(MENAFN- Khaleej Times) Published: Sun 28 May 2023, 4:09 PM Property brokerages in Dubai are finding it difficult to find the best and most talented executives, said a senior industry executive.
“One of the top challenges of the largest real estate agencies is to find the best people as they are competing with each other. When there is so much growth, there is more demand for great people in every real estate agency,” said Ari Kesisoglu, President, Property Finder.
Kesisoglu was speaking on the sidelines of the Property Finder Connect 2023 event, which featured a range of panel discussions including on key topics such as the impact of emerging technologies, retaining high-performing talent and others.
He pointed out that during the panel discussions at the event, panellists highlighted that there is no alternative to the best talent.
“We need to have the best people and give them the best technology and training so that they can operate to their best... Things are changing every single day and every month, so even if you have the best people you have to invest in them including ourselves to grow,” he added.
When companies are scouting for the best talent, Kesisoglu explained that they usually look for people who are great in relationship management, have expertise in areas he/she is operating, and can he/she create trust between buyers and sellers because they work with multiple parties.
“For Property Finder, it has a lot to do with technology adoption, having vision on making life in real estate terms better through technology and creating more transparency through data so that we can make home finding journey better,” he said.
Average property price stable Property Finder president noted that the average per square meter price in Dubai is stable, based on the last six months' transactions for all the properties.
“What is happening in a prime location is that the amount of supply is not changing and demand keeps rising. If this continues, and it has to be because of physical limitations, there will be still interesting price points,” Kesisoglu told Khaleej Times in the interview.
“This is because the prices in prime locations are going up because of physical limitations. And a lot of transactions, especially in Dubai, are taking place in off-plan. So the price per square metre obviously is not like what it is the price in prime locations. So when you average it out, prices are stable,” he said.
Based on Property Finder's data, off-plan sales in Dubai recorded 15,948 transactions in Q1 2023 compared to 8,467 in Q1 2022.
The prices off-plan properties are much lower than the ready apartments and villas and even much higher when it comes to luxury properties, which command very high premiums.
Kesisoglu further explained that off-plan sales account for 58-60 per cent of the total transactions.
According to ZāZEN Properties, the off-plan sector's 42.5 per cent year-over-year spike in sales transactions in April is sustaining
Investors prefer buying off-plan properties versus ready real estate projects as return on investment (RoI) for such developments can reach up to 10 per cent, depending on location, quality of build, and the selection of amenities.
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