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In an interview with Gulf Business, Elie Naaman, co-founder and CEO of Ellington Properties, shares insights into the evolving landscape of Dubai’s real estate market. He discusses the company’s strategic initiatives, consumer preferences, and the company’s plans, including the opportunities presented by the Dubai World Central – Al Maktoum International Airport. Here are excerpts from the conversation.
How has the demand for residential properties in the UAE evolved over the past year?
The UAE real estate market has shown impressive resilience and growth over the past year, highlighting the dynamic nature of the UAE economy and its allure as a global hub for living and investment. There has been a noticeable surge in demand for luxury properties in the residential sector, particularly in prime locations across Dubai, Abu Dhabi and Ras Al Khaimah. Investors are increasingly drawn to high-end residences that offer premium amenities and a lifestyle of comfort and exclusivity.
Simultaneously, the supply and demand dynamics in Dubai’s real estate market are continually evolving. According to the Dubai Land Department, the number of completed units has steadily increased, with an average of 32,000 units in 2021 rising to 37,000 units in 2023. This growth aligns with the population increase from 3.4 million in 2020 to 3.68 million, in line with Dubai’s 2040 vision to reach a population of 7.8 million.
Buyers also prioritise sustainability and innovative design in their property choices, seeking homes that incorporate energy-efficient technologies, sustainable materials, and smart home features. The UAE’s strategic location, business-friendly environment, and lifestyle appeal continue to attract international buyers. Recent visa reforms, such as the Golden Visa, have further incentivised foreign investment, contributing to increased demand from overseas markets.
In the commercial real estate sector, we’ve observed fewer launches over the past five years, highlighting the importance of strategic planning to maintain a balanced market that effectively meets both residential and commercial demands.
What are some of the consumer preferences that have emerged in the past few years?
Over the past five years, consumer preferences in the UAE real estate market have evolved significantly, reflecting broader global trends and local developments. At Ellington Properties, we’ve closely observed these shifts to align our offerings with the needs and desires of our clients.
- Focus on quality and design: Consumers are looking for properties that offer a blend of aesthetics and functionality, where every detail reflects a sense of opulence and thoughtfulness. We have responded to this by emphasising architectural excellence and interior design that resonates with modern elegance.
- Sustainability and eco-friendly living: Increasingly, buyers and renters are interested in energy-efficient buildings, eco-friendly materials, and sustainable practices. At Ellington, we have integrated sustainable design principles across our projects, ensuring that we contribute to a greener future while providing residents with healthier living environments.
- Community and lifestyle integration: Consumers are seeking communities that offer a holistic lifestyle experience, including access to leisure, dining, fitness, and recreational facilities. The importance of community-centric developments has increased, and Ellington is committed to creating vibrant communities that foster a sense of belonging and wellbeing.
- Technological integration: The rise of smart home technology has transformed consumer expectations. People now prefer homes equipped with advanced tech features such as home automation systems, enhanced security, and efficient energy management.
- Health and wellness: There is a growing emphasis on health and wellness, with consumers prioritising properties that offer wellness amenities such as fitness centres, yoga studios, and outdoor spaces for exercise and relaxation.
How is Ellington Properties integrating sustainable practices into its developments?
Sustainability is a fundamental part of our DNA. We are dedicated to embedding sustainable practices throughout our development process, ensuring that each project reflects our commitment to a greener future. This includes utilising eco-friendly materials that significantly reduce our carbon footprint and promote healthier living spaces for our residents.
We also integrate energy-efficient systems and advanced technologies designed to minimise energy consumption and environmental impact.
Our mission is to create beautiful, sustainable spaces that enhance the quality of life for our residents.
We believe that homes should be stylish and comfortable, without compromising on sustainability, ensuring a harmonious balance between luxury and environmental responsibility.
Can you discuss what offerings Ellington Properties provides to enhance the living experience for its residents?
We prioritise design, innovative amenities, and exceptional customer service. We invest in research and development to integrate the latest trends and technologies, ensuring our projects offer unique and high-quality living spaces.
One of our recent developments, Mercer House, exemplifies this approach with its exclusive beach club featuring a pool with natural sand. We also prioritise maintaining strong client relationships post-handover, fostering a sense of community and belonging. By organising events and activities for various occasions, such as Eid, we create lasting connections with our residents. Our customer-centric approach prioritises residents’ needs and preferences throughout the project design process.
Additionally, we build a strong brand reputation through strategic partnerships with top-tier designers, architects, and industry professionals, guaranteeing that our projects meet the evolving market demands.
What are Ellington Properties’ plans for capitalising on the growth opportunities presented by the Dubai World Central – Al Maktoum International Airport?
We recognise the immense potential that Dubai World Central – Al Maktoum International Airport brings to the region. The new airport will significantly boost connectivity and economic activity, attracting businesses, tourists, and residents. This increased demand will provide us with opportunities to develop premium residential and commercial projects, catering to the needs of a growing and dynamic population.
By strategically positioning our developments to benefit from the airport’s proximity, we aim to enhance the appeal and value of our properties, ensuring long-term growth and success for Ellington Properties.
How does Ellington Properties plan to expand its portfolio in the coming years?
We are committed to expanding our portfolio with a focus on innovation and sustainability. We plan to enter new markets and continue setting new standards in design and quality in other emirates like Abu Dhabi and internationally, particularly across Europe.
We aim to strengthen our reputation as a leading developer in the UAE and beyond, delivering exceptional living experiences that meet the evolving needs of our customers.
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