Latest news with #AmaliProperties
Entrepreneur
29-05-2025
- Business
- Entrepreneur
Gen Z Buyers Are Reshaping Dubai's Property Market: Here's How
As with the generations that came before, this new cohort of buyers has its own set of priorities, values and preferences, and developers must be prepared to adapt accordingly. Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. Dubai's property market is renowned for attracting luxury home buyers, expats and high-net-worth investors in their droves. The first few months of 2025 have not disappointed, with a surging population driving demand for more than 51,000 additional homes this year. And while this is clearly welcome news for our Emirate's real estate community, I'm particularly interested in the subtle demographic shifts that are taking place within our sector. With its eldest members approaching their thirties, Generation Z (born between 1997 and 2012) is now truly 'coming of age' and entering the property market. As with the generations that came before, this new cohort of buyers has its own set of priorities, values and preferences, and developers must be prepared to adapt accordingly. As Managing Director of Sales and Development at DAMAC Properties, Founder and CEO of PRYPCO, and Co-founder and COO of Amali Properties, I am fascinated by evolving buyer trends and investment drivers. So, I've decided to explore how Gen Z's relationship with technology, concerns about sustainability and focus on financial stability are gradually reshaping Dubai's property market. Technologically minded As the first generation of true digital natives, Gen Z has grown up immersed in technology. Nowhere is this truer than in Dubai. Our Emirate boasts an internet user penetration rate of 99% and a mobile connectivity rate in excess of 200%. In short, a younger person's property-buying journey looks a little different from that of their predecessors. From start to finish, Gen Z experiences the market through the lens of technology. Immersive viewings powered by virtual reality (VR), for instance, are proving extremely popular among Gen Z buyers, allowing them to 'visit' prospective properties without leaving their existing homes. This is just one example of a digital-centric experience that extends beyond the 'phone scrolling' favoured by many Millennials. Virtual tools, such as DAMAC Properties' 3D Tours, allow buyers to 'walk through' an existing or soon-to-be-built property at any point in time (and any number of times). In fact, some clients prefer to embark on several digital tours before booking an in-person viewing, making them an increasingly important part of our offering. Even after the viewing stage, tech remains central to Gen Z's decision-making process. Smart home adaptations, ranging from high-specification security systems to remote lighting and temperature control, are especially popular with this demographic. Naturally, savvy developers are ahead of the curve in this respect, so it's no surprise that the percentage of new properties in Dubai that incorporate smart tech looks set to rise to 60% by the end of this year. Sustainability focused Sustainability is one of the most important drivers behind Gen Z's affinity for smart home tech, with 72% of younger people reporting that they have altered their behaviour to minimise their environmental impact. At the same time, the Government of Dubai's focus on the conservation of local ecosystems is contributing significantly to responsible development, thanks to initiatives such as the 2040 Urban Masterplan. Obviously, the private sector has a duty to support these efforts, but there is also a clear commercial incentive to cater to the ever-growing requirement for eco-friendly communities. As demand for sustainable properties in Dubai has increased, energy efficiency, green spaces, the use of eco-friendly materials and water conservation have emerged as key motivators. In fact, 70% of UAE investors are willing to pay a premium for sustainable living options, and as more Gen Z buyers enter the market, this percentage looks likely to grow further. Financially savvy Amid global economic uncertainty, it's no surprise that 34% of Generation Z say the cost of living is their top concern. Nevertheless, many young people are doing everything in their power to get a foot on the property ladder – especially in thriving markets like Dubai, which boast diverse offerings, a range of tax-free incentives and myriad lifestyle-related benefits while delivering excellent value for money. In turn, our Emirate's most forward-thinking developers are working to cater to Gen Z-related demand through the provision of attractive and affordable financing plans, which offer low initial deposits coupled with flexible monthly repayments. In terms of investment, innovations related to proptech are also empowering Gen Z. For instance, products such as PRYPCO Blocks are removing barriers to entry through fractional ownership, allowing users to invest in Dubai real estate from as little as AED 2,000. Acutely aware of the extent to which blockchain technology could benefit the property sector, our Emirate's leaders are also accelerating progress through initiatives such as the Real Estate Tokenisation Project. Ultimately, I would argue that the long-standing success (and allure) of Dubai's property market has been driven by its ability to adapt. Time and time again, our Emirate's real estate community has demonstrated an innate ability to anticipate shifting market trends and pivot in response to changing buyer behaviours. While few would deny that members of Gen Z are driving change within Dubai's real estate market, their influence also seems to be benefitting other demographics. Consequently, our Emirate's leading property developers have become laser-focused on the delivery of high-quality and sustainable communities – coupled with flexible payment options – that meet the requirements of today's buyers while simultaneously catering to future demand. Personally, I am excited by the transformative impact that members of Gen Z are having on the property sector, both domestically and globally. I can't wait to see how their priorities and values continue to drive positive change over the longer term.
Khaleej Times
19-02-2025
- Business
- Khaleej Times
'Evaluation follows male model': Women in UAE's real estate sector discuss challenges, support from loved ones
In an industry traditionally dominated by men, women face unique set of challenges as they strive to carve out their place in the real estate sector. Balancing family responsibilities with professional ambitions often leads to difficult choices, as many find themselves navigating societal expectations while pursuing their careers. The struggle to achieve work-life balance remains a significant hurdle, particularly for those who are mothers. Amira Sajwani, co-founder and COO of Amali Properties, shared her journey during a speech in 'She Pioneers' held by Dubai Land Department. After the birth of her second daughter, she approached her father Hussain Sajwani, founder and CEO of Damac Properties, the Middle East's largest private real estate development company. She expressed to him her desire to resign from her job due to the overwhelming pressures of managing both her family and her career. 'I have two daughters at home, and I can't balance between them and work and everything else.' However, he gave her some advice that continues to inspire her: 'The children are small now, but in the future, they will see you as a role model, and they will strive to achieve their dreams just like you,' her father said. Amira, who has made significant strides in a male-dominated industry, emphasised the challenges women face when trying to juggle family responsibilities with their professional aspirations. Despite societal perceptions that real estate is a man's world, she remains undeterred, crediting her upbringing for her belief in equality and her drive to excel."I grew up in a household with three brothers, and my father treated us all the same," she explained. This supportive environment instilled in her a sense of confidence, enabling her to navigate the complexities of the real estate market. "To those who say it's a male-dominated sector, I remind them that when purchasing a home, the decision often lies with the wife," Sajwani stated. Dounia Fadi, Managing Director at eXp Dubai, echoes this sentiment, noting that Emirati women have made significant strides in the real estate field, but expatriates also take pride in the supportive environment the UAE offers. 'I have been here for 20 years, and if I hadn't been in Dubai, I wouldn't have reached where I am today,' she stated. She emphasised the role of technology in empowering women to manage their responsibilities more effectively. "A woman can work from home, which makes it easier as a real estate agent and a mother." She added: "Technology, especially in Dubai, is pioneering and has contributed significantly to the real estate sector. It's a major reason for the boom, especially affecting women positively. ' Dr Hanan Bin Khaluq, a pioneer in entrepreneurship, highlights the ongoing challenges women face in leadership roles. 'We have broken the glass ceiling, but there are still obstacles. Women in leadership positions often find that evaluation metrics still follow a male model,' she noted. She encourages women to adopt a feminine model that serves society, advocating for the recognition of their contributions. 'When real estate projects and buildings are measured by how much happiness they bring to people rather than their height, that's when female leadership will prevail in the future of real estate,' she asserted.
