The UAE Real Estate market is poised to reach USD 0.69 trillion in size by the end of this year. With expert analysis predicting a CAGR of more than 8 percent till 2027, the UAE market is one of the fastest growing in the world. The biggest factor attributed to this cause is the fact that UAE has one of the lowest acquisition costs and proven high returns.
With a stable economy, Dubai has exhibited remarkable growth after the COVID-19 pandemic. Under the visionary and committed leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, The International Monetary Fund (IMF) forecasts that the United Arab Emirates will grow by 3.4 percent in 2023 and by 4 percent in 2024. The Construction and Real Estate industry leads the trajectory in the UAE. When it comes to investments in the UAE, Abu Dhabi and Dubai stands out as the beacon of opportunities for the real estate market in the Middle East. With tax-free investments, visa reforms like the golden visa program, free zone areas, 100% ownership of foreign companies for onshore companies and new reporting requirements for real estate transactions and such other benefits; UAE is the top choice for global investments in the MENA region.
The Government of the UAE has taken several initiatives to ensure a steady growth of the real estate market. Several initiatives have been undertaken by the Dubai Land Department (DLD) to promote transparency, protect the rights of investors and developers. The ‘Dubai Plan 2021’ initiative has led to the development of world-class transportation networks and infrastructures. The entire plan largely focuses on boosting the real estate sector. The Dubai Municipality has implemented green building codes for constructing buildings with green roofs, solar panels and high-efficiency lighting to reduce carbon emissions. With a large emphasis on solar and nuclear energy, the ‘Dubai Clean Energy Strategy 2050’ seeks to set a goal to produce 75 percent of the city’s energy from clean sources by 2050.
Fertile Lands for Real Esate
Many private property developers in the UAE have benefitted from the above-mentioned initiatives for the real estate sector. With over 20 years of experience, Reportage Properties is one of the largest private developers in the UAE. The company portfolio includes more than 29 projects with 23 of them situated in the UAE. It has provided over 11 thousand housing units across Abu Dhabi, Dubai and currently, even in Egypt and Turkey.
In the year 2022, Reportage Properties has reported record sales achievement while organizing 11 special sales events, which stands at a total value of Dhs2.3 billion. In the same year, Reportage Properties delivered some of the biggest real estate projects in Abu Dhabi and Dubai, such as, the ‘Al Rana Lofts 1’ in Al Raha Beach area in Abu Dhabi, ‘Oasis Residence 1’ in Masdar City and the first phase of the ‘Rukan Lofts 1’ in Dubailand. Their commitment and dedication towards their project schedule have earned Reportage Properties the title of Most Trusted Real Estate Developers UAE 2023 from International Business Magazine.
The Visionary on a Mission
Islam Ahmed Suleiman, CEO of Reportage Properties, said that the company’s performance during the year 2022 was outstanding with many achievements. The company launched ‘Verdana’, a 305-unit townhouse project in Dubai, located within the Dubai Investments Park. Suleiman has also launched the ‘Plaza’ project in Masdar City and the ‘Perla Prime’ project on Yas Island, which includes 190 housing units. This is in addition to ‘Perla Waves’ which adds 115 new housing units.
2022 also saw the launch of the second project outside the UAE, the ‘Sylvana’ in the Bahcesehir district of Istanbul, Turkiye. This mega project spans over an area of 48,000 square metres, providing 232 townhouses. Suleiman explained that the success of their projects outside of the UAE showcases the stability of their business model and strong financial position. Reportage Properties first showcased their abilities outside the UAE with ‘Montenapoleone’ in Mostakbal City in New Cairo, Egypt in 2021. It is being developed in partnership with Al-Ahly Sabbour Company, a leader in real estate development in Egypt. This project includes 5,500 housing units and is on track to be delivered in 2025.
Building Trust in UAE and Beyond
The list of Reportage Properties projects in Dubai includes the Alexis Tower on Sheikh Zayed Road in the Downtown Jebel Ali area in Dubai, which provides 378 luxury housing units, and the ‘Rukan’ tower in the ‘Dubailand’ area, which is being developed in cooperation with ‘Continental Investments’ providing about 488 housing units, ‘Rukan Lofts 1’, which includes about 349 residential villas, and ‘Rukan Lofts 2’, which provides about 755 villas, Bianca which provides 653 towhouse units, and the recently launched ‘Reportage Village’ a townhouse community that provides 1,767 units in addition to the ‘Verdana’ community, located within the Dubai Investments Park, and provides 305 town house units with a wide number of apartments.
In Abu Dhabi, ‘Reportage Properties’ completed the ‘Al Raha Lofts 1’, which provides 164 housing units, and ‘Al Raha Lofts 2’, which adds 110 housing units, within the Al Raha Beach area.
In Masdar City, Abu Dhabi, the ‘Oasis Residence 1’ is being developed to provide 612 apartments, and the ‘Oasis Residence 2’ includes about 304 housing units. ‘The Gate’ also adds 463 apartments, in addition to the ‘Plaza’ in Masdar City in Abu Dhabi. The project consists of 348 housing units. The ‘Leonardo Residence’, which was delivered about 3 years ago, also included 177 apartments in Masdar City.
On Al Maryah Island, Reportage is proceeding with the ‘Al Maryah Vista’ project, which will provide 786 housing units, in addition to ‘Al Maryah Vista 2’, which will include 588 new housing units. On Yas Island, the ‘Diva’ is being developed to provide 736 residential units. The Perla Prime includes 190 housing units, in addition to ‘Perla Waves’, adding 115 new housing units.
In Egypt, Reportage Properties launched the ‘Montenapoleone’ project, which will include 5,500 housing units, with the first phase providing 1,309 apartments and townhouses. The company recently launched the ‘Sylvana’ project in Turkiye, which provides 232 townhouses.
Q & A
In an exclusive interaction with Islam Ahmed Suleiman, CEO of Reportage Properties, we understand the strategy and the mindset behind the success of one of the biggest property developers in the Middle East region.
Can you tell us about the mission and vision of Reportage Properties?
CEO: Reportage Properties is committed to delivering quality real estate solutions. Our mission is to create distinctive, sustainable, and well-integrated communities that enhance the lives of our residents. Our vision is to be a leader in the real estate industry, known for innovation, reliability, and excellence in every project we undertake.
What sets Reportage Properties apart from other real estate developers in the market?
CEO: What sets us apart is our unwavering commitment to quality and innovation. We take a holistic approach to our projects, considering not just the structures we build, but also the surrounding environment and the community’s needs. Our strong focus on sustainability and cutting-edge design ensures our developments stand out. Moreover, we pride ourselves on transparent communication and strong customer relationships, which foster trust and confidence among our stakeholders.
How does Reportage Properties address sustainability and environmental concerns in its developments?
CEO: Sustainability is a core principle in all our projects. We employ environmentally friendly construction practices, utilize energy-efficient technologies, and incorporate green spaces and landscaping in our designs. Our developments are often built to minimize their environmental impact, and we make conscious efforts to reduce water and energy consumption. We also prioritize the use of renewable and recyclable materials whenever possible. All of this aligns with our commitment to creating communities that are both environmentally responsible and pleasant to live in.
Looking ahead, what are the key areas of growth and expansion for Reportage Properties in the coming years?
CEO: We have an exciting roadmap for the future. We plan to expand our portfolio of developments, focusing on new regions and markets that offer growth opportunities. Additionally, we are exploring innovative technologies and construction methods to enhance efficiency and sustainability. In the long term, our goal is to become a global leader in real estate development, delivering exceptional projects that not only meet the needs of today’s residents but also contribute to a more sustainable and prosperous future.
