THE RISE OF MASTER COMMUNITIES IN THE UNITED ARAB EMIRATES
The second panel discussion focused on how the UAE has been introducing master communities centred on human well-being in addition to providing inclusive facilities.
Experts reflected on the growing demand for community living, why the UAE is the right place for communities to flourish, as well as the technical challenges associated with building such communities.
The speakers included Baharash Bagherian, CEO, URB; Prathyusha Gurrapu, head of research and advisory, CORE Middle East; Alexandros Pounentis, director of PM/CM services at KEO International Consultants.
Gurrapu mentioned: “To be able to accommodate the growing population, we need to provide housing and master communities and stand alone areas that the population can inhibit.”
In the UAE, real estate developers are building master-planned communities that provide a balanced, sustaimable space as they become ideal places to work, live, and play. During the panel, Bagherian said: “The biggest change is the shift in the way that developers are now thinking of building. So we’re moving away from developers selling a real estate asset and more towards developers selling a lifestyle.”
Emaar, Nakheel, Meydan, MAG Group, etc. are few developers who are executing such projects that are vying potential investors and buyers with attractive payment plans and over-the-top amenities.
These master communities feature a mix of various projects within the residential, commercial, retail, educational, and hospitality segments.
“WE’RE MOVING AWAY FROM REAL ESTATE ASSETS AND MORE TOWARDS DEVELOPERS SELLING A LIFESTYLE.” Baharash Bagherian, CEO, URB