Competition Is a Myth

In property circles, fellow professionals are typically viewed as rivals. But what if we looked at the market differently? Svetlana Lvitsyna, founder of LBI, demonstrates that success comes through collaboration and sharing expertise. Her story reveals how a construction engineer became one of Dubai's leading brokers by creating a company with a fundamentally different approach to business.

A multimillion-dollar flat in one of Dubai's most prestigious branded developments. The deal is closed, keys handed over, everyone satisfied. Then the new owners begin messaging me. "Where's the tablet case?" they ask. I'm bewildered: what case? It turns out that with new apartments, the developer had included gifts, amongst which was a case for the smart home control tablet. Someone who'd just purchased property worth millions was genuinely upset about a missing accessory worth a few dozen dirhams. Such is the paradox of Dubai's market — astronomical sums intertwine with attention to the tiniest details.

My company, LBI, is just two years old, yet we've weathered every conceivable stress point. I entered property in 2020 — that pivotal moment when the world held its breath. Before that, I'd spent eleven years in construction, competing for tenders with major contractors, working in both Abu Dhabi and Dubai. When the pandemic arrived, construction continued, but venturing out became hazardous. I took unpaid leave and sat down to contemplate my future.

Throughout my eleven years in the Emirates, acquaintances constantly approached me with property questions — where to rent, where to buy, which district offered the best living. During my enforced break, another request arrived from friends: what were Dubai property prices like? Crisis had driven prices down; it seemed the perfect moment to invest. That's when it struck me — why was I connecting people as an amateur when I could do this professionally?
I found an acquaintance already working in property and suggested we handle my first client together. I needed to understand the process, grasp every nuance. We found a flat, sold it. The client never suspected he was my first — only at our company's anniversary celebration a year later did I confess to his family. They were astonished: everything had been executed with such precision and professionalism that my experience seemed beyond question. My engineering background and meticulous nature played their part — documentation, deadlines, process organisation were impeccable.

After that first successful transaction, I decided to remain in property. Frankly, financial motivation mattered too — in construction, I'd worked for a salary plus modest tender percentages, whilst here entirely different earning possibilities emerged. I joined a major company and became their top sales manager within the first month. Evidently, I'd tuned into a new wavelength.

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My client stream has always flowed through personal connections. Friends, friends of friends, their relatives. I've never worked with cold leads. Beyond residential sales and rentals, I handled commercial property. During 2021-2022, when entrepreneurs flooded into Dubai, I helped establish over twenty commercial ventures — beauty salons, medical clinics, shops. I studied traffic zones, advised on locations, assisted with renovations and paperwork.

For one group of friends, I've now opened their third business — two salons and a clinic. They're the ones who nudged me towards my own company: "You do everything yourself, you excel at process management, why not open your own agency?" The thought lodged itself. In May 2023, I registered LBI.

Being an agent and owning a company are two different universes. I began gathering the best practices from my previous agencies, implementing them in my own way. But I consciously avoided chasing scale — I've no desire to compete with market giants. Large companies employ five hundred agents, and no manager can physically monitor each person's work quality. My team numbers fifteen, and even with that size, we've had unpleasant incidents with unscrupulous employees.

My company's development path veered towards education. I created an internal academy for training agents. HR in Emirates property is the entire market's headache. Constant turnover, people hopping between companies. Everyone arrives wearing rose-tinted spectacles, wanting to close deals from day one. When you explain the need to work, learn, develop a client base — many immediately leave for places promising ready leads.

This situation even prompted me to write a book explaining how to enter the market, close first deals, structure sales and networking, build teams and launch projects. I called it "Not an Escort" — it's a frank account of how I arrived in Dubai eleven years ago with $100 in my pocket, built a property career and created my own company, shattering imposed labels. The book contains my thoughts on proper motivation and practical steps for those wanting to elevate their standard of living.

The academy helps filter out casual arrivals. If someone's willing to complete training, they're serious. I specialised in the secondary market, understanding documentation and legal aspects inside out. Off-plan sales long remained a mystery — how could one sell a picture, something that didn't yet exist? But the market dictates terms. Now, new companies mainly handle only off-plan sales. It's more telemarketing than classic brokerage services.

I've developed academy modules for different directions. Want to transition from secondary to primary market? Here's your off-plan course. Sold only new developments but now have clients with ready property? Study the listings and documentation module. I began with internal training but realised this was a pain point for many agencies.
Agencies from various countries enquire about our training format. This sparked the franchise idea — why limit us to Dubai when we can scale knowledge and experience? I'm currently registering this direction officially.

Simultaneously, I'm integrating artificial intelligence into our CRM system. I went through eight companies offering AI integration before finding a genuinely working solution. Dubai has embraced this trend, but beautiful promises often mask primitive applications that someone's learnt to configure and sells for substantial sums. Verifying online contractors' backgrounds is particularly challenging; many work remotely from other countries.

AI can screen clients, instantly provide statistics that novice agents simply don't know. For instance, the system immediately supplies data on square metre costs in specific districts over recent years, shows growth dynamics. Agents should possess this information, but in practice, consultation quality often depends on the specialist's mood.
Regarding client acquisition, the main flow comes through networking and referrals. Social media brings clients, but it's a drop in the ocean. Online competition is fierce, and people with serious money rarely buy property through Instagram. Though there are remarkable stories — some clients followed me on social media for three years before making contact.

The ratio of investors to end users constantly shifts. Early in my career, it was roughly equal; in 2021-2022, investors comprised 95%, now it's around 70-75%. The number of people relocating permanently is growing — from London, Portugal, Spain, Italy. They're moving entire families and businesses.

I work not only with CIS clients. Different nationalities' mentalities strongly influence property choices. Post-Soviet clients scrutinise finishing quality and often choose properties with water views. Europeans prefer quiet districts with parks, golf courses, low-rise developments. London clients meticulously examine all payments — they're traumatised by the British system, where there's tax on literally everything, including television. In London, you can own a house's ground floor whilst paying rent to the "air rights" owner for the floor above.

Indian clients are another story altogether. For them, securing a small discount matters — it's part of their negotiating culture. Without offering at least a symbolic reduction, there's a sense of incompleteness. For Indian end users, Vastu matters — the ancient teaching about space harmonisation. Israelis buy where their community already exists — having compatriots nearby is important.

The most common question from all clients: "When will the price double?" I answer honestly that the property market is tied to the economy. Dubai is building the new Al Maktoum Airport, which will be a vast city within a city. The Emirates' economy grows not merely through property. Should a downturn occur, the authorities have aces up their sleeve — for instance, legalising casinos, which would attract fresh waves of tourists and investment.

Since 2008, the government has learnt market regulation. They introduced escrow accounts to protect buyers' money. After the 2015 peak and subsequent fall, they created control mechanisms through the Land Department. Previously, they built without considering demand — office centres and residential complexes stood half-empty. I remember 2019 — no queues at lifts in business centres because buildings were a third full.

The situation has transformed radically. Double taxation worldwide, political instability in Europe compels people to seek safe harbours for capital and life. Over eleven years here, I've witnessed Dubai's transformation from a pretty picture into a fully-fledged metropolis with developed infrastructure. Previously, people went home even for dental work; now healthcare here is world-class.

From my observations and experience, there's potential for price growth over 7-10 years, but markets remain unpredictable. New projects like Dubai South near Al Maktoum Airport and Dubai Islands are long-term investments. Dubai Islands particularly interests me — twenty kilometres of beaches, golf courses, Dubai's first beach where swimming with pets is permitted. I've invested there myself.

Ras Al Khaimah actively develops thanks to casinos and crypto hub status — they were first in the Emirates to issue crypto company licences. Umm Al Quwain, situated on mangrove islands, will become a quiet resort zone for solitude seekers. Abu Dhabi offers stability without sharp fluctuations, ideal for conservative investments. It's a different life quality — museums, cultural centres, scale and space.

I live in Habtoor City — chose it after lengthy searching. Initially wanted Downtown, but the constant traffic jams deterred me. Habtoor City is a genuine community where everything's within walking distance, good transport links, quality buildings with spacious flats. Modern developments offer two-bedroom flats of 100-120 square metres; that's insufficient for me. Creek Harbour is beautiful, but flats are so small that my clients buy three-bedroom units and convert them to two-bedroom.

When selecting property for clients, I always start from their needs. Recently helped a family of doctors from Portugal — they're opening a Dubai clinic. First question: which school do the children need? British IB system. We look at where these schools are located, considering that GEMS School has different campuses with different year groups — some only primary, others secondary. Nobody wants their child spending three hours on the school bus. The husband plays golf — we choose Dubai Hills, where both school and golf club are five minutes away.

A peculiarity of Dubai's market that shocks newcomers is the mismatch between property prices and finishing quality. I've seen a flat priced at over fifty million dirhams with terribly budget furniture and décor unsuitable for such a price point. These were four-bedroom apartments in one of the city's most expensive complexes! In our countries, people typically invest at least thirty per cent of the flat's value in renovation, often matching pound for pound. Here, even ten per cent is rare.

The reason lies in the city's transient nature. Europeans introduced the culture of temporary residence — they rent expensive flats, buy cheap furniture, because they'll discard it in a couple of years. But when purchasing for millions of dollars, this approach needs reconsideration.

I work with trusted designers and architects who've completed elite segment projects. Finishing and furnishing are separate arts, especially when clients want to create homes, not temporary shelters.

My favourite deal occurred last winter. I'd fallen in love with Mandarin Oriental Residences in Saadiyat, Abu Dhabi. It's my dream — everything about this project is perfect. But selling Abu Dhabi to Dubai clients is challenging; they're different worlds. I sat studying the presentation, wondering whom to approach. Then a client wrote about some routine matter. We got talking, I mentioned the project. She wasn't even planning another purchase — they'd just bought a super-flat in Dubai. But she saw my enthusiasm: "Your eyes are sparkling so much, I must have it!"

We began registering for the sales launch, due to start in an hour. A whole system — first client registration, then unit selection, manager confirmation. The manager was at a roadshow abroad, time was tight. Then we discovered sales had been postponed by a day! It was fate — we managed to register, chose the best units with stunning views. Within months, the project had appreciated by fifteen to twenty per cent.

Advice for those choosing a Dubai broker: verify their RERA licence, that's the basic requirement. For the secondary market, check the agent's listings on Property Finder — a good secondary specialist will have a solid portfolio. But if you need off plan, don't focus on secondary listings. Specialisation matters — those claiming to work the entire market usually lack deep knowledge of anything.

A good broker should explain market trends, show price growth statistics, clarify district prospects. Study the agent's social media, but wisely. If the account was created last week, that's cause for concern. Seek those long in the profession, with awards, genuine client testimonials.

Beware promises to double investments in three months — that's the mark of an unscrupulous agent. Property markets don't operate like casinos. I meet clients who fell for such promises and now come to rectify poor investments, like patients from a bad doctor to a good one.

Registration with major developers is its own saga. Emaar, Aldar don't work with new agencies; they have strict requirements: minimum two years in the market, specific bank account turnover. Thanks to reputation and connections built before opening LBI, I managed registration from day one.

Yes, artificial intelligence integration changes the game. AI can instantly provide clients with statistics that ordinary agents would search for hours to find. The system shows price per square metre dynamics by year, compares districts, forecasts trends. But technology is powered by people — artificial intelligence won't replace human understanding, empathy, the ability to find exactly what specific clients need.

I plan to develop the franchise not only abroad but within the Emirates. Many arrive wanting to open brokerages, have connections and clients, but don't know local realities. I can help configure business processes; avoid the pitfalls I've navigated myself. Company registration, licensing, working with developers, CRM setup, team training — a ready package for quick launch.

My business philosophy is simple: competition doesn't exist. I'm not you, you're not me, we cannot be competitors. We can only complement one another and learn. There's room for everyone in the market — each agent has their own clients, their own expertise, their own approach. We exchange experiences, discuss problems, help one another. The market grows at such pace that there's work for all.

A small team is my conscious choice. Fifteen people allow quality control, maintaining standards, creating a family business atmosphere. Each client receives individual attention, every transaction is handled with complete immersion in the person's needs.

I see Dubai's property market future optimistically. Infrastructure projects, economic diversification, political stability create foundations for sustainable growth. Yes, there won't be explosive surges like post-pandemic, but steady growth will continue. The Emirates have learnt to balance ambitious plans with genuine demand.

My goal is creating an educational ecosystem for brokers, where experience and knowledge pass to a new generation of professionals. LBI Academy will become the market's quality standard. Artificial intelligence will complement human expertise, not replace it. Property is about people, their dreams, plans, emotions. And my task is helping each person find their ideal home in this remarkable city that's become home for me too.