Page 478 - SOBHA REALTY QUARTERLY PR REPORT - JANUARY-MARCH 2024 (ENGLISH )

Smart houses, eco-friendly architecture, and wellness-focused amenities are
becoming increasingly popular in response to the evolving needs and values
of luxury property buyers, says PNC Menon, chairman of Sobha Realty.

“Dubai continues to attract investors and buyers on the back of strong
demand driven by visa and a series of policy reforms, continuing economic
buoyancy and pro-business measures while positioning itself as a tax haven
and a global destination for the wealthy. Though investor sentiment may be
influenced by global uncertainties, the outlook for the sector has never been
brighter,” the real estate mogul said in an interview.

Another trend, according to him, is that the luxury real estate market will be
progressively integrating eco-friendly features and designs, in keeping with
global developments in sustainable living.

Menon also offers some advice to prospective buyers. “Anyone considering
making long-term investments in the UAE's luxury real estate market must
undertake extensive research, taking into account factors including location,

developer reputation, timely project delivery, and most crucially, quality.” In
addition, he believes that a strong grasp of the UAE’s legal landscape that
governs every real estate transaction will help buyers make informed
decisions and unlock the full potential of the investment.

Excerpts from the interview:

How do you perceive the current state of the luxury real estate market in
the UAE in 2024, and what factors are influencing its dynamics?

The UAE's luxury real estate market is expected to remain robust in 2024 due
to the ongoing demand for luxury properties. There are several factors
influencing this growth, including the country’s strategic location, economic
diversification efforts, and a growing influx of foreign investors. The market
continues to adjust to changing consumer expectations, placing greater
emphasis on smart technologies, individualised experiences, and sustainable
features.

Given the evolving economic landscape, what strategic shifts or innovations
do you anticipate in the luxury real estate sector this year?

https://www.khaleejtimes.com/business-technology-review/luxury-realty-refashions-
strategy?amp=1