Ismail Al Hammadi, managing director of Al Ruwad Real Estate, explains how the company has weathered economic headwinds, why he is confident in the future of Dubai’s real estate sector, and where key opportunities are in the market
How have the past 12 months been for Al Ruwad Real Estate? What have been the main successes and challenges, and how has the company maintained its position amid economic headwinds?
“Al Ruwad has operated in the market for the past six years, and we have identified lessons learned from past failures on how to advance during financially unstable times. So we were prepared to withstand challenges such as a fall in prices, unforeseen costs, and so on.
“We were able to make a realistic assessment of the business environment and pinpoint the company’s position in this environment, deciding on a strategy. I believe we managed to stay afloat and navigate these challenges successfully.
“Amid oversupply fears, decrease in prices and high competition, Al Ruwad has managed to position itself in the front line of land sellers in Dubai, capitalizing on a lesser exploited niche of real estate industry, while the main focus remained on the off-plan sales and secondary market.”
How confident are you in the region’s real estate sector at present? What are the most encouraging signs for the sector?
“Approaching the third quarter of 2019, I can confirm that this year will also be a buyers’ year with prices on the decline, incentives such as no commission, no DLD fee, lengthy payment plans and discounts offered by all developers. This will lead to great opportunities for both investors and end users alike.
“I believe that one of the most encouraging signs for the real estate sector is the current interest from international investors, especially Chinese nationals who are expected to increase their investment up to 70 percent this year.
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