Required: Empathetic real estate agents who are market experts
In an evolving real estate market, what do buyers and sellers want? According to Matthew Bate, managing director at The Urban Nest buyers now pay more attention to who they buy from. “Empathetic real estate agents who take time to understand a buyer’s needs are preferred. Irrespective of nationality, investors want an agent who is a true market expert, able to provide transparent and accurate intelligence that will assist in driving sustainable investment strategies. As the Dubai real estate sector matures, it becomes more complicated to navigate, creating a need for investment advisors who can execute tailored investment plans, across a diverse portfolio of ready and off- plan properties,” he explains.
He also points out that sellers are often ignored in the market. But after the rollercoaster ride of 2020, sellers are looking for a brokerage partner who appreciates that selling a property is a major life event, and understands the significance it has for their livelihoods. “Like in many other industries, companies that can provide a more responsive, personalised service are attracting client interest.”
According to the JLL’s “UAE 2020 Year in Review” report, the pent- up demand in the market, supported by government legislation, will shape real estate recovery in 2021. “While uncertainty will persist this year and the recoverywill vary across sectors and industries, accelerating digital capabilities and focusing on sustainable performance can redefine business success,” says Dana Salbak, head of research, Mena, at JLL. “While we are yet to claim we are out of the woods confidently, the UAE has once again proven its resilience, growth, competitiveness and liveability,” she says.
According to Bate, “Government support initiatives have helped to soften the economic
and social impact of the pandemic. This year, more foreign investors will choose Dubai as a preferred investment hub, as well as a place to call home. Interest will come from traditional markets, alongside the new Israeli market which has opened up. Everyone wants to see how the marketwill unfold but the current climate makes it extremely difficult to predict with any real certainty. Instead, now is the time to focus on the changing client needs, which are ultimately crucial to the speed of recovery.”