Can you talk about the rise of ORO24 in the UAE?
Yes, we have received a phenomenal response, magnanimously bigger than what I had imagined. However, I consider it just as a successful beginning instead of rise. The company has been formed with a much bigger and diversified vision to transform into a successful real estate corporation. The organisation is focussed on creating value for money unique real estate, with a focus on community living. Throughout the lifecycle of a project, which includes land acquisition to design, sales and delivery, the primary focus is the consumer experience. This is further boosted by our willingness to learn and transform every day. A glimpse of that can be seen in our latest project TORINO By ORO24, which has been a runaway success. The most pleasing part of the success was the superlative consumer response, which ORO24 always strives for.
What is your outlook on the real estate market? Prices for the rental market especially are expanding at a fast rate this year.
I believe that the market and demand will continue to move north for a considerable time. This is not a seasonal or temporary spike and let me explain the reason. Dubai and the UAE has done everything right during the last decade. We must recall and applaud the government’s effort to consistently boost the economy through infrastructure development, trade liberalisation, immigration reforms and swift decisions, since the last economic downturn of 2008. This was further enhanced by the effective crisis management during the pandemic. All these have led to an unparallel increase in the global ranking and investor confidence. In the backdrop of pandemic, the successful staging of Expo 2020 Dubai, which was a six month long trade event attracting global traffic of over 24 million visitors is just the perfect proof of how strong the country is. In my opinion, in October 2021, no other country had the ability to host such a massive event successfully. These are historic and unprecedented performances, which have contributed to building an exceptional track record. And, when you are the only one achieving such a feat, you become the global leader. The country will continue to attract more FDI and migrant population. The direct and immediate beneficiary will be the real estate industry.
Why should expats invest in the UAE property market? Global investors are looking to invest in the UAE real estate, according to reports. Do you think that this is relevant for residential only or extends to commercial as well?
The immigration reforms, coupled with the government’s super-efficient handling of the pandemic, has changed the dynamics of how expats consider their residency in the UAE. A very high percentage of the expat population prefers living in the UAE over their home country and wish to have a permanent base. This will continue to drive increased demand for local real estate. Owing to the trade liberalisation and the success of Expo 2020 Dubai, the UAE will attract more global businesses to establish their presence here. The government is advancing swiftly in economic reforms by formulating regulations for next-age trades like crypto, metaverse etc. The country also offers an immigration solution for freelancers who can operate their services and enjoy the lifestyle of the UAE. Not to forget, the efforts to attract seasoned professionals and talents through specialised visas. All this promises to drive the demand for commercial realty. More trade means more employment and that means more population, which will further add to the demand for residential properties.
There is a growing trend in hybrid working space. Do you see buyers’ preference shifting to the new dynamics lately?
While currently there is demand for such workspaces, I firmly believe it can never surpass the conventional commercial real estate. Such properties cater to a specialised sector and only those which can operate remotely. Its definitely here to stay but will increase in tandem with other commercial properties. I must explain that the commercial property is a very wide sector including offices, retail, industrial, warehousing, education, healthcare etc. Hybrid working spaces accounts a very small percentage and is generally used by start-ups, techies, designers and consultants.
What are some of the new projects you are a part of in the UAE?
We have several options on our drawing board with some mega projects. Each one of them is being planned with equal attention to detail. For me, the project is not ready until it is signed off. We like to review several times so we are able to offer the best innovation to our consumer. You shall hear from us soon.
How does ORO24 differ from other developers in the UAE?
We focus on innovative real estate, with the intention of meeting maximum consumer needs. We create a unique combination of convenience and lifestyle at attractive price points in our real estate. We have incorporated next-age technology in our business, which enables us to deliver some unique innovation. The company is also committed to empowering the consumer through its commercial offerings. It’s all about creating quality product with value for money and focus on delivery!
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