Real estate in Dubai: Industry leaders discuss growth, innovation and investment at the Arabian Business Leadership Summit 2024
At the Arabian Business Leadership Summit 2024, leading figures from the real estate industry gathered to discuss the future of the real estate market in Dubai. In a panel discussion entitled “Building Foundations: Leaders Reshaping the Real Estate Industry”, Josef Kleindienst from the Kleindienst Group, Alex Zagrebelny, Ben Bandari and Atif Rahman from ORO24 spoke about promoting growth and innovation and dealing with the volatile market conditions in the UAE.
Josef Kleindienst emphasized the need for innovation in the industry. Despite strong demand, particularly from UAE and Saudi Arabian nationals, he admitted that innovation in the real estate sector is often slow. However, he announced a significant innovation: “In May, we applied for a floating villa license; it’s the first one registered in the Land Department.”
Alex Zagrebelny supported Kleindienst’s call for innovation and emphasized the need to adapt quickly in a rapidly changing world. “The problem with real estate is that it’s a five-year span, but now that the world is moving so fast around it, you always have to innovate,” he said, urging other developers to adapt quickly to global advances.
Ben Bandari analyzed the current market dynamics and highlighted the high level of activity on the real estate market in Dubai. “There were 36,000 transactions in the first quarter of 2024,” Bandari explained, illustrating the high volume of market activity. He acknowledged the inherent volatility of the market, but was optimistic: “The market is volatile, it goes up and down. We have an upward trend right now.” According to Bandari, this trend is attracting global attention as buyers from all over the world are investing in Dubai.
Atif Rahman brought a broader economic perspective to the discussion and emphasized the interconnectedness of real estate growth and general economic development in Dubai. “The market has performed exceptionally well and will continue to go up,” he said. However, Rahman warned against excessive optimism and compared the current situation with the financial crisis of 2008. “There will be some bounces this time, but it won’t be the same,” he explained, emphasizing the need to shift the focus from mere real estate to broader economic growth.
The panelists collectively highlighted the critical need for innovation, rapid adaptation and strategic investment to sustain the growth of Dubai’s real estate market. The summit serves as a platform for leaders to exchange ideas, discuss challenges and explore opportunities for shaping the future of business in the Arab region. The summit, which is currently taking place in Dubai, is attracting some of the region’s most influential business leaders, including Ben Bandari, Josef Kleindienst, Khaled Nuseibeh and Vineet Budki.
