Desert of Opportunities
Between people and money always stands trust — an invisible yet decisive factor in any financial relationship. In the investment world, where risks are high and promises often exceed results, finding a reliable guide becomes a paramount task. Tatiana Sinitskaya, CEO of Circle and an expert in Dubai real estate investments with a phenomenal memory for details and transactions, has created a business model where clients don't merely purchase square metres but gain a long-term financial partner. In this column, she explains how she transformed a traditional brokerage business into something far greater — investment consulting following a family office model with returns comparable to fund management.
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Imagine: a scorching winter day, breathing is nearly impossible, sand everywhere, and on the horizon — Dubai's skyscrapers. This is precisely how my journey in the emirate began several years ago. I never thought I would find myself here, in this city of possibilities and contradictions. Not long before, my career had been tied to the banking sector in Russia — I was developing small and medium businesses, managing corporate divisions, creating products and systems for client acquisition and service.
My Dubai relocation story began with an unexpected meeting. I was working on establishing a Russian bank in the UAE, acting as a guide introducing the financial institution to the local market. Fate brought me together with one of Circle Real Estate's shareholders — a company that had been investing in Dubai property since 2006. Initially, our meeting was purely business — we discussed potential partnerships, without any personal undertones. After a brief acquaintance, we parted ways, and I flew off to attend to my affairs.
About two months passed when I received an unexpected call. The company's shareholders invited me to join their team, impressed by my approach to business development and client relations. "Pack your bags, we're waiting for you. You seem to align perfectly with our vision for building the business. We've seen your results and your approach to working with clients. You'll like it here." I remember my initial reaction: "I don't understand anything about this field, why would I need this?" But after taking some time to rest and consider the offer, I decided to take the risk and change my professional direction.
My decision was dictated not only by the attractiveness of the proposal but also by a sober assessment of the situation in Russia. I saw that business in my homeland was beginning to stagnate, especially in the sectors I worked with. Financial institutions depend on profit, which comes from clients. In the circumstances, I understood that small businesses would close, corporate clients would transition to state structures that could afford cheap funding and poach clients. With the onset of the crisis, the prospects looked even murkier.
So I decided to begin a new chapter in my life and career. And it proved much simpler than one might expect. When you know how to calculate financial models, forecast, distribute responsibilities and accountability — it doesn't matter what business you're in. The key is knowing the product. And my colleagues with tremendous experience in the property market, working here since 2006, helped with that.
They showed and explained everything that isn't in textbooks — practical nuances, details that make you a professional. The result? After just eight months, I navigated the market as confidently as brokers with a decade of experience. A couple of years later, my name began working for itself — people would come saying: "We know everything about you, here's the money, invest it wisely." Imagine, I can sell a property via text message! I simply write: "It costs this much, need the money tomorrow, send it over. We'll earn this much." That's it — no presentations, glossy pictures or lengthy persuasion needed.
What distinguishes Circle Real Estate from other companies in the market? First and foremost — our working philosophy. We position ourselves not as a traditional estate agency but rather as a family office that resolves absolutely all investor concerns. Essentially, our model is closer to an investment fund than a brokerage company — we view each client as a long-term partner.
The company's history began in 2006 when the founder, who had lived in Dubai since 1993, established a business based on personal and family investments. Gradually, the venture transformed — clients began arriving through recommendations. Until 2020-2021, a strict rule applied: one could only become a client through recommendation and with a certain budget. This created exclusivity and allowed us to maintain a high level of service.
The fundamental idea was to provide unique solutions unavailable elsewhere in the market — all within one company. The mandatory condition was an investment, a property purchase. While initially this was residential property, from around 1996 the focus shifted to commercial — now comprising about 80% of our transactions. This approach allows us to achieve significantly higher returns than when working with residential properties.
Beyond investments, clients could resolve any related matters: obtaining visas, employment, assistance with school placements or university admissions, finding a nanny, company formation, relocating businesses to the UAE — literally everything concerning life in the emirates. Even if the company lacked the specific expertise (for example, for litigation), the founder's long-standing connections with local companies and participation in social projects allowed any problem to be resolved. This created an unprecedented level of trust and longevity in relationships.
In 2021, when all processes were refined and the system had proven its effectiveness, two more shareholders joined the company. They decided to develop the direction further in the market, whilst maintaining the family office priorities: investors can still resolve any issue related to their investments, life, relocation, children or business.
It was during this period that I joined the team, helping to build systems, optimise client service and develop products. We maintained the model where most clients come to us through recommendations, as we've already formed a strong and stable client base. We never focused on mass marketing — instead, our emphasis has always been on strengthening the brand and the company's market positioning. We clearly communicate that we're not a standard brokerage agency. Our task is to offer effective solutions that help clients receive above-average market returns. For the past three years, all our clients have come precisely this way — we don't need a system with numerous brokers, cold calls and lead distributions.
The quality of clients — both in terms of investment volume and communication — allows us to earn more straightforwardly whilst simultaneously satisfying the needs of the client, company and shareholders. This advantageously distinguishes us from the standard Dubai agency model, where the main focus is the quantity of deals, not their quality and long-term perspective.
I remember how a couple of years ago we were discussing strategy, and the idea emerged to create a retail sales department — following the standard agency model with numerous brokers, calls, leads and advertising. I quickly calculated the prospects and said: "No, we won't go there, and we won't spend money on it. Remember my words: those who do this will struggle. Soon they'll start folding." I have this peculiarity — if I utter the phrase "I told you so," it usually turns out to be a prophetic prediction that comes true.
Why was I so confident? Because I saw how the investor profile was changing. Everyone already knows what Dubai is; many have been burnt after purchasing unnecessary properties. The quality of brokers isn't improving — they're difficult to train and retain, turnover is high, stress levels enormous. And the client has changed significantly — becoming more demanding, informed, cautious.
We consciously decided to remain faithful to our model — where mature, experienced specialists work who can calculate figures and show real results: how much was invested, how much earned, and over what period. We have our unique solution and product that demonstrates high returns and liquidity in the market — at any time. Those clients who want more than the market offers — either haven't come to us yet, or have tried elsewhere but didn't get the desired result (or they did, but now want to grow further) — ultimately come to us.
Our philosophy is confirmed by the numbers: we don't just talk about values but ensure stable profits for our investors. It's precisely this combination of approach and results that makes our product strong and in demand.
Our main rule, which I always communicate to clients (and this is the honest opinion of all employees): if we acquire or do something for a client, we would do the same for ourselves. And that's genuinely the case — I don't sell properties I don't believe in; I don't take ill-considered risks.
Moreover, with novice investors, I might enter as a co-investor, especially when dealing with large sums. This convinces the client and proves that if I make an offer, I truly understand its value and prospects. Such partnership creates a high level of trust that doesn't exist in ordinary brokerage relationships.
If I were to formulate our unique selling proposition, it would be the client's lifespan with the company. The average duration of investor collaboration with us is 12 years, and throughout this time, we accompany and manage their properties. Our most "senior" client has been with us for 16 years. The average net return for investors from rentals over a 3-5 year horizon is 60-70%.
Capital appreciation of the property's value is additional income beyond this. Such results are achieved through a strategic approach, careful property selection, competent management and individualised work with each investor.
This speaks to the quality of our work — clients not only invest but also reinvest, sell properties that have reached maximum growth, and place funds in new opportunities. They remain within the company; they don't leave. We offer exit strategies, accompany transactions and reinvest funds in new, more profitable assets, preserving and multiplying our clients' capital. Essentially, we evaluate our effectiveness not by the number of transactions or commission amounts but by the duration of the client relationship and their capital growth during this time — this is an entirely different approach than traditional brokers.
When we see new investment opportunities, we first test them ourselves. For instance, if there's a prospect in construction, we work through the model using our own example. Then we offer it to investors with sufficient capital who want to balance their portfolio. Having tested the model, we attract their money and create a new product. This is a venture fund approach, not an estate agency one.
One of our main advantages is the ability to find properties that never reach the open market and buy them 15-25% below market value. How does this work? We've developed an extensive network of contacts, including foreign funds with commercial property portfolios and major investors who sometimes need to sell their properties quickly.
They know we always have money available and can write a cheque promptly. No lengthy discussions or photoshoots — I make decisions within 24 hours, write a cheque and close the deal. Even if I don't know which client the property would suit at that moment, I can buy it for myself or the company and then decide whom to offer it to. A good property won't remain vacant or "gather dust," as I say.
Many of our investors leave deposits, saying: "I'm ready to invest this much; I need to earn this much. If you see a suitable property — act." Therefore, I can confidently write a cheque in my name and then arrange the transaction for the client. This speed and flexibility aren’t available to ordinary brokers who depend on client decisions and approval processes.
Why do large funds and investors come to us? They don't want publicity — they don't want thousands of brokers walking around, viewing properties, causing disturbances. Some investors don't want their names circulating in the market or rumours about their financial situation spreading. They know we'll make quick decisions, write cheques, buy and resolve the seller's problem.
Such sellers understand that by reducing the price by 15-20%, they'll receive a deposit within a day and close the deal in minimal time, and no information about it will be disseminated. No delays related to finding funds or dragging out the process. It's a sort of "confoof," as I call such confidential relationships, which allow us to access exclusive offers.
Thanks to these opportunities, we can offer investors high returns. In concrete terms, the average return for investors in our portfolio from the first year of commercial property rentals is at least 10-11% net annually. And if we look at the combined annual income including property value growth and rent, it's on average 21-25% net. We have cases where clients achieved return on investment in 4-5 years.
We are very conservative in our forecasts for clients. I calculate all possible risks, analyse the situation and provide the figure I can definitely promise. With each client, we have a partnership — if we deliver more than promised, certain conditions allow us to share greater profits with the client than projected. Our entire team is motivated to earn more for the client. It's a partnership between investor and company.
A recent striking example — a client will receive 17% annually just from rent, not counting the property's appreciation. And clients appreciate that we're motivated to deliver more than promised. There's a flip side — if we don't provide as much as forecast, we reduce the service cost in the company. Such honest rules also attract clients.
Our model indeed resembles a fund operating on a "2-20" or "2-50" scheme, where the management company takes a base commission for management and a percentage of profits exceeding the stated threshold. Although we're legally structured as real estate consulting, and we also have a consulting licence under which we can support clients in various matters, the approach to working with investors is precisely that. It's a percentage relationship, not a fixed payment form, which brings us even closer to investment funds.
When it comes to commercial property, we currently focus primarily on offices — not retail. We used to handle retail spaces as well, but now returns in this segment are low, and there are many issues with implementation. We work with both small and large office floors and engage in commercial building construction.
We're now considering new requests — for example, building campuses for workers of large companies. We're gradually introducing warehouses into our portfolio — a direction where many brokers have rushed, sensing a new opportunity to sell something. But there are many nuances here — entry conditions, earning opportunities. We've already tested this model with our own company, know how it works, and are preparing a new product for investors.
Amusingly, some warehouse sellers present simply magical figures — up to 70% returns. Of course, everything depends on the term, zone, and who will be the tenant. The most challenging aspect of any commercial property is finding a good tenant. This requires a strong team with the right connections, and then the model works.
We work extensively with European and international companies involved in consulting and business relocation to the Emirates. When they need premises, they turn to us, knowing our portfolio. These are always quality tenants with 3–5-year contracts with limited termination clauses, high rates and good budgets. They won't ask to split payments into 12 cheques or rent for a short term — that doesn't interest us. If a company can't pay 1-2 cheques, it likely indicates an unstable financial position. And that means high risk for our clients. Frequent tenant changes, early evictions, overdue payments — all this doesn't align with our property management model.
We thoroughly check each tenant, assess their solvency and ability to fulfil contract terms. Reliability is a priority because rental stability directly affects investor returns.
For warehouses, tenants are generally needed for at least 10 years to make the model truly attractive. Therefore, when entering such projects, it's critically important to understand which zone the property is in and who will rent it. Without this, even the most promising asset on paper can prove disastrous.
Our clients are primarily successful businesspeople who already have various business ventures and property investments — this is just another direction in their investment portfolio. Such individuals always have investments in stocks, gold, various businesses. When they choose property, they understand that among all investment instruments, it has always been one of the most stable and low risk in terms of capital placement.
Another category is top executives of large companies and corporations who create a reserve fund or earn for retirement this way. They know exactly how much they'll receive from rent or future sale. Some acquire properties for their children — this is the latest trend, where the entire family is involved in the investment process. Father enters, tries it out, all goes well, then gifts a property to his son or daughter, and they learn to understand investments, receive income, evaluate opportunities.
Speaking of minimum entry, for a one-time deal it's approximately 1-1.5 million dollars. Portfolio clients, with whom we build long-term relationships in a family office format, start from 10 million dollars. Beyond that, everything depends on the client's capabilities and business size.
Sometimes it's disappointing when clients call with modest budgets by Dubai standards. For example, someone wants to acquire something for 300 thousand dollars. We have to explain that options are very limited for such a sum, especially if one wants something truly worthwhile. And when someone says: "What about an office? Or something on the beachfront? I want to look at the ocean," you realise you can't give them what they dream of. We always try to maintain an individual approach to each client, carefully study the market and look for truly worthwhile residential properties. The goal isn't just to sell but to invest wisely, because when we acquire a property for a client, we then take it under management. And that means we're responsible for the returns we promise. Such an approach doesn't allow for "sell and forget." We work for results in the long-term perspective. For us, reputation is more important than one-time commission.
Yet, when converting these 300 thousand dollars into Russian currency, it's quite a substantial sum. Such money could have been saved by a department head or high-level professional. They arrive here thinking they have a significant amount, and one needs to explain very gently and carefully. Offer something genuinely good within their budget so they won't regret it, receive regular annual income and have a liquid asset.
This is a psychological aspect that many Russian speakers face in Dubai. You think you've built a career, earn well, you're a respected person who can open certain doors with your foot. But you arrive here and realise that perhaps you don't even fancy a coffee that much — better to just have some water.
If we talk about residential property and foolproof investment options, it's difficult to name a specific area, as was previously the case with Palm Jumeirah. Many were fortunate who bought properties there, even if they didn't fully understand what they were investing in. But most were aware of the project's uniqueness — it wasn't just another district; it was something special, one of a kind.
Now the principle of choosing residential property is built precisely on finding uniqueness. It should be an excellent developer with an exceptional project that doesn't yet exist in the market. For example, one of our recent purchases was W Residence in JLT. Good developer, well-established area, excellent building with a good community and location. The location is clearly defined, as is who lives there. Besides Russians, expats live and work here, renting flats, with good metro access, a park, golf club nearby, and sufficient greenery.
Another example is Ramhan Island towards Abu Dhabi. This will be a unique community. The island's development is being carried out by Eagle Hills, which belongs to the famous developer Mohammed Al-Abbar, founder of Emaar Properties. It's being built by a developer owned by members of Abu Dhabi's royal family. Gaining access to this project was difficult; at the first launch, I saw brokers literally fighting for numbers. There was serious selection—the company had to be accredited, the client understood. Clearly, there will be a certain resident status, special community, and amazing master plan.
What's important isn't just the building itself but who will develop the community around it. For example, Dubai Creek — I believe in it strongly and understand why. Emaar has learned from mistakes, correcting all the shortcomings of Jumeirah and Blue Waters — they had poor promenade areas, too small. In Dubai Creek, there's a splendid embankment, you're always near water, good buildings, greenery, and the entire community is developed by one developer, which is very important.
Even if the developer sells plots to other builders, it's important that they remain the manager of the entire community, overseeing children's playgrounds, restaurants, infrastructure. When choosing residential property, one needs to look at precisely such factors — what will grow in value both now and later, where it's clear who will live there and why they would want to live there.
Even on Palm Jumeirah, there are poor buildings. I won't name the developers; in my company, it's actually forbidden to mention them. I simply say: "We don't buy this." They sold properties at unrealistic prices per square foot, unjustifiably expensive, even for Palm. And now, anyone wanting to sell such a flat can't get that price — nobody will buy. Yes, it's Palm, yes, there's the sea, but you can't sell at a high price or even at the price you bought for a building where you enter and the tiles are falling off, the pool hasn't been cleaned. Any intelligent person will either look elsewhere or demand a discount to make the purchase worthwhile.
When choosing residential property, it's critically important not only who builds but who will manage the building after completion. There's good secondary property 10-12 years old that's beautifully maintained by the developer's management company, without complaints. And there are new buildings that quickly deteriorate due to poor management.
Take JVC (Jumeirah Village Circle), for example. Today it truly offers good value for money, and the location has potential. But if one developer had taken responsibility for creating a unified concept and developing a proper community, the area could look completely different. Currently, there's a sense of fragmentation: palm trees planted in some places, empty plots in others that nobody is responsible for.
If development had been centralised, emphasising landscaping and infrastructure as was done in Dubai Creek, JVC would have become much more attractive for living and investment. If someone had taken control of it and developed it properly like Dubai Creek, with green zones, it would be much more appealing.
That said, location-wise JVC is an excellent area, especially after the construction of the new interchange. It's a good option in the economy class. There are worthy properties and reliable developers there. We also have a couple of flats in our portfolio in this area — for diversification, with a good developer.
I'll give a specific example — Sigrex with Stonehenge 1 and Stonehenge 2 projects. This is a case where the result exceeded expectations — the renders were drawn worse than the developer managed to accomplish. For the price at which we bought at the launch, they're now selling the last flats for up to one and a half million dirhams. And this price is fully justified by the quality of the building.
Before investing in a project by a developer unknown to us (and Sigrex was new to us, not as well-known as, say, Emaar), we thoroughly studied the company. We met with management, checked which contractors would build, how control would be organised. Only after ensuring that the team had understanding, experience and the right partners did we decide to enter the project. In the end, we bought 6-7 flats, although this segment isn't entirely typical for our investment model.
How do we evaluate developers? If it's a company that has been operating in the Emirates for a long time, one can look at how their previous buildings were delivered, how old they are, how they're maintained. There's also a simple empirical method — if Property Finder shows many rental listings in a specific building, something's not right there. In good buildings, you won't find a large number of flats available for rent.
Quality developers, such as the one behind W Residence in JLT, can afford to introduce reasonable restrictions. There, for example, there was a prohibition on buying more than two flats per client. This helps prevent speculation, when one investor buys an entire floor and then launches a "buy now — sell in 4 months with a 40% markup" scheme, after which they quickly exit the project. Such measures actually attract stable buyers oriented towards long-term ownership and usage, which positively impacts the entire residential complex in the future.
Currently, developers are in a real race for amenities — additional infrastructure. Look at the renders — they're like the Hanging Gardens of Babylon! I always tell clients: "Let's think about what service charge there will be for these artificial gardens. If they're real, multiply by three — first to buy these plants, then to maintain them." The service charge can be so high that it eats up a significant portion of rental income.
What amenities are genuinely needed? I think for most residents, it's important that lifts work, and that the entrance area is clean and comfortable. Of course, a pool is necessary — some people with children go down for a swim, others exercise. A gym should also be available — everyone's for a healthy lifestyle; you need somewhere to "pump iron." I like the idea of a barbecue area — there are families, young couples for whom this will be attractive and actually used.
Sigrex, for example, has an interesting solution — small areas for yoga and other calm activities. This not only looks attractive but appeals to women, many of whom in Dubai don't work full-time but look after the home, children or combine work with family responsibilities. It's a good marketing move, as women often make emotional decisions when buying or renting: "I like this building, look, there's a place to spread my yoga mat, and you've got somewhere to grill meat, and we'll go to the pool with the children."
I live in Marina, by the way, but in the part with Marina Heights and Marina Gate. I love this part of Marina — it feels like all locals, calm and comfortable. The area is very convenient in terms of transport accessibility. There's a good interchange from here, both metro and tram nearby, no traffic jams and close to work.
Marina can be conditionally divided into two parts. If you stand facing the famous Marina sign and heart, where tourists disembark, and go right — you'll find yourself in the more residential part of the district. Here, typically, long-term tenants or owners live who have genuinely chosen Marina for life.
If you go left, that's mainly where the tourist flow gravitates. You can feel this even in the infrastructure: on one side — quality shops and cosy cafés; on the other — tourist shops, shawarma stands, souvenir kiosks. The district as a whole remains popular, but each part has its own atmosphere and audience.
I wouldn't advise living there — there are traffic jams, tourists walking about, making noise under balconies, singing songs (you can learn the entire repertoire). Many think all of Marina is like this and therefore snobbishly avoid it. But there's actually this appendix where everything is completely different.
Regarding commercial property in Dubai, the market shows steady growth — both in rental rates and purchase prices. The reason is that new supply is limited: currently, about 1,400 office units are under construction, with their commissioning planned for the period up to 2028. This means that for the next few years, the market will experience a shortage of quality office space, which in turn will support price growth and rental rates.
Meanwhile, the number of companies relocating to Dubai, obtaining licences and offices, i
ncreases each year. It's important to understand that there are business districts where we don't buy, even if the price is attractive. We clearly see where market corrections or instability will occur, where it's difficult to find a good tenant. If the zone and building are correctly chosen, there will only be growth for the next three years. This is evident even from the dynamics of rental rates per square foot over the past six months.
Speaking about Dubai's property market overall — both residential and commercial — I believe some correction is possible, but it's definitely not the "bubble" so often discussed. There won't be a sharp collapse. Dubai continues to attract thousands of wealthy individuals annually. For example, forecasts suggest about 9.5-9.8 thousand high-net-worth individuals will move to the emirate in 2025, compared to about 4.8 thousand last year. It's important to understand: they don't relocate in families of 3-4 people. These individuals transfer businesses, employees, service personnel. They build infrastructure around themselves, receive good incomes and maintain high consumption levels. They need both quality residential and commercial spaces, and it's precisely this flow that ensures stable market demand in the long term.
The only downside for residential property is that those who are relocating now or planning to will choose higher quality homes, not necessarily new but specifically quality ones. The choice is enormous — about 42,000 new units will be delivered in 2025. Can you imagine what a colossal selection will appear on the market?
A market downturn is possible — the question is merely how it will be interpreted. Today, many are promised 8% net returns from residential property, but in reality, such indicators are possible only in the 4th-5th year, and only with a wisely chosen property with good entry. Achieving such figures in the first year is practically impossible. According to DXB Interact and Land Department data, the average net return on residential property in Dubai is 4.5-4.7% — and this is a realistic starting point for calculations.
When investors who were promised 8-9% face reality and at best receive 3-4% because they bought the wrong building, at the wrong price, and can't find a tenant for 8-9 months due to the enormous selection in the market — many will say the "bubble has burst." But quality properties, whether commercial or residential, won't suffer.
Correction will happen, but I don't think it will be as large-scale as in previous cycles when we saw significant downturns. The volume of investment is much greater now. For example: when you have 100 investors, and 20 of them couldn't sell and were forced to drop prices due to urgent need for money, you get a very steep decline line. But when you have millions of investors, and 30-40 thousand find themselves in such a situation, the curve will be more gradual.
Many properties have been sold, and not all are quality. Some won't be able to pay and will try to exit. This will affect the market, but not critically. Large-scale initiatives and new projects implemented in the UAE don't allow the market to slump and continue to attract investment and expat attention: Jebel Ali Beach — the future longest public beach in Dubai (6.6 km) with mangrove forests, an educational pavilion and recreation areas. Therme Dubai, Islands in the Sky, a unique wellness complex in Zabeel Park with thermal pools, gardens and waterfalls at a height of 100 m. Dubai Metro Blue Line — a new metro line designed for 320,000 passengers daily, with the world's highest metro station (74 m). Dubai Urban Tech District — a centre for technological and sustainable startups in conjunction with Dubai Silicon Oasis. Dubai Loop — an underground network of autonomous tunnels (17 km) by The Boring Company: from the airport to Palm in 6 minutes.
Yes, local fluctuations are possible, but against the backdrop of such projects, Dubai continues to strengthen as a stable and investment-attractive market. And even in periods of instability, it's important not to succumb to emotions but to respond correctly and promptly to changes. It's precisely this strategy that allows one to maintain results and see perspective.
An important point is the changes in European and American tax legislation. More and more Britons are leaving, not just the wealthy but ordinary citizens, due to the new tax system. In Dubai, there are the same British schools with the same teachers, comfortable living conditions, but without taxes. Why stay in Great Britain?
And this applies not only to Britain but to all of Europe. Even from Switzerland, which previously wasn't considered an active source of investment in Dubai, more and more clients are coming today. The Swiss are beginning to think about transferring capital and diversifying investments abroad. It's not about relocation — they're comfortable; everything is stable for them. But after agreements on automatic exchange of financial information were concluded between Switzerland and several countries, including the US, many began to reconsider their strategies. Despite the remaining high level of confidentiality, regulators now have access to client data, and capital is beginning to seek new, more flexible and secure jurisdictions. Dubai can become one such point of attraction — a stable, neutral and financially effective alternative.
Added to this are problems with the migration background in Europe. For example, in Spain, there are protests against non-residents who purchased property through investment programmes because locals can't rent housing. If this leads to account closures or a ban on renting to tourists or short-term, where will investors go? Bienvenido, we're waiting for you; we have no taxes, good growth, and decent people live here.
Considering all these factors, I don't see prerequisites for the "bubble" everyone talks about. Of course, they'll call it that — due to inexperience or unsuccessful purchases. But there will be a clear correction, primarily due to the large number of new homes of not the highest quality and investors' inflated expectations who were promised unrealistic returns.
During my time working in Dubai, I've observed how our client portfolio has changed. If 3-4 years ago approximately 30-35% were clients from CIS countries (and not from Russia, but rather those who had already migrated, had citizenship or passports from other countries), now there are slightly more, about 40%. But these are still not those relocating directly from Russia, but rather those who lived in Europe or other countries.
Interestingly, there's an emerging and growing share of clients from Canada. They're actually difficult to work with due to the time difference. The reason for their interest in Dubai is also related to taxes and declining living standards. If previously they received 2% returns and were happy, now even that's gone — 1.6-1.7%.
Our portfolio doesn't yet include Chinese investors, but in the market as a whole, they've begun to enter actively, which is very positive. These investors buy for the long term, which means market stability without sharp fluctuations. Plus, they acquire property in enormous volumes. I have only one Chinese client with whom we work through his representative (POA), as it's a very complex mentality, and only a Chinese person can effectively work with another Chinese person.
This investor began with a budget of 60 million dirhams, and before summer announced he would increase his line to 200-250 million. If such investors begin to enter the Dubai market en masse (and all professionals have been waiting for this), it will provide a serious impetus.
Regarding preferences for areas depending on nationality, there's no clear gradation. One can't say that all Russians want to live only on Palm or only in Dubai Hills, and Germans in Dubai Creek. Rather, people first choose an area by price and accessibility and then look at what community is there.
Dubai Marina is often called the "Russian district" — and for a simple reason. It indeed has the highest concentration of salons with Russian-speaking specialists: from hairdressers and manicurists to kindergartens and activity clubs. When families choose where to live, such infrastructure plays an important role. This is especially relevant for Russian-speaking residents because, frankly speaking, many from CIS countries often have a lower level of English than other nationalities. For example, the Indian diaspora typically speaks English fluently, while Russian speakers — not always. Therefore, it's much easier to adapt in a new country where you can easily find "your own people" — in the gym, salon, at children's activities. Marina provides this sense of a familiar environment, making the area particularly attractive for Russian-speaking expats.
Many later move to other areas, such as Dubai Hills. But the starting point for Russians is precisely Marina. Similarly, Europeans adore GBR (Greens and Views), though I don't understand how one can live there — perpetual traffic jams, impossible to enter or exit, buildings resembling anthills, standing right next to each other. But they live there quite contentedly. There's an interesting aspect in terms of communication — Italians work only with Italians, French only with French. We have one Italian broker, and it's precisely thanks to him that Italian clients come to us.
This is how local communities form. If an agency has French roots or brokers speaking French, they will sell what they themselves know and consider attractive. This is how national enclaves form in different areas.
Regarding Chinese investors, they prefer not to invest in Dubai Creek Harbour (a new district which I consider very promising) but in the mainland — they're buying property there in enormous quantities. They also prefer Downtown — it's an older community, whereas Creek is newer.
Amusingly, over the years I've noticed what emotional purchases are made in Dubai — I haven't seen anything like it in any other country. There's some sort of magic at work here. I had a client whom I advised against buying a certain property: "Please don't buy it; it's expensive, it's not worth it." I explained, showed calculations. If he had wanted to live there, if it had been his dream location — that would be different; we wouldn't discuss the price at all. But this was about investment. He understood everything, agreed. Then six months later he comes and says: "I don't know what happened, but I bought it." It's genuinely baffling how that percentage of people emerges who succumb to this Dubai enchantment.
Nevertheless, over the past three years, the client profile has changed — they've become smarter. When a broker says "buy," and the client buys and then complains they were deceived, I always ask: "But where were you in all this?" Now more knowledgeable investors come to us, who have already read something, heard something somewhere. It's much more pleasant to work with such clients — the person has at least primary information, whether it's correct or not is another question, but you can explain and adjust.
Working with them, I'm greatly aided by one of my professional talents, often noted by colleagues — a phenomenal memory for transaction details. Yesterday, leaving work with our chief analyst, I asked him: "What are you doing there, writing down these thousands of papers? Can't you remember?" He replied: "I don't have the same processor as you. I write both on the computer and on slips of paper. I can't be like you — sitting, doing something, overhearing a conversation in passing and saying: 'So, this was in 2023, around March, I don't remember exactly if it was the 20th or 25th, look in that folder or with that client.'" I don't know how it works, but yes — some internal processor helps me hold vast amounts of information in my head.
We're also developing the technological side of the business — we're currently launching a smart chatbot that we're training. Of course, it won't handle investment inquiries — a major investor won't chat with a bot. But for certain service functions, it's an excellent solution. I'm convinced that many professions, for example in sales, call centres, telemarketing, are already in the past. And there are many more areas — technology is cheaper, faster, more productive, higher quality.
At the same time, there will always be private bank managers or private office managers, because major clients need human contact. If we divide our products into categories, then for primary communication with investors we'll always have a specially trained person. But for service directions — say, if a client wants to enrol a child in school (this is a separate direction, not necessarily related to investments) — a bot can quite handle the initial stage: ask the child's age, interests, suggest school options and connect with a consultant for a detailed conversation.
Looking back on my journey in Dubai, I understand that the decision to join Circle Real Estate was one of the most correct in my career. We've created a unique working model that distinguishes us from hundreds of other brokerage companies. We don't just sell property — we build long-term relationships with clients based on trust, transparency and real results.
Dubai's market continues to develop, providing new investment opportunities. Despite the expected correction, fundamental factors remain strong: migration of wealthy individuals, infrastructure development, tax advantages, political stability. The key is to choose properties correctly, work with reliable partners and not succumb to emotional decisions.
In the end, in the investment world, it's not only returns that matter but also the peace of mind that comes from confidence in tomorrow. And that's precisely what we strive to provide our clients — not just square metres in the sands of the Arabian desert, but a reliable financial foundation and new opportunities for life and business in one of the world's most dynamic cities.
