Eyal Ashur is a luxury real estate specialist at AQUA Properties, focusing on Dubai’s elite waterfront communities like Jumeirah Bay, Port de La Mer, and Pearl Jumeirah. With a background in luxury hospitality at The Ritz-Carlton and an MBA in Marketing Management & Intelligence, he blends five-star service with data-driven strategy. As one of La Mer’s leading agents, Eyal is renowned for his expertise and results-driven approach, helping clients secure dream homes and high-value investments in Dubai’s most exclusive locations.
- How would you describe the current state of the real estate market across the GCC?
The GCC’s most dominant market – Dubai – is currently at an all-time high, and there are no concrete indicators to show the market is going to slow down anytime soon. On the contrary, other markets such as Riyadh, Abu Dhabi and Ras Al Khaimah are following Dubai’s example.
- Which markets are showing the strongest performance right now, and why?
The strongest performance is still seen in Dubai. The city continues to be a stronghold for
many expats, as the offerings here are more abundant and most expats live here.
Making the move from a western country to the GCC was unheard of for many just a few years back, and now everyone is talking about it, with Dubai being the first that comes to mind.
Ras Al Khaimah has also received much attention lately, and real estate transactions have exploded due to the upcoming casino on Al Marjan Island. Most recently, Abu Dhabi has taken the spotlight too. I believe we will see a significant jump in transactions, specifically in Saadiyat and Yas Island where new attractions are popping up quickly.
- Are there any shifts in demand between residential, commercial, and industrial real estate?
Looking at the different types of real estate, we see an upward parallel trend across residential, commercial and industrial real estate. Within each type, we do see shifts – for example, we know there is a massive demand for grade A+ offices in key locations in Dubai. Some developers have shifted their attention to building these high-end office towers.
- What are the most significant emerging trends in GCC real estate that you’ve noticed in the past 12-18 months?
The most significant trend I have noticed in the past 12-18 months have been the number of affordable townhouses to accommodate young families coming to the UAE. An interesting trend I have noticed lately is master communities being built quite far from existing areas. And I’m not talking about areas like the Valley by Emaar, but rather communities that are being built quite farther away. For example, Arabian Hills Estate by Deca or Ohana by Jacob & Co.
- Are you seeing any changes in buyer/renter preferences – for example, more interest in sustainable living, community-focused developments, or branded residences?
Branded residences have always been in demand. There is a certain prestige that comes with the right brands. People make the associations of quality, and there is an expectation from the developer and brand to create something lasting. This, in turn, creates long-term value. Another change is the need for affordable townhouses for young families relocating from abroad.
- What’s the current sentiment among local and foreign investors toward GCC real estate?
Some foreign investors are sceptical of the real estate market in the UAE.
These are usually investors that have been here for a long time, and have seen previous downward trends. They have been burnt before. While some locals seem to be more hesitant about the developments in specific areas such Dubai Islands (linking it to Deira) or Ghantoot, claiming it’s too far from both Dubai and Abu Dhabi. Most are still optimistic towards the market as they see people from around the world coming to the emirates on a daily basis.
- Are there particular cities or asset classes (such as luxury villas, affordable housing, data centers) attracting more foreign investment?
Foreign investments are spread across major cities in the GCC, with big capital mostly being injected in Dubai’s Jumeirah coastline and golf communities. Jumeirah is interesting as it offers many beachside living options, while being close to Downtown and the older villa areas of Jumeirah and Umm Suqeim – this naturally develops into exclusive properties.
- How are recent regulatory changes (Golden Visas, freehold laws) impacting investment patterns?
Democracy, as we know it, in so many western countries has shown not to cope with the quick changes that the world faces. The beauty about the GCC is the quick decision-making that enables faster growth. We see this in the consistent changes in rules and regulations.
Take for example, the different visas that are given or the recently announced freehold area alongside Sheikh Zayed Road. Another would be the new rule regarding off plan mortgages. Buyers can now request a 50% LTV mortgage for properties in developments that are 50% completed, as long as it’s from a reputable developer and only from specific banks.
- What challenges are developers and investors currently facing in the GCC real estate landscape? How is the market handling global inflation, interest rates, and construction costs?
Global economic challenges seem to hit the GCC less hard than other developed countries, and this is mostly due to the high demand for real estate and big influx of people coming into the GCC. Supply and demand is the top determinant for growth, and even the dip in the stock market turned out to have a positive effect on real estate in the UAE. Because the dirham is pegged to the dollar, properties were at a discount now for other foreign investors.
- What are your forecasts for the next 1-3 years in the region’s real estate market?
Looking into the near future, we will see an increase in luxury waterfront properties in coastal cities – both apartments and villas. We will also see new, and extensions of, large-scale master communities. Lastly, I believe we will see GCC nations tilting towards more liberal ways. This will manifest itself by announcing perhaps more casinos and licensed venues.