Choice Group holds a special place in the Dubai property market. It sells real estate in properties comparable in importance to Business Bay, and provides many additional services.
To learn about the features of the company and its future management plans, we decided to meet with the head of the Choice Group, Shaib Valajahi. To begin with, Mr. Valajahi said that he came to real estate from the banking sector - before that he worked for many years in the largest banks in Dubai. Now he has not only a large company, but also a separate consulting service.
Mr. Valajahi, is it difficult to conduct business in Dubai now?
Selling real estate is not easy everywhere, especially in such a dynamically changing market. We must be on the crest of the wave and maintain balance. Moreover, on the go to rebuild and absorb new knowledge. Sometimes we even work nights and weekends. An important client can call at any time and demand to show him objects in different parts of Dubai. It is necessary to maintain an objective vision of the situation and be able to take into account the desires of both the buyer and seller.
You have a separate consulting service. So, you not only sell real estate, but also help the client make a decision?
That's right. Our company helps foreigners to realize their dreams of a house in Dubai (and generally in the Emirates) from the beginning of the project to its completion. We are ready to make the client a forecast of the possible risks and benefits of any object and company-developer. This is not only the purchase of an apartment, but also the construction of large objects - buildings, hotels, with the search for the best architects. And that is not all. Then, when the client decides and completes the purchase, we help him choose the furniture, think over the interior design, draw up lease and sub-lease documents, hire a manager and lawyer. And note, he does not need to go to different institutions. All this will be done by professionals of one company.
What is the best way to invest in real estate with full ownership? Is it better to contact a local lawyer or do everything through an agency?
To find such a property, you need to consult a competent company. Only there they will inform you objectively - they will give impartial and unbiased advice about the chosen property so that your final decision is based on facts and not on emotions. Such a company will help, if necessary, get the advice of an experienced lawyer.
We all heard about the Business Bay project. And what other comparable facilities are currently being offered in Dubai?
First of all, it's Dubai Pearl. Let me remind you that it will be located just before the entrance to The Palm Jumeirah, between Dubai Media City, Dubai Internet City and Knowledge Village. In other words, in the future center of Dubai's business life, in a prestigious area on the Persian Gulf. Several years will pass, and the overhead subway line will connect Dubai Pearl with both the airport in the east and the Jebel Ali industrial area in the west. This project will provide commercial space for a huge area along the Sheikh Zayed Highway, where they are currently in short supply. This is if we talk about the role of the project in the development of Dubai.
As for the buildings themselves, here I have the following data. This complex will consist of two hotel towers (for 1,500 rooms and 300 apartments) and six residential buildings with 2,200 apartments. In total, 117 thousand square meters of office towers and 63 thousand square meters of other real estate are obtained, if you count the area of shops, the cinema complex and leisure facilities. We add here Dubai Royal Hall, designed for 1,800 seats, an industrial park with 45 thousand square meters and a 300-meter boulevard of art galleries with an area of 18 thousand square meters.
How do you see the future of the local real estate market?
The market will develop rapidly for at least the next few years. Each year, rental income is growing by 8-10%, for Dubai this has already become the norm. Those who invested at the turn of 2002-2003 have already received a three-digit percentage of profit from capital. Another thing is that investors and owners are becoming more insightful and cautious, they are carefully considering solutions. Therefore, the further, the more they need professional consultants. The requirements of customers who do not need advertising, but an independent and competent market analysis, are also growing.
What role do you see of your company in these processes?
We are ready to compete. After all, we provide not only real estate, but also consulting and legal services, moreover, in the same office.
Ivan Sheiko-Little
