Page 479 - SOBHA REALTY QUARTERLY PR REPORT - JANUARY-MARCH 2024 (ENGLISH )

In response to the shifting economic environment, the luxury real estate
industry is modifying its strategy by focusing on technological integration,
immersive virtual experiences, and sustainable practices. 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.

Are there specific regions within Dubai that you believe are emerging as
hotspots for luxury real estate investments this year?

Dubai has surpassed other international real estate hotspots to become a
global leader in the luxury property market. The demand for luxury real estate
among local consumers is anticipated to soar as we look at thriving hubs
within Dubai. MBR, or Mohammed Bin Rashid Al Maktoum City, is one such
location that is in demand this year. We believe buyers can purchase a luxury
property in a bustling, metropolitan location or a calm, serene setting
depending on their lifestyle and needs, and Dubai offers a wide variety of
these options.

Considering the global trends in sustainable living, how is the UAE's
luxury real estate market incorporating eco-friendly features and
designs in 2024?

In 2024, the UAE's luxury real estate market will be progressively integrating
eco-friendly features and designs, in keeping with global developments in
sustainable living. These advancements, which are in line with the country's
commitment to environmental responsibility, focus on energy efficiency, green
construction certifications, and environmentally friendly landscaping. The
UAE's declaration of 2023 as the Year of Sustainability and the world's
spotlight on Dubai for hosting the prestigious COP28 summit later that year
further promoted this vision. We have also witnessed a significant surge in
sustainable luxury real estate in recent years due to the demand for
environmentally and socially responsible living options among consumers.
This trend has compelled developers to integrate sustainable practices and
technologies into luxury real estate projects, completely transforming the
country's real estate segment.

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