“Indeed, the UAE’s property market has proven to be an alluring proposition for a diverse spectrum of purchasers,” states Anjum Fazil. In 2005, after nearly five years in real estate, Fazil founded her own agency to better support her international clients. By establishing a strong local presence, Anjum aimed to enhance the service level for those who had previously invested through her agency. The success of Anjum’s agency is attributed to a combination of deep market understanding, a steadfast commitment to client satisfaction, and a strong adherence to integrity and professionalism.
One of the main reasons for the high demand for properties in the UAE is its strategic position as a global business hub. The UAE’s business-friendly environment, coupled with its top-tier infrastructure, attracts investors and expatriates globally, thereby boosting demand for both residential and commercial properties. The agency provides comprehensive property management oversight, including tenant management, maintenance coordination, meticulous rent collection with prompt deposits into owner accounts, and strict compliance with property maintenance and local regulations.
The UAE has undergone several policy reforms to facilitate expatriate property ownership, such as offering long-term residency visas to property investors, expanding freehold ownership to designated areas, and establishing a transparent and regulated real estate framework. Fazil predicts that the UAE will continue to see demand for short-term rentals facilitated by platforms like Airbnb, driven by the growth in tourism and business travel, prompting many property owners to list their properties.
The UAE property market attracts investors from a global pool, traditionally dominated by individuals from India, Pakistan, the United Kingdom, and Saudi Arabia, but now including a broader spectrum, notably from China and Russia. Fazil believes that the prospect of significant rental returns and potential for capital appreciation makes the emirate an attractive investment hub. Others are drawn to the region’s exceptional standard of living and unparalleled safety, choosing to establish primary and secondary residences within its borders.
“Valuation is both science and art. It is the process of estimating the monetary value or worth of property,” explains Bilal Moti. In 2016, Moti founded Windmills Group in the UAE, aiming to provide valuations and business consulting services with professionalism, transparency, service quality, and quick turnaround times. With 26 years of managerial expertise, Moti has achieved unprecedented success, making Windmills Group a leading professional services firm in the UAE with branches in Dubai, Ajman, and Abu Dhabi.
The company conducts detailed valuation of properties from supporting documents and physical inspection, followed by extensive market analysis to determine value. This process involves analyzing various property factors such as location, size, conditions, comparable sales transactions, income generation, and other factors. Valuations are conducted for purposes including buying, selling, financing, and financial reporting. Professional challenges faced by the business include ethics deployment, compliance with local standards, technical expertise development, and quality service.
According to Moti, commercial challenges arise from working with top-class institutions and organizations where acceptance standards are very high. Other challenges include competition and client expectations. Trust is integral to the company ethos, with key success factors being integrity building, precise valuations, fast turnaround times, economic fees, and first-class service. This has been achieved under Moti’s dynamic organizational and leadership skills along with his hard-working and experienced team.
In 2023, Dubai saw the highest real estate transactions of 133,000, valuing Dh41 billion in the last 10 years, which is 37% higher than 2022. This exceptional rise in property buyers, from countries like the UK, Russia, Lebanon, Pakistan, Jordan, France, and the UAE, reflects personal preferences depending on market conditions and economic factors. In 2023, the company recorded a 36% increase in revenue, being one of the most trusted evaluation firms in the country, evidenced by empanelment by 22/25 mainstream banks and foreign banks.
Over the years, the company has valued more than forty thousand real estate and industrial assets for over two hundred corporate clients such as government authorities, banks, NBFIs, real estate developers, family groups, real estate trustees, insurance companies, financing companies, owner-associates, and a large suite of companies. However, it’s not just about mathematics and numbers for Moti. He shares a passion for music and is a devoted fan of Pakistani and Indian semi-classical music, inheriting his love for music from his father and enjoying music and singing with friends as his favorite pastime.
“Working in Dubai in the real estate industry has given me a unique insight into the aspirations and dreams of people. Each day brings new challenges and opportunities, and I have grown to enjoy the dynamic nature of my profession,” says Fatima Akram. Akram moved to Dubai about 20 years ago with her family. A young, highly skilled realtor, Akram has been associated with real estate for the past three years. Fatima started her career with a small company, which allowed her to learn the skills to excel in the real estate market. Equipped with valuable experience, Akram joined Aeon and Trisl, a renowned real estate agency that has been operating in Dubai for many years.
Working at Aeon and Trisl has allowed Akram to work on both off-plan and secondary-market real estate deals. “Real estate in Dubai is a competitive industry but it is also rewarding. I have had the privilege of helping clients find their dream homes and make sound investments,” adds Akram. Commenting on her life in Dubai, Akram not only enjoys living here but is also grateful for the opportunities it has offered her, both on a personal and professional level. Dubai is ever-growing, and the real estate market is seeing continuous growth. More and more people from all walks of life are investing in real estate throughout the UAE. The investment turnovers are high, and the demand for real estate has been unprecedented in recent years.
“Working and living in Dubai has allowed me to carve out a successful career while staying true to my roots and values.”
