As concern continues to mount over the possibility of corrections in Dubai’s real estate market, Galadari Investment Office (GIO), creator of the G-Tower, anticipates continued growth and success, presenting a more realistic view of the industry.
Rashid Galadari, Chairman of GIO, shared these thoughts with a select group of media at a recent Suhour evening, hosted by the team at GIO.
Asking why Dubai is often compared to the likes of Singapore and Kuala Lumpur as examples of metropolises which have experienced both the good and the bad with regards to the construction industry, Galadari believes that the trends displayed by Dubai’s real estate market are undeniably encouraging.
“Four years ago developers in Dubai lacked originality because it wasn’t a requirement for selling units. No other city in the world was experiencing the kind of exponential growth that was being seen in Dubai’s real estate sector. You launched a property and it sold out in minutes,” he said.
The current situation seems just as promising. According to major fund managers EFG-Hermes, 195,000 additional residential units will be built in Dubai between 2005 and 2010, with industry analysts estimating that over $224 billion in construction projects are currently underway across the city.
“The exponential growth of Dubai can also be attributed to the fact that over 300 of the Fortune 500 businesses have their regional base here. This city is not just based on construction as some would claim, indeed, every industry is booming here, and the plans of Dubai’s rulers will ensure that it stays that way,” enthused the GIO Chairman.
“Today, creativity has become the key component of any new development. The market is slowing down, this is true, not because of the Dubai Government, nor the city itself, but because of the flood of cheap developers confusing the consumer. Discerning developers are acutely aware that in order to stay ahead, it is important to build something unique,” he added.
Having recently launched the G Tower and Yoo by Starck, poised to become Dubai’s most exclusive residence and the region’s first branded residential tower, GIO realises what an integral part real estate plays in the overall modernisation and growth of Dubai; it remains committed to building homes that offer an unsurpassable level of luxury, providing the very best in contemporary, high-end living.
“We take great pride in our developments and whilst GIO targets the upper echelons of Dubai society, we are constantly looking at ways to expand and diversify our client range. Our aim is to redefine the property market in the UAE,” said Galadari.
“It is important to note that this will not be achieved with rental guarantees and marketing giveaways, gimmicks which only contribute to the softening and destabilisation of the market. I do not say to everyone “Buy in Dubai”, I do not need to. Rather, I say to people who are buying, that they should do so, but more selectively. At GIO, it is our originality and inventiveness that set us apart from other players,” he added.
Due to the stage of its development, Dubai’s property market is something of an enigma. However, as the UAE continues to relax its freehold laws and an increasing amount of foreigners put down permanent roots in Dubai, the market shows sure signs of progression and continues to deliver capital returns to investors.
The Galadari Investment Office (GIO) is the luxury real estate development subsidiary of GALVEST, the personal holding group of Rashid Abdul Wahab Galadari. Following the entrepreneurial lineage of the Galadari Group, Rashid Galadari established GALVEST to diversify and grow his portfolio of businesses.
GALVEST is the latest venture of the renowned Galadari Group, a family-owned business based in Dubai, UAE. Established more than 100 years ago, the Galadari Group has remained in synch with emerging economic trends and opportunities and managed to evolve into one of the region’s most prominent commercial groups. Its activities range from having built the first 5-star hotel in Dubai (Intercontinental – 1975, and the Hyatt Regency - 1979) to having high profile consumer brands sold through retail outlets, including automotive brands, incorporating media ownership and even the supply of heavy industrial plants.
GIO’s portfolio ranges from residential property management to property investment leasing, sales, land acquisition and development. Established in 2005, GIO aims to transform the property landscape in the region by developing a series of projects that transcend the norm and break conventional barriers. GIO wants to be recognised as a truly international property brand that delivers world-class service to a rapidly growing market.
GIO’s advent into the market is an indication of the Galadari Groups’ vivid foresight and planned response to changing market conditions and shifting consumer needs.
The flagship project currently under development is the G-Tower, a 280m high, 45-storey Onyx tribute to opulent living in ultimate luxury.
