approximately 7 to 10 years based on the economic development of a city or country. Currently, Dubai is experiencing its 3rd cycle and the next promising area for growth is Dubai South. A decade ago, Dubai Land was the focus, but now there are limited land parcels available for new off -plan projects. Looking ahead, investors should consider Dubai South as the future investment hotspot in the region,” shares Ul Ain. THE FUTURE IS SUSTAINABLE Ul Ain believes strongly that both, investors and end-users in Dubai are paying close attention to the quality of construction, maintenance costs post-construction, and impact on the environment and lifestyle. Construction compliance is rigorously enforced by the government, leading to continuous improvements in new launches. This includes careful scrutiny of materials used, landscaping quality, waste recycling capabilities, and integration of solar power technology. A HANDY TIP FOR INVESTORS “This city off ers excellent investment opportunities. It off ers competitive pricing compared to its counterparts. With strong regulations in place, investors’ interests are well-protected. Additionally, its political stability makes it a top choice for investment,” she shares. WHAT DOES THE FUTURE LOOK LIKE? The global population is increasingly residing in urban areas, with a large percentage being youth. Urbanisation is becoming a permanent fi xture, as individuals prioritise a high quality of life and are willing to invest signifi cant funds to achieve it. While market fl uctuations are inevitable, real estate will maintain its position as a highly sought-after long-term investment opportunity. CWPME_Sep2024_74-77_Broker Brilliance_13367053.indd 77CWPME_Sep2024_74-77_Broker Brilliance_13367053.indd 7723/08/2024 14:5023/08/2024 14:50FINAL KEYS 78SEPTEMBER 2024 GCC INVESTORS TURN TO THE UK PROPERTY MARKET Interview by Shehzin Shaikh As the UK economy continues to stabilise and interest rates decline, the Bank of London and The Middle East predicts a sustained upward trajectory for GCC investment in the UK property market New research from the Bank of London and The Middle East (BLME), a Shariah-compliant bank based in London, revealed that investment in UK commercial property by Gulf investors is poised to exceed $4 billion (£3.1 billion) annually. The research indicates that the UK market is undergoing a unique economic convergence, with anticipated interest rate reductions, a new government in power, declining infl ation, and reduced property prices in certain sectors presenting an opportune moment for GCC investors to allocate their funds. Hence, we sat down with Andy Thomson, Head of Real Estate Finance and Private Banking at BLME, who elaborated on the reasons behind the upcoming surge of Gulf investment in the UK’s property sector. How does the UK property market compare to other popular investment destinations for GCC investors, such as the US, Europe or Australia? English being the most widely spoken second language among residents in the GCC, the UK off ers a more convenient environment for conducting business compared to countries like France and Germany, which are popular destinations for GCC investors. Furthermore, the UK currently boasts a higher level of political stability than France and Germany. The time zone in the UK aligns more closely with that of the GCC countries, with Riyadh being 2 hours ahead of London at Images supplied by: Shutterstock present. In contrast, the time diff erence between Riyadh and Sydney is 9 hours, and New York is 7 hours behind Riyadh. This time misalignment between the US, Australia, and the GCC can lead to added time and cost when conducting business. Additionally, the travel time from Riyadh to London is only 7 hours, while the journey to New York takes 14 hours with a stopover required for a fl ight to Sydney, extending travel time to 18 hours. Due to the shorter travel time, London is a more accessible destination, making a quick weekend getaway feasible for business purposes. The United States is currently facing heightened political uncertainty in comparison to the United Kingdom. Should Trump regain power, there is a possibility of a shift towards a more protectionist trade policy, potentially resulting in decreased foreign investment in US real estate. Moreover, investors from the GCC region have a strong affi nity for the UK’s educational institutions, with many choosing to send their children to these prestigious schools. This emotional connection, coupled with the high occupancy rates and low tenant failure rates of purpose-built student accommodation (PBSA), makes the UK an attractive investment destination. Additionally, the popularity of UK cultural exports, such as Premier League football, has long been a draw for GCC investment in the country. The increasing number of GCC club owners is driving further investment in CWPME_Sep2024_78-82_Final Keys_13365100.indd 78CWPME_Sep2024_78-82_Final Keys_13365100.indd 7823/08/2024 15:1723/08/2024 15:17FINAL KEYS 79SEPTEMBER 2024 CWPME_Sep2024_78-82_Final Keys_13365100.indd 79CWPME_Sep2024_78-82_Final Keys_13365100.indd 7923/08/2024 15:1723/08/2024 15:17Next >