Contributing To The ‘d33’ Agenda
In conversation with Ahmed Al Suwaidi, Managing Director of Dubai Holding Asset Management – Residential Communities
- How is Dubai Holding Asset Management contributing to the ‘d33’ agenda in its residential communities?
The Dubai Economic Agenda “D33” aims to attract more businesses, investment and talent to double the size of the emirate’s economy. New economic and sector opportunities will draw more people to settle in Dubai and maintain our high-performing real estate sector. For the influx of residents predicted, Dubai Holding Asset Management provides versatile and enriched living solutions that cater to people from all walks of life and budgets. Safety, quality, and belonging are key features of our communities and the very elements that make Dubai a preferred city for expats. We will continue to invest in our communities and maintain our resident-first approach to promote Dubai’s growth story.
- How will the new economic roadmap impact or complement the Dubai 2040 Urban Master Plan?
The Dubai Economic Agenda “D33” aims to double the size of Dubai’s economy in the next ten years and secure its position among the top three global cities. It’s a multi-pronged approach to boosting the economy and attracting more investment, businesses, and talent across different sectors, so its impact will be varied. Initiatives like the Dubai 2040 Urban Master Plan complement D33 by ensuring the future residential landscape can sustainably accommodate the anticipated population growth. As a pivotal contributor to Dubai’s residential offering, Dubai Holding Asset Management is closely aligned with the vision and roadmap. As a result, we continue investing in our communities to ensure they serve the overarching pursuit of resident happiness.
- While Dubai’s current real estate market is in favour of landlords, we see an influx of new tenants. What factors have contributed to this?
Several factors are stimulating an influx of residents, and economic growth is just one part of the story. The city ranks high for quality of life and safety, which makes it a great place to live or raise a family. Quality of life and convenience are determining factors even when it comes to choosing homes. Dubai’s versatile entertainment and leisure destinations also add to the living experience – there’s something for everyone. The housing landscape is equally extensive and diverse, allowing people with different needs and requirements to find a home that suits them. A home that provides added value features such as proximity, access to public transport as well as health, education, retail and lifestyle facilities.
- What are new residential renters in the market looking for?
Renters are looking for quality living experiences that extend beyond the house. Community, convenience, and connectivity are key features. We strive to ensure that our more than 100,000 residents have a balanced mix of each. This includes investing in community enhancement projects, expanding greener spaces or hosting events that engage residents. We continue to enhance our customer journey and services to ensure that all interactions are positive and efficient. Our digital platform is a massive contributor to this – we were even among the first to introduce cash and cheque-free payments to make the process more seamless. Such focus has contributed to resident retention crossing 90 percent in 2022.
- What is the key priority in 2023 for Dubai Holding Asset Management’s residential portfolio?
Maintaining resident happiness and convenience is our priority. Retention rates were high in the past year, and we want to focus on keeping the positive sentiment of our residents. It’s part of why we invest in significant enrichment projects for our gyms and sports facilities, common areas, and landscaping. Our community events calendar is very active, so people can expect cultural celebrations and family entertainment throughout the year. All these are building on Dubai’s status as an ideal place to live and work.
- What can we expect of the residential real estate market this year?
Dubai’s real estate market remains resilient and experienced significant growth, maintaining the momentum witnessed in 2022. Its performance shows healthy investment activity and newcomers taking advantage of Dubai’s economic growth initiatives and strong business environment. Dubai’s strong portfolio attracts foreign investors and entrepreneurs to join the emirate’s booming property sector. We’re likely to see that continue with the new economic and legislative reforms. Demand for larger units like villas also remains high, as seen in the performance of our portfolio. The Dubai 2040 Urban Master Plan provides a comprehensive approach to sustainable future development and enriched quality of life that will drive the global competitiveness of Dubai’s residential real estate market.
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