The Architecture of Trust
In real estate, trust is built over years, with reputation crafted brick by brick — through honesty, reliability, and round-the-clock availability. Aria Star's founder, Anastasiia Kozlovskaia, shares her perspective on Dubai's property market, unveils the secrets of successful investments, and explains why discipline has become her life's cornerstone.
I recall an encounter a few years back when a Russian-speaking client wandered into my office. Initially searching for a commercial space to rent, he unexpectedly lingered for a cup of coffee. We struck up a conversation. The following day, he returned — still without finding an office but clearly enjoying our coffee. This continued for two or three days. Today, that very individual is my key investor, having purchased over 70 properties from me. His total investment runs into hundreds of millions of dirhams. In Dubai, one never knows where serious business might emerge — the crucial skill is simply finding common ground with people.
A decade ago, I began working with Al Habtoor Group — a colossal Middle Eastern conglomerate celebrating its 55th anniversary this year. This holding is so expansive it hardly requires introduction: 14 five-star hotels worldwide, automotive brands including Bentley, Bugatti, Pagani, and Mitsubishi, schools across the Emirates, insurance companies, and an extensive property portfolio. My role involved managing all new projects and sales for Al Habtoor Group.
A couple of years back, I decided to establish my own company, Aria Star. Our office sits directly within Al Habtoor City. Now, my relationship with Al Habtoor Group has evolved from employee to genuine partnership. Our operational model involves exclusively purchasing a substantial pool of apartments and properties from developers, which we then resell. When clients approach Real Estate at Al Habtoor Group, they're effectively buying from me. We select the most attractive, liquid properties with stunning views, always offering clients the most favourable payment terms. Naturally, we take calculated risks, investing our own hard-earned capital rather than bank funds.
Throughout my career, I've completed approximately 2-3 thousand apartment transactions. The total value of everything I've sold in recent years approaches 6 billion dirhams.
Aria Star specialises in Property Management — we continue to manage properties we've previously sold to clients. When people invest in real estate or seek a personal residence, they require high-quality after-sales service. We don't disappear after a sale; instead, we offer a comprehensive service package: rental management, resale assistance, holiday home arrangements, and full-scale property management.
We currently manage over a thousand units. Interestingly, our company isn't particularly large — even ten people can effectively manage 1,000 properties concentrated in one location. This is our competitive advantage: many of our projects are situated in a single building. Take Al Habtoor Tower, with 1,619 apartments, where just a few of our specialists manage the entire building comprehensively.
Recently, we expanded our list of services and started offering design and renovation services. We have a strong designer from Moscow, and we are now actively developing this direction. Clients appreciate a comprehensive approach when one company can solve all issues related to real estate.
The real estate market in Dubai is growing rapidly. Over the past year and a half, in just one of our projects, Al Habtoor Tower, we have gradually increased prices by 18%, and people are still buying these properties like hot cakes. This is a significant growth indicator, and I do not see any prerequisites for a decline. The demand is very high, especially considering the constant population growth in Dubai - just 6 years ago, 9.6 million people lived in the emirate, and today it is already 11.2 million.
Currently, I live in an apartment in Al Habtoor City, but in two months I'm moving to my own house in Dubai Hills, which I've been building for several years. When choosing a place to live, you always need to start from your lifestyle. If you work in a corporation in DIFC and are not married, then the family-oriented community of Dubai Hills will be boring for you — it's better to choose something in Downtown or on Sheikh Zayed Road. For a large family, Palm Jumeirah, District 1, or Dubai Hills would be perfect.
Over the years, I've noticed interesting patterns in the preferences of clients from different nationalities. Russian-speaking buyers love luxury and everything located near water (waterfront), and they will buy it at any price. Clients from Asia are not concerned about location — they only care about numbers and financial benefits. If you show an Indian buyer the right calculations, they will sit with you for three hours and ultimately buy any property if the numbers suit them. For clients from the Middle East, area is critical — they need large bedrooms and huge halls for receiving guests. Europeans are less concerned about size, but a view from the window is mandatory — they seek a harmonious picture.
About 60% of our clients are end-users, people who buy real estate for themselves. This is partly related to the specifics of our projects. Al Habtoor Group founder Khalaf Ahmad Al Habtoor prefers spacious layouts — our minimum one-bedroom apartment starts from 95 square meters, and there are even spaces of 115 meters. We build in the old-fashioned way, with grandeur. Moreover, we have excellent relationships with banks and various unique instalment options, which makes our properties attractive to end-users.
Al Habtoor Group invests colossal funds in the infrastructure of its projects. We never build standalone buildings with small pools and gyms — we create entire communities with parks, theatres, numerous pools, multi-level fitness centres, restaurants, and cafes. 70% of all F&B establishments are our own or franchised projects, and the remaining 30% we give to investors, carefully selecting concepts.
We always think about children when planning. In our latest project, we have a tennis academy for children, nearby is the La Pearl by Dragon theatre, where children's events are held, and Safa Park is located nearby. In the buildings themselves, there are always Kids Clubs, cinemas, children's pools, and playgrounds.
Currently, Holiday Home (short-term rental) has become very popular among investors, especially after the wave of Russian-speaking buyers who entered the market 2-3 years ago. But as an investor with my own large real estate portfolio, I believe this is suitable only for very specific locations and projects. Of all the properties under our management, only about 10% are rented short-term, while the remaining 90% are long-term. The main problem with Holiday Home is that today many hotels offer the same or even lower price per night. For example, opposite our building stands a luxurious five-star Al Habtoor hotel — the cost of staying there is approximately the same as a one-bedroom apartment for a short term. The best areas for Holiday Home remain Dubai Marina, JBR, and Palm — everything close to water and tourist locations.
The Dubai real estate market continues to evolve. Now people increasingly want something ultra-exclusive, they are interested in apartments with private pools, the use of eco-materials, and unique finishes. Many clients want to determine the layout themselves even at the construction stage. We are meeting these desires — allowing apartment combinations, layout changes, and space personalization.
At Al Habtoor Group, we are actively implementing new technologies. For example, our latest project on Sheikh Zayed Road, Al Habtoor Tower, will have a unique glass facade that functions like a solar panel. This will allow residents to save up to 40% on electricity bills. Such technologies are gradually coming to Dubai and being integrated into the construction of new buildings.
The most memorable deal in my career happened quite recently. In our portfolio, we have the most expensive Skyvilla, which we tried to sell for two years. The price per square foot there is 6,000 dirhams, which is not easy for the market. Last month, when I was on vacation on my daughter's birthday, an agent called and informed me that he was bringing a deposit for this villa. It turned out that in the evening he was sitting with an investor in a restaurant, and the client was ready to buy. The agent tried to call other developers, but it was too late, no one was answering. And I, being in a different time zone in Vietnam, immediately responded and sent a proposal for this Skyvilla. The agent told the client that other options were not suitable and recommended the Al Habtoor property. So, simply because I was proactive and responded immediately, a deal was made that brought in several million dirhams in commissions. This is how my main principle works: always be available to clients.
I believe that at Aria Star we have created a truly reliable service. A good real estate broker, especially in Holiday Home, is a person who is always in touch. It seems like a simple thing, but this is precisely where success lies. Being available to the client at any time, serving all their requests without delay. Clients change their decisions: today they need short-term rental, tomorrow — long-term. Reliability and constant availability are synonyms, and this is truly valued.
In the market, there is often a tendency: conduct a deal and forget about the client. We, however, stay with them until the end, until they get exactly what they wanted. Our goal is for the investor to always earn with us, whether through resale, rental, or Holiday Home. Integrity, honesty, reliability — it all seems quite simple, but far from all companies follow these principles.
When a client comes to me, I always start by understanding their goals. When we talk about investments, it's important to understand their nature — whether they're short-term or long-term. There are investors who want to buy today and sell in a year. In such a case, the percentage of earnings will be specific but limited. Others are willing to wait and consider long-term investments that will work much better over time.
We've helped our Russian-speaking investors create portfolios that have grown threefold in 5-6 years. Simply because we bought real estate at the right time and in the right places. Investment profitability is always an individual indicator. I have clients who have earned only 5% so far because they just bought properties. And there are those who have tripled their investments.
If we're talking about undervalued areas in Dubai, I would highlight Creek Harbour. There's still potential for price growth there. Most other locations already have a fairly high price range. For investments, you can also consider Ras Al Khaimah with the planned casino — the entry threshold is still relatively low there.
I'm very optimistic about Dubai's real estate market. There's simply no analog to the Emirates, so the prospects are colossal. I don't see a trend towards price drops - they might stabilize slightly and then continue to grow. Real estate should be one of the baskets where an investor puts their eggs. Recent data shows that about 9,000 millionaires are expected to come to Dubai in the near future, which will undoubtedly impact the market.
Many think that Holiday Home is a golden mine, but I, having a personal investment portfolio, have not placed any of my properties in short-term rental. This model is only successful for very specific locations and projects. Often, long-term rental provides the same return on investment as short-term but requires much less attention and stress. You don't need to constantly respond to calls about a broken crane or a non-working air conditioner.
In recent years, Dubai has transformed from a tourist destination to a place of permanent residence for many. This has changed the approach to construction and infrastructure. Now developers consider the needs of families with children, creating comfortable conditions for long-term living. At Aria Star, we take these trends into account and help clients find the ideal place that matches their lifestyle.
Over ten years of working in real estate, I've conducted thousands of deals but never stop learning. The market is constantly changing, with new formats, technologies, and demands emerging. When asked about my life's credo, I simply answer: discipline is the key to success. These aren't just words. Without self-discipline, it's impossible to build a business, build relationships with clients, and earn trust. I believe there's nothing impossible for a woman who believes in herself and makes efforts. But it's discipline that allows turning dreams into specific results.
My professional story in Dubai is a story of constant development and moving forward. From working in a large holding to creating my own company, from selling individual properties to managing thousands of real estate units. I'm proud that I can offer clients a full cycle of services — from purchase to management, from investment analysis to interior design.
Aria Star is not just a brokerage company. It's a team of people who know Dubai's real estate market from the inside, understand its trends, and are ready to share their knowledge with clients. We build long-term relationships based on trust and mutual benefit. And, as my experience shows, this approach brings the best results.
A cup of coffee in our office can turn into a multi-million-dollar contract, and a timely phone response can become the deal of the year. This is the magic of Dubai and our work: you never know what a new day will bring, but you need to be ready to use every opportunity. And remember that behind every success stands discipline, persistence, and the readiness to be available 24/7. As they say in Dubai, if you want to achieve something, just work harder than everyone else. And the result won't keep you waiting.
