The real estate sector needs to provide a competitive market through new marketing tools, real estate agents stressed, stressing the importance of using new technologies that provide added value to the real estate sector, which is a key part in the transformation of smart cities. They stressed through the UAE today the need for a government body to study the actual needs of the market, with a mechanism for coordination and integration between real estate projects to be integrated rather than competing, pointing to the importance of providing different data related to the real estate market, as it helps developers to identify the needs of the market.
They pointed out that the real estate sector affects all economic sectors, therefore, must be invested in the service sectors, such as education, health and entertainment, because of its social and economic returns, calling on real estate developers to go to specific projects that contribute to the rotation of the national economy, and achieve sustainability standards Economic.
Absence of innovation
Masood Al Awar, Chief Executive Officer of Medallion Associates, International Property Promotion Secretary for Dubai Land Department, said that the real estate sector needs to set the pace and provide a competitive market through new marketing tools to attract the largest number of buyers.
He added that the real estate market is currently experiencing some stagnation due to the similarity of existing real estate products, as well as the similarity of existing payment plans without innovation, pointing out that the success of a developer in the adoption of certain methods led to the rest of the developers follow the same method at the same pace without new innovations stimulating.
Al Awar stressed the need for innovation in the real estate product itself, the methods of payment and payment, and marketing methods, with the use of new technologies that provide new value for the real estate sector, which is a key part in the transformation of smart cities, especially in Dubai, stressing the importance of relying on public-private partnership And your.
He continued: «Many resorted to external promotion, and pay very high expenses, focusing on the same priorities, the same target audience, and the same mechanisms, without any development or difference, which affected some market workers».
For his part, the CEO of «Tamkeen Real Estate», Abdulrahman Al-Afifi, said that the recent period has witnessed the establishment of many real estate projects, in addition to a number of other real estate projects that are still under construction, and will be delivered during the coming period, but many of these projects did not Undergoing a thorough study of the needs of the real estate market, supply has become significantly more than demand.
He stressed the need to study the needs of the real estate market before starting any project, as there are areas that need housing projects, and do not need commercial or office projects, and vice versa.
He called for the existence of a government body to study the actual needs of the real estate market, and also grant permits for these projects to developers, to be coherent market, and meet the needs of each real estate sector based on adequate studies, rather than harm the market and developers as a whole, stressing that this step would support the sector Real estate, organize it, and maintain its strength and the strength of its dealers.
Dr. Mubarak Hamad Al Ameri, a member of Abu Dhabi Chamber of Commerce and Industry, Chairman of the Chamber's Real Estate and Contracting Committee, said that the UAE needs real estate projects that serve its development goals and its developed economy and its role as the largest financial center in the region.
He added that the UAE needs unprecedented and innovative real estate projects that serve the UAE as a unique tourist destination.He pointed out that the existing projects are very similar and repeated, which leads to the burning of prices, which do not benefit the national economy, developers or owners themselves.
Al Ameri stressed the need for a mechanism for coordination and integration between real estate projects so that they are more integrated than competing, and serve each other, and there is no conflict between them, pointing out that most developers rely on marketing abroad if these units can not be sold in the local market, a concept that is not necessarily successful Every time.
Reza Musallam, Managing Director of Truth Economic Consultancy, called for supporting growth in the various real estate-related sectors.
He called for Muslim attention to diversify in different products in the real estate sector, to attract buyers from different categories, with no focus on the residential sector and office and commercial space for only one category, but for different categories.
Providing real estate market data to developers is very important, as it helps developers to identify market needs and choose a real estate product.
He pointed out that the growth of the real estate sector should be slowed down for a certain period in order to absorb the surplus units and determine the trends of the real estate sector in the future.
He pointed to the importance of the UAE economy and its uniqueness across the Gulf region, in terms of its dependence on many sectors of growth, not one sector, including oil and gas, tourism, real estate, retail, re-export, infrastructure, and others.
Real estate sustainability
Mahmoud Al Borai, President of the Middle East Institute for Sustainable Development, said that real estate sustainability is an integral part of economic sustainability. Building integrated real estate communities requires investment in service sectors, starting with service projects, such as investment in the education sector. And healthy, all the way to entertainment.
Al-Borai demanded the approval of real estate projects in the future, according to the importance of these projects for the national economy and sustainable development, and the criteria of raising the competitiveness of the state, so that there is a distribution of the real estate investment map in a way that contributes to achieving sustainability, including the existence of integrated urban communities, Traffic congestion, increases the productivity of the individual in the community.
He pointed out the importance of directing real estate projects in the future to the service sectors where we suffer from lack of competitiveness, which led to high cost to the end user, most notably schools, in addition to directing these projects to the health sector, recreational sectors, and attention to low-income people.
In turn, real estate expert Muhannad Al-Wadih said: «We must study the supply and demand to serve the real estate sector and sustainable economic development, and must be stressed on the commitment of developers to the delivery schedules, and that the developer does not look at the field of profitability, but is looking at the broader picture, development Economic.
He pointed out that the real estate sector affects all economic sectors, therefore, must be invested in the service sectors, such as education and health, because of its social and economic returns, because the economic cycle is one, and called on the developer to assume its responsibilities towards society.
Al-Wadih said that the real estate developer is able to achieve growth rates in his interest and in the interest of the national economy if he takes advantage of these opportunities, and renewed in the real estate products offered, stressing that the service sectors need the market and have good profitability and sustainable.
Real estate expert Walid al-Zarouni said that although some local developers are moving towards service-oriented real estate investments in developing schools and hospitals, the market needs more.
He added: «The service sector continues to suffer from a large shortage of supply, which we see in the sector of schools and educational facilities, we need many projects in this aspect, which increases competitiveness in the sector, reduces the cost of living, and serves the rotation of the economic wheel and sustainable development, as well as “These service sectors are characterized by high returns on investment.”
Al Zarooni said that His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, stressed the need to control the pace of real estate projects, ensuring the added value of the national economy. It also emphasizes the need to provide clear plans to sustain investment in the real estate sector, ensuring sustainable growth in the sector and based on real demand from the user, which helps to achieve sustainability in all its forms, economic, social and environmental.
Mohammed Abdul Razzaq Al Mutawa, CEO of Al Waleed Investment Group, said that the real estate sector needs to control the pace of real estate projects, especially in the hotel sector, as there are many projects targeting the sector, in addition to decisions that do not serve The sector, especially the licensing of establishments to switch to tourism activity, as the decision contributed to the «glut» in the market fell with prices, which led to the loss of investment feasibility for some projects, especially those operating in the category of medium hotels.
He stressed that the market needs to price services and maintenance fees, and control prices, pointing out that this contributes to stimulate the sector and protect the market, and maintain the reputation of the market, it is not permissible to develop housing projects that do not match the prices of maintenance and services where the purchasing power of the public.
Abdulkarim Al Mulla, CEO of Standard Real Estate, said that real estate developers should consider moving towards quality projects that contribute to the national economy and achieve economic sustainability.
He pointed out that the real estate sector needs services and quality projects in the sectors of health, education, labor facilities, warehouses and offices, and even in the field of entertainment such as the establishment of sports clubs or recreational complexes.
He pointed to the increasing population in the UAE, pointing out that this increase in the need for residential communities, including health, education and entertainment services, and felt that the shortage in these projects could increase the cost of these services in the absence of competitiveness, calling for investors to go to them.
Nasser Al Khamees, Chief Executive Officer of Reportage Group of Companies, Nasser Al Khamees, pointed out the importance of real estate companies to launch quality projects that meet real demand in the market at competitive prices that suit different segments of the dealers, thus ensuring a balance between supply and demand.
Linking urban development needs market
Saeed Abdul Karim Al Fahim, CEO of Stratum Owners Association, said that many residential and hotel projects could cause economic problems due to the low economic returns and increasing interest in them, in return for the economic feasibility of the service sectors that raise the level of attractiveness. The state, demanding to direct developers to these projects, and link the urban development needs of the market.