FUtUrEbranD`s 2007

Transcription

FUtUrEbranD`s 2007

PROUD SPONSOR
futurebrand’S 2007
GULF REAL ESTATE
STUDY
www.istithmar.AE
FutureBrand is a full service global branding firm. Shaping with Strategy.
Communicating with Design. Implementing for Impact and Reach. We build
real estate brands that aim to increase value and sales velocity, inspire wanderlust
and fire imaginations – all over the world.
www.futurebrand.com
The Real Estate Division of Istithmar is
the proud sponsor of this year’s Study.
This is the third year that FutureBrand, a premier global
brand consultancy, has issued its Gulf Real Estate Study.
Each year it becomes more comprehensive, extensive
and insightful. This year is no exception. Substantial
qualitative and quantitative research was conducted,
and experienced global teams explored new trends,
themes and insights in the category. The result is the
only comprehensive assessment, from a marketing
perspective, of the region’s most prolific industry.
Share
your comments
VISIT OUR BLOG AT: www.futurebrand.com/GRES
Futurebrand’s 2007 Gulf Real Estate Study
The futurebrand philosophy
Having worked with leading companies all over the
world, including the Gulf ’s most notable developers,
FutureBrand has unparalleled experience in pioneering
brands. We believe that understanding our clients’
industries as well as they do is mandatory. However, it
is FutureBrand’s core philosophy that sets us apart.
Our point of differentiation begins with our
name — our focus on the future — and a
framework that helps clients build brands that
are holistic and future-proof. A true ‘FutureBrand,’
for us, creates a new definition of brand excellence,
which we shape in two ways.
Brand Framework
First we develop a strategic framework for your brand,
identifying what is essential and what is its core essence.
Using deep category insights, we define the opportunity
and create a value proposition for your business and
its brand.
Your customers
POSITION AND activation
The network of customers in any category is rarely
straightforward. The sketch here, showing the
landscape of sample real estate buyers, is no exception.
Understanding the needs and requirements of each
segment, and its relative importance, is a difficult
challenge when behaviors and needs may appear
similar. FutureBrand helps clients to navigate this
constellation of interdependencies and can
assist in prioritizing real opportunities
over distractions.
Equally vital is knowing why, how and
when to activate a compelling brand.
Creating an actionable blueprint for
how to move a brand forward is
critical.
A ‘FutureBrand’ is architected to
leverage its core essence, to stand
out relative to competitors and to
engage customers for the long
term. We believe a ‘FutureBrand’
is excellence in branding, and
we strive to create brands that
think ahead and stay ahead.
For brands to excel, they not only need to be targeted, but
also fine tuned to the needs of diverse audience segments
and their relative brand adoption requirements.
Research provides us with a considered viewpoint
about where your customers may reside on the path
between awareness and advocacy, and what can
trigger their decisions to buy or invest.
Our philosophy is straightforward because it is
rooted in basic human truths. We uncover what
people need and what motivates them. We then
couple this with an understanding of when and
how customers make purchase decisions. Both
are critical to ensuring marketing success and
building brand differentiation for the long
term. Lastly, we design brands that provoke a
positive reaction, create an emotional bond
and deliver measurable results.
Branding
Real Estate
Many development professionals still think of branding as
superficial window dressing or simply a logo that gets created
moments before sending a brochure to print. While this may be
the norm for some companies, it is certainly not the benchmark
for what a brand is or what it can do.
Since each developer and each development has its own
objectives, priorities, challenges and business issues, each
branding situation is unique. Simply broadcasting your message
or spending healthy amounts on media will not guarantee
success, especially as the market matures. Part of the skill
of branding is knowing which approach is best suited to the
specific situation, how to create a connection with target
customers and how best to help companies stand out against the
crowded playing field.
BRANDING CHALLENGES in a saturated marketplace:
Creating and launching a new brand and
building awareness Despite the clutter
Assessing marketing plans to determine if media
spend is being strategically considered
fixing a Declining project image that is
negatively affecting sales and investor interest
Creating a compelling sales center that
delivers a branded experience
Responding to increased competition from
new developments
Establishing a customer affinity program
Determining whether a brand should franchise
to other locations
Establishing whether a new Development phase
requires a new brand
Creating and enforcing brand and marketing
guidelines for third party developers
and vendors
Developing a long-term CRM approach to help
close the gap between purchase and handover
Creating a compelling way finding system
Launching an internal branding program
to ensure that employees are ambassadors
of the brand
2007
year in
review
Development continues to advance at breakneck speed in the
region, with brands vying for attention. Regulatory boards
are forming, customer associations continue to be created and
the category is, on the whole, maturing. Customers have higher
expectations and more to choose from, and they require more
attention than ever before.
As the market overloads with competitive messages, promises
and overpromises, branding becomes more challenging
and more critical for success. Additionally, as real estate
developments are growing in scale, they are being considered
as destinations in and of themselves. Often they need to market
themselves as places and not just as buildings.
A brand, in its highest state, should create an identifiable,
compelling and unifying platform. To achieve this, the role of
brand building must accompany every aspect of the business,
from concept and product development through to sales,
culture building and employee training. With every customer
touchpoint, real estate brands have an opportunity to create
preference, lasting value and return on investment.
TOTAL DEVELOPMENT PROJECTS, BOTH PLANNED AND UNDERWAY
IN THE UAE, INCREASED BY 79% FROM 2006 TO 2007.
2006 Notables
Continued Delays
Buyers are frustrated, angered and
only occasionally compensated.
BRAND NAMES SEEK ACTION
From residential buildings to
museum complexes, big names are
involved in Gulf developments.
AN AVALANCHE OF TOWER CITIES
High-rise metropolises emerge and
residents shudder.
PROPERTY FEVER
The category continues to boom in
more geographies.
RENTS INCREASE
High demand continues to hike
up rents across the board, despite
government decrees.
HOMEOWNER ASSOCIATIONS
Buyers organize, and publicize, and
the government is listening.
RISING CONSTRUCTION COSTS
Contractors are calling the shots.
VILLA SHORTAGES
Ready-to-move-in villas are a buyer’s
wish, but scarce.
LEISURE EXPANDS
Golf courses, community centers and
sports facilities continue to expand,
with marinas and related maritime
amenities also on the rise.
1
NEWS AND NOTEWORTHY
The value of all GCC real estate projects announced in the last year
alone (2006-07) has increased 59% to $143 billion.2
GCC retail space will triple to more than 161 million sq. ft.
by 2016.3
According to the Dubai Land Department, land prices are up an
average of 64% from last year.4
Construction in Dubai has grown by an average of 32.7% a year
since 2001.5
The value of mortgages in Dubai rose by 170% above the previous
year, to $11 billion.6
Dubai ranked as the 14th most expensive city in the world in
which to rent accommodation.7
Dubai alone has 24 million sq. ft. of commercial space currently
under development and is ranked third in terms of global office
real estate construction activity. Moscow and Shanghai take the
top two spots.8
Office rents in Dubai now rank just outside the top 10 on a global
basis, at around $89.60 per sq. ft., compared with 10th placed Hong
Kong, with rents around $97.20 per sq. ft.9
NEW Notables
Soft/PreLaunches
More developers, including Nakheel
and Omniyat, are using soft and
prelaunches to test reaction to new
marketplace offerings and pricing.
Metro Power
Demand for real estate near planned
Dubai Metro stations is high and plots
are commanding price premiums.
Spa with that Apartment
Almost every development is now
featuring a brand name luxury spa
facility in addition to a gym on site.
Sweepstakes Fever
In addition to Damac Properties, a
company known for plane and car
giveaways, Omniyat Properties has
now launched a high profile $4.35
million giveaway.
Latest Partnering
No longer pairing famed designers
and furniture brands, developers
are now partnering with electronic,
jewelry and cigar brands to create the
ultimate residential experience.
Entertainment Orientation
From the purchase of the QE2 by
Istithmar to Warner Bros. signing
with Aldar to create a theme park
complex, entertainment offerings are
becoming increasingly substantial in
size and more high profile.
Abu Dhabi is scheduled to award $7.6 billion of projects to
contractors in 2007 and increase this figure to $9.5 billion in 2008.10
The population of Abu Dhabi is set to double within the next
10 years.11
Bahrain has a remarkable 27.4% average growth per annum in its
overall real estate sector.12
Retirement Targeting
The government of Bahrain is
targeting expatriates who have worked
in any of the five other GCC countries
for 15 years. This segment can now
live in Bahrain after retirement,
suggesting it will contribute to
the growth of consumption and a
livelier economy.16
Oman and Qatar are both showing an impressive 10% growth in
the residential sector.13
The Kuwait real estate market saw considerable growth, with
sales and number of units rising by 67% and 46% respectively,
compared to the same period last year.14
Saudi Arabia’s fastest growing sector is real estate, with more than
$260 billion in investments. This growth is deemed to be the second
highest in the world, after Shanghai.15
Cost of Living/Inflation
Rising inflation and cost of living is a
threat to Dubai and an opportunity for
neighboring locales. Some companies
are now less prone to relocate to
Dubai due to spiraling costs. Dubai’s
rate of inflation is 10%, about equal
to Russia’s.17
emerging
trends
More for
Buyers
Government Takes
Control
Exportation
and Expansion
Maturing Marketing Campaigns
Developers are using more than large billboards and newspaper
wrap-around ads to promote their offerings. The rise of multimedia
campaigns, linking television, radio, print and online advertising,
is creating more cohesive marketing programs.
Real Estate Regulatory Authority
To better control the burgeoning development market, customer
complaints, and general compliance, the Dubai government
has created the Real Estate Regulatory Authority (RERA). This
government entity will establish policies and best practices regarding
freehold property, 99-year leases and the rental market in Dubai.
Exporting Dubai Success Abroad
While the Gulf may be one of the most
prolific real estate markets in the world,
many domestic developers are expanding
their capital and influence overseas. Emaar
has been one of the earliest to extend its
reach into the United States. It has launched
projects worth more than $110 billion
outside the UAE.18
Pricing Information
The publishing of list prices is becoming popular with Emaar, among
others. More developers are featuring pricing details prominently
in select print ads and online.
Model Homes and Suites
Developers are giving buyers a chance to see the finished product and
further communicate a lifestyle orientation by showcasing model
homes and suites. As developments come closer to completion, site
tours will be on the rise.
More Financing Options
Many projects now have a variety of lenders on board, representing
more lending options. Mortgage providers are now linked with
developers directly through signage, collateral and in advertising to
streamline and minimize buyer efforts to secure funding.
Rental Initiatives
New rental laws, mandating the relationship between tenant and
landlord and requirements for authenticating and registering rental
contracts, are under development in an effort to better control
Dubai’s rental market. Additionally, there is discussion of relaxing
the 7% rent cap issued earlier this year, and a decision is expected
by December, 2007.
Trust Account Law
The newly announced Trust Account/Escrow Law requires
developers to keep buyers’ deposits in escrow accounts rather than
allowing developers, without some form of independent certification
permitting fund release, to pay this money early to contractors as a
project advances. This may cause some complications to developers
in securing timely contracting offers and managing their cash flow;
however, the law is expected to create a higher level of confidence
and credibility in the marketplace.
Nakheel has launched Nakheel International.
Limitless has announced projects in
China, Vietnam and Pakistan.19 ETA Star
is developing projects in Bangalore and
Chennai, India, while Damac has projects
in Egypt, Qatar and Lebanon among others,
with further aggressive expansion plans.
Expanding Emirates
We noted the growing prominence of other
emirates last year that were leveraging their
proximity to Dubai. Ras Al Khaimah is
notable in its advancement, with its GDP
growing from $1.7 billion in 2001 to $2.5
billion in 2005, with mining, manufacturing
and real estate all showing strong growth.20
In RAK, ‘the rising star of the UAE,’ tourism
and real estate sectors have been the most
active to date, both taking advantage of the
emirate’s 40 km coastline, rugged Hajjar
mountains and property prices 40%
below rates in Dubai.21 RAK Properties,
Rakeen, Orascam and Saraya are all actively
developing projects in RAK.
Ajman, marketing itself as a place to get
away from busy city life, has one of the
UAE’s most active property sectors. Close
to 200 residential towers are either under
construction or have been completed since
2004. Many consider Ajman the new Sharjah.
Prices are said to be four times lower than
those in Dubai.22
Fujairah is another quiet emirate moving
forward swiftly. Its striking landscape and
Indian Ocean beachfront make for an idyllic
spot, as this emirate focuses on becoming a
resort and hospitality destination. This year’s
successful sales launch of Mina Al Fajer, a
$164 million mountain-sea resort property,
which will include a 200 room five-star hotel
managed by Fairmont Hotels & Resorts, is
an indication of more to come.
Expanding Interests
As the development market matures,
interests are expanding into different areas of
real estate. In 2004, investors were generally
seeking vacant residential land. In 2005,
people were looking for residential buildings
to purchase and in 2006 investors were
favoring built commercial buildings, as their
return on investment was fastest.23
Dubai 2015 and Abu Dhabi 2030 are macro views of a bold bright future across industry, environment and economy
TOURISM
dubai
abu dhabi
2015
2030
Transportation CONSTRUCTION
FINANCIAL
SERVICES
SOCIAL
INFRASTRUCTURE
DEVELOPMENT
TRANSPORtATION
ENVIRONMENT
PUBLIC
HOUSING
SOCIAL
DEVELOPMENT
SUSTAINABILITY
“We have to make history… not wait for
the future to come to us”
“Those who forget their past,
compromise the future”
2.5 million residents
40 million visitors
110,000 hotel rooms
650,000 residential units
3 million residents
7.9 million visitors
74,500 hotel rooms
686,000 residential units
Dubai has already established itself as a model future city, with visionary expansion plans
and continued diversification. Dubai is concentrating on sectors of strength including
tourism, transport, trade, construction and financial services and has prioritized social
development, infrastructure and security/safety to ensure that it matures into a vibrant
cosmopolitan city of high standards and quality.37
The capital, Abu Dhabi, is emphasizing culture, people and environment. It is looking
to enrich the city and promote balance, focusing on low income housing, public
transportation and a green orientation.With size, commitment and money to spend,
Abu Dhabi is seeking to preserve the richness of its culture and not assimilate into a generic
destination. It is proudly building a world-class city of excellence.38
HH Sheikh Mohammed Bin Rashid Al Maktoum
CULTURE
HH Sheikh Zayed bin Sultan Al Nahyan
10
the Region at
a Glance
Dubai and neighboring regions are
benefiting from consumer confidence in
the emirate. Investors are diversifying
their property holdings while end-users
are retreating to other up-and-coming
areas in the UAE and greater GCC.
In particular, competition is heating up
between Abu Dhabi and Dubai TO CREATE
benchmark-setting, high-profile projects.
Manama, Bahrain
Dubai, UAE
Muscat, Oman
Developers are hustling to build residential and office space
to support the emerging financial centers of Bahrain World
Trade Center, Bahrain Financial Harbour and Bahrain
Investment Wharf. There is considerable buzz around
the mixed-use projects in the pipeline driving foreign
investment and attracting tourism. Still, native Bahrainis
await more affordable sale and rental options to come
onto market.
Dubai’s residential and commercial space pipelines are still
rich, with planned or underway projects valued at $318
billion over the next decade.27 In the residential sector,
many experts predict that demand will continue to outpace
supply. Resultantly, home sales and rental prices continue to
rise considerably. It is reported that apartment rental rates
increased 2% on average, whereas villas have increased 12%
in the second quarter of 2007.28 The promising news for
consumers is that home financing options are more readily
available and fixed rental contracts are on the horizon.
As in many of the other GCC countries, land and property
prices are on the upsurge in Oman. As increasing numbers
of expat workers move to the country and more and more
Omanis choose to rent rather than build homes, demand
in the rental market is growing.29 According to the Times of
Oman, rental prices rose 12%-15% in 2006, most severely
in Muscat.30
2007 Updates & Milestones
•Lulu Island was relaunched as Reef Island
•Bahrain Bay was officially launched with the
unveiling of its masterplan
•Amwaj Islands has a new corporate identity intended
to raise international awareness
•Construction of the first Four Seasons hotel is
underway
•Riffa Views continues to sell the Kingdom’s premier
golf community villas
•The Lost Paradise water park and Banyan Tree spa
resort were launched at Al Areen
•Marina West, a development with 11 residential
towers and a marina on the causeway that connects
KSA to Bahrain, was announced
•The first villas and Shoreline Apartments on The
Palm Jumeirah were handed over
•All three phases of Business Bay sold out
•The revised masterplan of The Palm Deira was unveiled
•The QE2 was purchased by Istithmar
•Burj Dubai became the world’s tallest free-standing
structure, at 150 stories
•The first Jumeirah Beach Residence units were
handed over to residents
•Damac launched Signature Residences.
•Dubai World Central Phase 1 construction began
•The Wave launched its latest collection of firstof-its-kind properties at Sinesla Island, the first
residential island not only on the development, but
also in the Sultanate
•The Blue City announced its development timetable,
with the masterplan and initial artists’ impressions
of the first phase to be revealed in October
•The Council of Ministers announced a 15% cap on
rent hikes for two years31
•Oman’s Shangri-La Barr Al Jissah Resort and Spa,
including three hotels, opened just outside Muscat
Doha, Qatar
Construction of large-scale, mixed-use developments
is booming in Qatar. Communities are nearing city
proportions, with The Pearl expected to house upward of
40,000 people. It is estimated that real estate demand is
four times that of supply.24 Development professionals in
the country believe that the continued rise in prices is due
to increased costs associated with legislated mandates to
improve construction standards along with the practice of
subletting by middlemen to expat workers.25
•At The Pearl, the creation of three coves, 32 km of
shoreline, navigable canals, and flooding of the 3
marinas has been completed
•The Pearl also unveiled The Oyster Sales and
Marketing Centre, its technologically advanced
sales area shaped like the shell of an oyster
•At Lusail, a significant number of land plots have
been sold and the first residential properties and
offices are slated for occupation in 2010
• Sama Dubai is creating “Dubai Towers,” a concept
to export Dubai to Doha and other cities around
the world
11
Abu Dhabi, UAE
Abu Dhabi has made recent headlines with the announcement of a number of cultural
projects on Saadiyat Island connected to world-renowned establishments and architects. The
emirate is becoming a bustling metropolis, not only through building cultural attractions but
also in offering more affordable residential prices (for now). As reported by HSBC Global
Research, average residential property prices are almost 10% cheaper in the UAE capital than
in Dubai.26
•Frank Gehry is designing the Guggenheim Abu Dhabi, and Zaha Hadid is the architect
behind the Performing Arts Centre
•In its first international expansion, The Louvre will come to Abu Dhabi and be designed
by Jean Nouvel
•Tadao Ando is designing the Maritime Museum to showcase the capital’s maritime history
•The design of the infrastructure of Al Reem Island is nearly complete
•Ferrari will construct the Ferrari Theme Park on Yas Island
•Capital Centre launched Abu Dhabi National Exhibition Centre (ADNEC) and began selling
land plots
12
This year’s buzz:
Environment &
Sustainability
There are many projects in the
Gulf addressing sustainability or
environmental issues in
their messaging:
As evidenced by this year’s Cityscape Dubai “green” theme, all
eyes are on sustainability in the Gulf. The UAE will soon launch
a green building code, modeled on the US Leadership in Energy
and Environmental Design (LEED) system. While the Green
Community pioneered this in the region, developers are abuzz
with planning eco-friendly and sustainable projects. Sustainability
is becoming tablestakes for serious developers. They cite advantages
for all involved:
•
•
•
•
Leisure lifestyle
THE GULF’S REAL ESTATE BOOM CONTINUES
TO ATTRACT A GROWING INTERNATIONAL
AUDIENCE. THE REGION’S CLIMATE,
INFRASTRUCTURE, SOPHISTICATED
ATTRACTIONS AND SHOPPING ARE MAKING
IT A PREMIER LEISURE DESTINATION FOR
LOCAL, REGIONAL AND INTERNATIONAL
VISITORS.
Regional governments can set new international standards
Cities can reduce energy and water consumption
Corporate tenants and home owners can reduce operating and
energy costs
Clean energy and environmental technology companies can
push forward their work
CEOs and development executives across the region are championing
the growing cause:
With tourism growth more than 20% higher than the
worldwide average, the region is continuing to become
a thriving destination.
“At Sama Dubai, we recognize that our operations have a
profound environmental impact. Our goal is to solicit increased
participation in sustainable environmental practice. From the
onset, our vision has been to create a company that focuses not
only on the single-minded pursuit of returns, but on a broader
agenda that includes respect for employees, engagement with
the community and concern for the environment.”32
— Farhan Faraidooni, CEO, Sama Dubai
“Nakheel has the largest in-house dedicated environmental
team of its type in the region, and issues of environmental
sustainability have been a fundamental focus from the company’s
inception.”33
— Chris O’Donnell, CEO, Nakheel
“We recognize the importance of sharing and protecting our
environment. Bahrain Bay is committed to helping develop
a commercially sound and ecologically viable approach to
development.”34
— Bob Vincent, CEO, Bahrain Bay
“The built environment has a vast impact on the natural
environment, affecting human health and economy. If developers
adopt green building strategies, they can not only construct
sustainable communities with indoor environmental quality,
but can also support the preservation of energy and water
resources.”35
— Hashim Al Dabal, CEO, Dubai Properties
13
*UMEIRAH0ARK(ORIZONTAL,OGO
#-9+6ERSION
From the continued development of premier golf
courses, luxury marinas, yacht clubs, special retail
complexes and famed restaurants, leisure is becoming a
key development focus and an area of opportunity. The
bar is continuing to be raised on exceptional hospitality
and lifestyle amenities, from their size and scale to
famous names and distinctive design.
A variety of support products are appearing across
multiple price points to a hungry marketplace of visitors
and occasional residents. From timeshares, fractional
ownership, private club residences and condo hotels
to serviced apartments, destination clubs and private
leased resort villas, a more sophisticated and segmented
range of offerings is presenting itself.
Gulf nationals will spend $1 billion on shared leisure
ownership over the next 12 years, indicating the growing
significance of this segment.36
While some will choose to purchase a vacation or second
home amid scenic golf courses or in a soaring tower
above a vibrant marina, leisure will continue to play a
critical role in owner value creation and experience.
14
SAMPLING GLOBAL CONDO LUXURY
Petrov Dom
Name
Developer
One Hyde Park
55 Wall Street
LE Reve
St. REgis
Trump International
Hotel & Tower
Paramount Bay
Group Yress
Candy & Candy
Witkoff Group & Cipriani
Dubai Luxury Homes/
Arabtec Construction
Starwood Hotels &
Resorts Worldwide, Inc.,
Grupo 1818, Ideurban
Royal Palm Communities
Talon International
Development
Architect
AM Alexandrov and Partners
Rogers Stirk Harbour
& Partners
Isaiah Rogers, McKim,
Mead & White, Tsao &
McKown (interiors)
Atkins, YS Space Singapore,
KCA London, WA
International Dubai (interiors)
Cesar Pelli and Associates,
Yabu Pushelberg (interiors)
Arquitectonica,
RTLK (interiors)
Zeidler Partnership Architects
Floors
10
14
9
50
31
46
70
# Units
28
86
106
82
100
346
438
Completed
2006
2010 (expected)
built 1836, renovated 2006
2006
2007 (expected)
2009 (expected)
2010
Building
amenities
gazebos
winter gardens
24-hour security
video surveillance
underground parking
underground storage
gyms & spa
swimming pools
squash court
private wine-tasting facility
room service
business center
24-hour concierge
3 boutiques
underground parking with
license plate recognition
private elevators
covered garden spaces
24-hour doorman
Cipriani butler
housekeeping
preferred access to onsite
Cipriani restaurant
fitness center
courtyard & rooftop garden
private storage
personal shopping services
post and messenger services
(additional amenities available
to Cipriani Club members)
gym & spa
24-hour security
suites for guests
concierge
valet parking
roof garden
butler and maid service
specially decorated
high speed elevators
gym & spa (Remede)
boutiques
restaurants
concierge
St. Regis Butler Service
personal chef
wine cellar
ballroom
meeting rooms
business center
gym & spa
pool
concierge
technology concierge
butler service
screening room
business center
Paramount Style Club
adjoining courtyard with
shops and restaurants
24-hour personal concierge
24-hour valet
24-hour room service
personal attaché service
daily housekeeping
daily laundry service
in-room dining
spa
pool
fully-equipped gym
three restaurants
business center
Unit details
panoramic windows,
balconies, fireplace,
mosaic tiles, central air,
satellite TV, Internet
penthouse apartments
have bullet proof windows,
specially purified air,
iris scanners and
panic rooms
classic, sleek and eclectic
residence styles fully furnished
with furniture to choose from
13-foot ceilings, wireless
Internet, smart home
technology, kitchen appliances
by Ricci Milan of Italy
mosaic details and stone
countertops in kitchen,
opaque marble floors, onyx
sink and Jacuzzi in bathroom,
help quarters in some units
wireless touch screen
technology, stone countertops,
Sub-Zero refrigerators and
other brand name fittings,
energy efficient appliances
11-foot ceilings, floor-toceiling windows, formal
living & dining rooms,
designer kitchen, electric
fireplace, wireless
Starting price
$6,600,000
$8,100,000
$2,850,000
$4,100,000
$657,000
$3,050,000
$2,555,000
Price per sq.ft.
$1,905
up to $8,427
$1,398
$663
$1,000
$997
up to $1,210
Key
messaging
“Privacy and luxury in
a historical setting”
“A new residential scheme
whose beauty, luxury
and prestige will place it
in a class of its own”
“Whatever your personal
style – own the good
life – Cipriani-style”
“Living the Dream”
“A new view of Mexico City”
“Destination Lifestyle”
“An incredible new standard
in luxurious living”
Country
15
Insights
Relative to other major international
markets, Dubai remains a bargain. Today,
the price for a luxury condominium
can easily soar above the $1,000 per
sq. ft. mark.
Moscow, London and New York rank as
some of the most expensive cities in
the world to live in, and the prices of
the examples listed here reflect that
status. So what can $1,000 per sq. ft. get
you relative to different cities? For
that price, you can buy nearly double
the space in Dubai than you can in New
York City. Additionally, you get building
amenities such as concierges, gardens,
spas, gyms and your own storage space.
Beyond these category-wide services,
consumers are demanding more niche
lifestyle elements, including screening
rooms, wine cellars and private clubs.
They are also looking for detailed
information about each unit — from
appliance names to material used for
surfaces in each and every room and
monthly service charges.
16
PROLIFERATION OF LUXURY
1
2
3
4
5
6
10
11
12
7
8
9
13
14
15
In a single travel magazine with international readership,
there are 16 real estate ads for GCC properties that
all center on a luxury message. The majority of real
estate ads attempt to sell luxury through their images
of rich interiors, relaxed residents and buildings that
soar to great heights. Many also incorporate the words
“luxury,” “deluxe” and “luxurious” explicitly into their
descriptions of amenities and lifestyle.
BRANDs HAVE BEEN
REMOVED FROM THESE ADS.
CAN YOU GUESS WHICH ADS
BELONG TO Whom?
16
Answers:
1. Union Properties, Limestone House 2. Hircon International, 23
Marina Residences 3. Tamani Hotels and Resorts, Tamani Hotel
– Marina 4. Damac, Wildflower 5. Bavaria Hotels International,
Bavaria City Suites 6. Trident, Pentominium 7. Star Boutique 8. Durrat
Al Bahrain 9. Ascott International, Somerset Al Fateh 10. Emirates
Sunland, D1 11. Trinity Developers, La Mer 12. Hydra Properties 13.
Tameer, Elite Residence 14. RAK Properties, Mina Al Arab 15. Trident
Pentominium 16. Cayan, Infinity, Silverene
17
18
QUANTITATIVE PERCEPTIONS
Best
Developer
Best
Waterfront
Community
PERCEPTUAL DRIVERS — DEVELOPER ATTRIBUTES
Attention to details
This chart depicts the relative importance of developer
attributes in terms of their ability to predict a home buyer’s or
building professional’s predisposition toward a developer. On
the right, are the top scorers against key attributes.*
Attention to details
High quality construction
Access to roads
Reasonably priced
Favorable financing terms
Secure
Luxurious homes
Desirable locations
Premium amenities
Most iconic/innovative homes
On time delivery
Well-planned units
Affordable homes
Spacious homes
Sufficient parking
Technology friendly
29%
17%
11%
9%
6%
5%
5%
4%
3%
3%
2%
2%
2%
1%
1%
0%
19
Luxurious homes
Emaar 4.5
Emaar 4.7
Nakheel 4.4
Nakheel 4.4
Aldar 4.3
Aldar 4.0
High quality construction
Desirable locations
Emaar 4.6
Emaar 4.5
Nakheel 4.3
Nakheel 4.3
Aldar 4.2
Aldar 4.1
Reasonably priced
*Five-point performance scale: from 1 = unacceptable to 5 = great.
Best
Island
Community
Emaar 4.4
Nakheel 4.3
Aldar 4.1
“Attention to details” is the
most important attribute of a
developer, and Nakheel, Emaar
and Aldar stand out as the
developers perceived to be the
best performers against this.
FutureBrand worked with a global independent research firm to conduct a quantitative study of 300 home buyers and
development professionals in the UAE and Bahrain. This research allows us to better understand attitudes and perceptions
of communities and developers, along with the factors that influence purchase decisions.
Best Golf
Community
Best
Community
for Families
PERCEPTUAL DRIVERS — MARKETING CHANNELS
Best
Overall
Community
Sales center
This graph portrays the relative importance of various
marketing channels in influencing attitudes toward a developer.
The developers on the right are the best performers.*
Sales center
25%
Advertising
Overall service before the sale
Emaar 4.6
Emaar 4.6
Nakheel 4.3
Nakheel 4.3
Aldar 4.1
Y. K.
Almoayyed
Advertising
21%
12%
Website
4.3
Brochures
Emaar 4.6
Emaar 4.6
Responsive service after the sale
9%
Nakheel 4.2
Aldar 4.3
Model showrooms or model villa
8%
Aldar 4.1
Nakheel 4.2
Professional/courteous salesperson
7%
Videos
6%
Website
5%
Emaar 4.7
Brochures
5%
Nakheel 4.3
Service over the phone
Videos
2%
Damac 4.2
Sales centers and advertising
are the two most important
marketing channels. Sales
centers create a cohesive,
unmistakable impression of
a project, while advertising
creates awareness and a
presence for a developer in
the marketplace.
*Five-point performance scale: from 1 = unacceptable to 5 = great.
20
DEVELOPER FAMILIARITY
DEVELOPERS CONSIDERED
(within own country)
DEVELOPER CONVERSION
EFFICIENCY
Familiarity is an important attribute and is based on the
percentage of end users and building professionals who
know a developer well enough to have an opinion about
the company.
Consideration is the most important precursor to purchase.
This finding shows the degree to which prospective buyers
are predisposed to buying from various developers.
Conversion efficiency speaks to each developer’s ability to
convert consumer familiarity into buyer consideration.
81%
58%
58%
Emaar
Nakheel
48%
Emaar
43%
Nakheel
Damac
22%
Damac
18%
Dubai Properties
19%
Dubai Properties
16%
Aldar
16%
Aldar
11%
Y.K. Almoayyed
13%
Sorouh
10%
Sorouh
11%
Emaar and Nakheel are the dominant brands in this
ranking, although Emaar leads by a statistically significant
percentage.
8%
Y.K. Almoayyed
In terms of level of consideration, Emaar and Nakheel are
comparable.
Sorouh
48%91%
Dubai Properties
84%
Damac
82%
74%
Nakheel
69%
Aldar
Y. K. Almoayyed
62%
Emaar
59%
Three of the second-tier ranking brands, Sorouh, Dubai
Properties and Damac, rise to the top as the most efficient
developers, while industry leader Emaar falls to the bottom
of the leading brands.
The Shopping Process
DEVELOPER RELIABILITY
The following chart details how many potential buyers explored and researched their interests throughout the home
buying process.
Perceived reliability is an important driver of both purchase
and brand loyalty, especially in a region known for delays
and limited information. Note the low percentages,
compared to familiarity and consideration levels.
Made sales inquiry and
obtained brochures
65%
Visited a sales center and
met a salesperson
58%
55%
Explored available financing options
Saw a model flat or model villa
Performed financial assessment of a
specific home to purchase
48%
41%
Making inquiries and visiting a sales center are the most popular explorations for those seeking to purchase a home.
21
Additional INSIGHTS
25%
Emaar
Nakheel
•Technology friendly, well-planned units and premium
amenities are attributes that the industry typically
performs well against. However, these attributes are of
lesser importance according to the research, indicating
that the industry may be over-allocating resources to
achieve high performance here.
•Attention to details, high quality construction and
luxurious homes emerge as the three primary leverage
points in the category: they are comparatively important
and the industry performs well against them. Attention to
details is still an opportunity area because it is the single
most important attribute, yet industry performance
against it is only a little above average.
•Three of the leading brands in the region — Emaar,
Nakheel and Damac — stand out as having higher levels
of familiarity with women than with men. However,
these developers are similar to the industry standard in
that men are significantly more likely than women to
rate them as being “a brand for someone like me.” This
suggests there may be an opportunity to enhance the
effectiveness of a developer’s overall marketing program
by finding ways to improve their relevance to women.
•Emaar has become the dominant brand in the category.
The company’s familiarity is 40% higher than that of
the next leading brand, and it is the highest rated brand
across each of the 16 developer attributes, with an average
rating of 4.5 out of 5.
•Nakheel has emerged as the strong #2 brand in the
region. While Emaar is 40% more recognizable, Nakheel’s
familiarity is 164% higher than the #3 brand. Further,
with an average rating of 4.3 out of 5 across all 16
developer attributes, Nakheel’s brand image is not far
behind Emaar’s.
8%
Aldar
6%
Y. K. Almoayyed
6%
Damac
3%
Dubai Properties
3%
Sorouh
3%
Emaar, with a relatively low percentage of perceived
reliability, is ahead threefold over the next brand, Nakheel.
The numbers suggest that most respondents do not feel that
developers today are reliable in their offerings.
Derived Importance Methodology
The relative importance of developer attributes and
marketing channels was determined using multivariate
regression. Asking research respondents their opinions
about what is important is simply not reliable or accurate,
as what people say and what they do are typically not
aligned. Multivariate regression examines patterns in the
data to identify how perceptions and attitudes correlate
with preferences.
22
CUSTOMER experience
1. Phone
2. Sales Centers 3. SalesPeople
Letter Grade: B+
Letter Grade: C
4. Collateral
The phone remains a weak point overall
across the industry. Customers experienced
difficulty reaching a sales center operator
on the first call, and once the phone was
answered, operators and salespeople were
not always professional.
Professional sales centers generally
instill confidence. Seeing a vibrant,
tangible place while a development is
years from completion helps offset
buyer anxiety.
A critical component, salespeople
are able to make or break a buyer’s
impression of the project. Confident,
answering questions and focusing on the
customer, they are the human embodiment
of the development.
The only thing a potential buyer will take
home, review and re-read is the marketing
materials He receives. Make sure these
materials further the efforts of the sales
center and sales team experiences, and
leave a favorable impression.
Hello, can I get someone to please
pick up?
A strong sales center has become cost
of entry
Performance is inconsistent; some sales
teams shine
Marketing materials are typically
professional although often incomplete
Nakheel: “The call was answered by an
automated answering machine that kept the
customer on hold for three minutes before
transferring to the customer service agent.”
Damac: “The sales center reflected an
impressive look from the entrance. The
area was very professionally maintained.
The meeting room displayed two flat screens
with Internet connection to show live
relay of the Dubai and Abu Dhabi stock
market indices.”
Trident: “The customer was approached
immediately on arrival and welcomed with a
smile. There was no visual display, model of
the project or video, and the meeting wasn’t
loosened up by any small talk.”
Damac: “The customer was given a holding
company brochure and xeroxed copies of
project brochures in folders, unstapled.”
Letter Grade: D
? ? ? ?
independent mystery shoppers went on
the hunt for a new home, investigating
25 developments across the Gulf.
Summary
In general, the customer sales experience was much better with Dubai developments
than all others, indicating the relative maturity of the Dubai market. However, there
is substantial room for improvement even in Dubai, with the sense that much of the
market is still oriented more toward investors who are not as likely as end-user
buyers to require the kind of high-touch service that comprises a quality customer
sales experience.
Similar to last year, buyers experienced difficulty getting through over the phone to
developers and found that less than enthusiastic operators and sales people often
answered the calls. Sales Center design was considered impressive in general, and
sales materials and collateral also contributed positively to the perception of the
projects, but were rarely complete or comprehensive.
Interestingly, it was the smaller, second-tier developers that showed up as the
standard setters or best performers in delivering a superior buyer experience. Only 3
of the 25 developments surveyed provided a comprehensive set of basic professional
materials (i.e., brochure, floor plans, price list and business card), suggesting the
difference between the best and worst practices across all four areas surveyed is
about getting the basics right. The “bar” is not about world-class, legendary service,
but about doing the right thing consistently.
23
Hydra Properties: “The call was answered
by an automated answering machine within
one ring … When the operator answered
the phone, she advised the customer that
all of the salespeople were busy and asked
the customer to call the salesperson’s
cell phone.”
Shaikh Holdings “… the customer called
again and reached a salesperson who said
he was busy and would call back. The
salesperson didn’t seem interested, didn’t
ask questions and didn’t call back.”
Emir ates Sunland: “ T h e o p e r a to r
answered the phone promptly, but her
opening remarks were very short and
unwelcoming.”
Mina Al Fajer: “A polite receptionist answered
the call after two rings but did not transfer
the call to arrange for an appointment. The
receptionist made it very clear that it was not
possible to visit the sales center as a non-local,
that only locals were entitled to buy property
at Mina Al Fajer.”
Durrat Al Bahrain: “The customer first
called on Saturday and there was no
answer at all. When the customer reached a
salesperson the next day … the salesperson
did not give any information on the project
at all and did not ask the customer about
relevant information in order to prepare for
their meeting the following day.”
Trident: “The sales center was spotlessly
clean and well organized. There were
materials displayed about the project being
inquired about. It gave a positive impression
of the project.”
Emaar: “There were dedicated parking
spaces for Emaar customers a few yards
away from the sales center. The exterior of
the sales center was welcoming and well
organized for visitors. The atmosphere was
very professional.”
ETA Star: “The receptionist greeted the
customer with a smile and escorted the
customer to the meeting room. The
salesperson arrived promptly and
w a r m l y w e l co m e d t h e c u s t o m e r ,
offering refreshments and discussing the
customer’s profession.”
Dubai Properties: “The exterior of the sales
center was very nice and well designed.
It gave a good impression of the project.
The reception area was spacious, airy
and welcoming.”
Abyaar: “The salesperson was focused and
maintained eye contact on a constant basis.
He explained the project in the finest detail
and gave a good impression of the project.
He also directly accepted the customer’s
request for a written proposal and sent
one immediately.”
Omniyat: “The salesperson did not discuss
the customer’s buying objectives or desired
housing size. However, his confidence
and knowledge of the project were quite
impressive.”
City of Arabia: “The employees were
friendly and experienced. They were
focused on the client. The salesperson was
able to explain the brand and describe the
amenities, views and project assets.”
Riffa Views: “The project was presented as
quite appealing. However, the focus of the
salesperson was directed to sell the largest
villa, whereby the customer repeatedly
mentioned looking for a smaller villa or
semi-attached house.”
Letter Grade: C–
Mina Al Fajer: “The materials were well
packaged and well presented.”
Aldar: “The package was reasonable.
Profe s s i on a l a n d a ccep t a bl e, b u t
not breathtaking.”
Abyaar: “The brochure was oversized and
striking. Not too convenient, and it fell apart,
but it made a nice impression.”
Nakheel: “The materials and DVD were
impressive, but no business card was offered
to the customer.”
Emaar: “The brochure was professional,
but the xeroxed and marked up price sheet
seemed inappropriate and cheap.”
Mina Al Arab: “Comprehensive range
of materials, but also corporate flyers
thrown in.”
Sorouh: “Very glossy collection of materials,
but they provided a lot of detail.”
Sama Dubai: “The overall sales center
exterior gave a good impression. There
were clearly displayed materials about
the development the customer had
inquired about.”
24
28%
Meetings at which the
customer was given
a business card
4%
56%
Developers That received
a Failing grade for their
phone Service
12%
Developers That received a passing
grade in all 4 areas surveyed by
the mystery shoppers
36%
Meetings at which the customer Developers that received a
was provided with a complete “B” grade or higher for the
performance of their sales team
set of basic collateral
Additional INSIGHTS
Phone
It is clear that a little consideration would go a long way.
There is nothing magical or even difficult in the best practices
here, yet for lack of ensuring that these phone basics are
performed, most developers in the region are providing a
customer experience that does little more than tarnish
their brands.
Sales Center
A critical channel for developers, sales centers must be
impressive, welcoming, well maintained and staffed by
professionals. Given their importance, more attention should
be paid to innovative ways of showcasing the development,
from what it will feel like to live there to demonstrating what
makes it special.
SalesPeople
With the growing cost of homes and the international nature
of customers today, the personal contact buyers have with
a reliable and reassuring salesperson is paramount. Getting
a chance to ask questions and have them expertly answered,
feeling reassured about purchasing in a specific development,
and having a point of contact to help navigate decisions
and complications is vital. A patient people person who is
knowledgeable, approachable and proactive is essential.
Collateral
Producing professional, quality collateral that explains the
development and makes it special is important. Don’t xerox
handouts for buyers and don’t rip out dated pages. keep in mind
you’re asking people to purchase one of the most expensive
items they ever will buy.
CUSTOMER experience
best and worst practices
Phone
Sales Center
Salespeople
Collateral
Best Practices
• The operator picks up the call after 2-3 rings and responds in a
welcoming manner
• The call is promptly transferred to a salesperson
• The salesperson asks questions to determine the customer’s wants
and needs
• The salesperson is very patient and calm with the customer
• The salesperson suggests an in-person meeting and explains the
exact location and time of the follow-up meeting
Best Practices
•A
parking space is provided that is close to the sales center
• External areas are clean, nicely landscaped and well maintained
• The receptionist greets the customer in a friendly manner
• The customer is taken right away to a meeting room and offered
refreshments
• The sales center and its furnishings are clean, comfortable and
in good condition
• The sales center makes a good impression about the quality of
the project, engages the buyer and provides new information
about the project
Best Practices
• The appointment begins within five minutes of the customer’s
arrival to the sales center
• The salesperson is focused on the customer, allowing the
customer to talk and listening to what he had to say
• The salesperson uses a variety of multimedia tools: models,
photos and displays
• The salesperson explains the project clearly and is able to answer
all customer questions
• The salesperson is an expert on the project
Best Practices
• Basic materials are provided
• Materials are branded and professional
• Materials are high quality, aesthetically pleasing and project a
positive image about the development
• The materials are simple, easy to follow and compelling
Worst Practices
•A
n automated machine picks up the call after many rings
• The call is not transferred to anyone
• No one calls the customer back
• The salesperson is impatient with or disinterested in the customer
• The salesperson terminates the call as quickly as possible
• The salesperson does not provide details for a follow-up meeting
Worst Practices
• There is no dedicated parking area
• There are construction materials around the building; the exterior
is not clean or well maintained
• The receptionist does not greet the customer and does not behave
in a friendly manner
• The sales office looks disorganized and neglected
• Models of the development do not look attractive or appear
professionally designed
• The sales center creates serious doubt about the project
Methodology
Worst Practices
• Sales center employees are not friendly toward the customer
• The salesperson does not greet the customer
• The salesperson is interrupted by phone calls
• The salesperson does not look the customer in the eye
• The salesperson does not want to talk and does not ask questions —
the salesperson does not seem to care about the customer’s
needs at all
• The customer has to request project materials at the end of
the meeting
• The salesperson does not provide sufficient information about
the project but refers the customer to the developer’s website
for more information
Worst Practices
• The materials are not consistently professional
•A
manual printout of a brochure PDF is provided
• The materials do not comprise a coherent set but rather look like
a variety of separate pieces thrown together
• Production quality is poor
• Brand imagery is gratuitous and has little or nothing to do with
the project concept
Mystery shoppers graded the phone, sales center, salespeople and collateral across 182 total criteria. Phone rankings are based on an average of
37 first call and first call impression criteria. Sales center rankings are the average of 26 facility exterior, reception and facility interior ratings. For
salespeople, the rankings encompass 107 criteria, including the sales meeting process, sales meeting content, personal impressions from the visit
and responsiveness when the customer is not in the sales center. Collateral rankings cover 12 criteria: ratings of each of four items — brochure,
floor plans, price list and business card — based on the material being creative, quality oriented and branded/professional in look.
25
26
The FUTURE of
SALES ENVIRONMENTS
Sales environments are a critical component of a holistic brand experience and serve as a primary channel for most
marketing programs. According to research commissioned for this study, sales environments (25%) are the most important
touchpoint in influencing buyer preference, ahead of advertising (21%), videos (6%) and websites (5%). So what makes a
great sales environment? And what role will sales environments play in guiding the buying process in the future?
We believe successful sales environments impart a clear and engaging message about the values of a development. Since
many of the human senses can be engaged in these environments, the centers can become both challenges and opportunities.
In real estate especially, customer environments become the manifestation of the design and quality of built form
developers aim to produce. Ideally, the sales environment should be as engaging as it is informative, a powerful tool in
shaping perceptions, motivating brand commitment and influencing purchase. “The Future of Sales Environments” is a
snapshot of researched retail environment trends combined with FutureBrand’s viewpoint around five key areas of focus.
A NEW DEFINITION OF EXCLUSIVITY
As access to luxury brands becomes more commonplace
and consumers amass greater wealth, developers must
further extend the idea of exclusivity. Developments
will need to boast more one-of-a-kind amenities and
innovations, including service-focused (post-occupancy)
and site-specific features. Examples span leading design
and superior construction materials and techniques.
Unique features like membership to a rare vintage car
collection or access to a world-class art library for homes
will aim to differentiate brands. Site-specific features could
include structural transformations of homes each season,
greater utilization of innovative materials (as employed
by the high-end retail sector), or hosting world-renowned
cultural events exclusively for residents and invited
dignitaries. These signature items will become centerpieces
of marketing campaigns and will continue to raise global
profiles. Sales environments will be microcosms for
signaling all this richness.
COMMUNITY CLUBS
Owners will be welcomed into an exclusive residents-only
community with membership benefits that extend beyond
the physical boundaries of their homes or neighborhoods.
The developer will provide post-purchase incentives that
support the brand and build loyalty. These could include
on-call private transportation, priority to purchase
limited-edition designer items, or access to premium
events, spas, golf memberships or residents-only dining
clubs with rotating celebrity chefs. Spread across the
developer’s network of completed projects, the clubs would
cater to all family ages and owners’ guests. Developers will
see their community clubs as social nodes and anchors
to the community, which first get introduced in sales
environments.
TECHNOLOGY THAT TRANSFORMS
Residents will experience a continued evolution in smart
home technologies. The future technologies will be more
predictive and able to gather information about living
routines and then apply this information to anticipate needs
better. All aspects of the living environment will be enhanced,
from lighting, security, home networks and audiovisual
media to new areas such as spatial transformation. Imagine
controlling internal “light walls,” created as air-locked spaces
that allow adjustable and customized unit layouts. The
challenge for sales environments is to showcase technology
in meaningful ways, sometimes up to five years before the
community will exist. This length of time is an eternity in the
technology world, and announcing any technology product
requires careful planning to future proof effectively.
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
As a SELLING POINT
As we already see starting to happen, developers will
increasingly take the lead on social and environmental
responsibility. More and more, these issues will be viewed as a
requirement of all developments, partly led by buyer demand,
but mostly due to economic, social and moral necessity.
Buyers will see the introduction of a customer rating system
that provides a universal “sustainability index” for each home.
Beyond carbon footprint statistics and LEED certification,
buyers will be able to compare homes as they now compare
cars and related gas consumption. Government rebates for
performance against indices will encourage owners to invest
in the early stages of adoption.
27
WELCOME to THE AGE OF TOTAL CUSTOMIZATION
Consumers continue to be more involved in home building
by choosing from a range of customization options.
Potential buyers will form an emotional attachment to
their new homes, facilitated by the personalization of each
property to directly suit the buyer’s needs and desires.
Developers will have a team of in-house designers and
facilitators that will lead buyers through the process of
transforming a raw product into a home. From exterior
and interior aesthetic choices to feature-rich technology
and appliance options, customers will feel empowered by
the ability to decide among many varieties of features and
build unique homes.
28
Advice For Buyers and Brands
key contacts
For more information about The Gulf Real Estate Study, purchasing
customized research data, marketing seminars or FutureBrand’s
services, please contact:
FOR BUYERS
For Brands
•Due diligence continues to be key.
Investigation of project completion,
support facilities and infrastructure is
critical to ensuring your home will be
realistically ready when you need it to be.
•Think of your brand as a singular
expression. Don’t try to be all things to
all people. Decide what is most relevant
to convey to customers and key audiences,
and then run every decision you make —
from design, messaging and community
features to building finishes and
amenities — through that filter.
•The more mortgage providers that a
developer has managed to secure, the more
confidence you can have in the development.
•Investors may want to consider buying a
property that is not necessarily glamorous
but is likely to appeal to the majority of
the working population, an underserved
audience.
•Hotel management contracts are often run
for 20 years, so supplying accommodation
for hospitality staff is a good long-term
investment vehicle.
•Excellent opportunities exist in the
northern emirates for more affordable
homes and support office space for those
seeking alternatives to Dubai.
•In addition to other emirates, Qatar and
Bahrain are offering sound property
investment opportunities and are attracting
considerable regional and international
interest.
•A brand is about credibility. Root yourself
in something inherently true. Use your
surroundings and development foundation
in an authentic way.
•Stay the course, particularly in a saturated
market. People tend to want to change
a brand for the wrong reasons (e.g., it
was inherited, it hasn’t changed). Brand
awareness takes time and considerable cost
to build. You want to piggyback on existing
equity and not start all over again.
•Think post-sale. You are creating a
community that endures. Getting someone to
purchase a home is only the beginning. Focus
on nurturing the customer relationship
from payment through handover. Establish
community principles and guidelines that
can last.
Rina Plapler
[email protected]
+ 1 212 931 6443
William Shintani
[email protected]
+ 971 4 367 8285
Sponsor
The Real Estate Division
of Istithmar is the proud
sponsor of this year’s Study.
Media & Event partners
sources
1.MEED Magazine,
September 7-13, 2007
2.AME Info, September 7, 2007
3.AME Info, February 12, 2007
4.Gulf News, February 4, 2007
5.Meed 2007 Dubai Residential
Real Estate Report
6.Gulf News, February 4, 2007
7.Arabian Business, May 30, 2007
8.Arabian Business, April 23, 2007
9.Gulf News, September 9, 2007
10.AME Info, August 28, 2006
11.estatesdubai.com, May 11, 2007
12.Zawya, July 22, 2007
13.Zawya, July 22, 2007
14.NBK Economic Brief,
August 28, 2007
15.Zawya, July 22, 2007
16.Gulf News, August 15, 2007
17.www.indexmundi.com
18.Gulf News, July 13, 2007
and September 17, 2007
20.AME Info, March 29, 2007
21.Gulf News, June 15, 2007
22.Gulf News, June 29, 2007
23.Gulf News February 4, 2007
24.www.onlineqatar.com
25.Zawya, September 18, 2007
26.AME Info, June 30, 2007
30.AME Info, April 22, 2006
32.AME Info, June 22, 2006
33.AME Info, January 15, 2007
34.TMCnet, September 18, 2007
35.www.uaepropertytrends.com,
October 5, 2006
36.AME Info, September 12, 2007
37.Dubai Strategic Plan 2015, Ernst
& Young Middle East Hotel
Benchmark Study, 2006 World
Tourism Organization data
38.Plan Abu Dhabi 2030, AME
Info, September 19, 2007
Disclaimer: All material presented herein is intended for informational purposes and has been compiled from sources deemed reliable
including Developers, Sales Staff, Published Data, Ministry of Planning and Secondary Sources. Though content is believed to be correct,
material presented is subject to errors, omissions, changes or withdrawal without notice.
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FUtUrEbranD`s 2007

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