Having held a senior management position in Sales and Marketing with Qantas Airways in Australia for 12 years, Zarah relocated to Dubai in 1997. After enjoying an international life in Asia, Australia, Papua New Guinea and the UK, Zarah’s first focus was to settle her young family into the UAE.
Zarah joined a leading Real Estate and Relocation rm as General Manager in 2000. During the next 7 years she travelled the world promoting the UAE as the new relocation destination, opened 6 further offices throughout the Middle East and GCC and took the company from being a small to a medium business enterprise.
In 2007 Zarah was appointed as the Managing Partner at Links Gulf Real Estate which saw her lead the company to the industry peak of 2008 and ultimately through the downturn in the market which followed. In 2011 Links Gulf Real Estate merged with Exclusive Real Estate and since then, as Managing Partner, Zarah has continued to spearhead the company as a market leader.
Today Zarah is a respected professional in the Real Estate sector and is recognized for her dedication to Dubai and Exclusive Links Real Estate and in particular to the individuals she is proud to call her team. Managing with hardwork and passion is her drive in this competitive and challenging industry.
Q: Dubai South formerly known as Dubai World Central is now a hot topic. They say the first village, which will encompass 6,000 homes is due to be completed in 2019 – a year before the EXPO. What are your thoughts on this mega-project?
A: “I was actually out there yesterday afternoon having a drive around. I was trying to familiarize myself with the locality of Dubai South in terms of the airport and the Expo site itself. Interestingly, the residential area is a lot smaller in relation to the airport although they are saying it’s a mega project and that all these homes are going to be handed over. It’s going to bring a new influx; it will bring 2002 back when they introduced the new in house law which is allowing expats to buy in Dubai. It’s going to be either new buyers or people who have been living here for years.I don’t see people that are going to sell up where they are and move to this new development. I think it will bring on a new wave of transactions, a new wave of excitement and a new wave of freehold.”
Q: Do you see this as one of the premium projects?
A “It is a premium project. There certainly is a lot that has to be done. I mean they are taking a risk at handing something over so close to such a prime date on the calendar, but there are other mega projects that are obviously sitting in line with it. Dubailand along with Dubai South will be more of your affordable sort of low to mid income housing. The other two mega projects that I’m putting out there are: Sheikh Mohammed Bin Zayed City and Cultural Village, but those I see as sort of medium to high end income housing.Those are the mega projects coming into play. Dubailand still has a long way to go in terms of development.There is a good mixture from Al Barari and Arabian Ranches through to Dubailand which also covers areas like Sports City which is your lower end apartments starting at 500,000 AED.You’ve got a good mix there, but Dubai South is going to be affordable.The location is a little bit out, but 5 years ago people thought that Dubai Waterfront or the back of Dubai Arabian Ranches was a long way out and you look at the back of Arabian Ranches now and you’re going into Reem, you’re going out to Akoya.This sprawl that is going on will continue to go on whilst they are trying to provide housing for the numbers that they say are going to come in. Forget about the Expo, consider the amount of people that are coming in for Industrial City that is also located there.Consider the amount of people that are coming for the airport alone. It is being deemed the biggest airport in the world and Dubai South is right next to it. Let’s think about Mirdiff, let’s think about Garhoud: all of those areas that are chock-a-block with expat livers. It’s going to be no different to what Dubai South is going to provide. It’s part of a mega plot project;a project in itself that is part of a bigger picture.”
Q: Do you think 6,000 units will actually be handed over?
A: “I think it will be handed over in that particular development, maybe not all of them in some of the other projects that I mentioned, because of the spotlight that is on Dubai South. The reason why the spotlight is on there is because of expats. You know that is why it is riding on the coattails of Expo there are already a couple of developers such as MAG that have got in there. It has been a slow sail, but that’s fine they’ve got in quickly and yes, I do see all of the mega developments going out there. There is also a master developer that still needs to be announced, they haven’t announced whether it is going to be Emaar, Nakheel or Dubai Properties. I don’t see it being Emaar because they are mainly concentrating in the downtown area, potentially Nakheel.
I was driving through yesterday coming back from that area looking at the Discovery Gardens, you know that is what Dubai needs: Dubai needs places like Discovery Gardens before they lose sight of what affordability is. Dubai needs to start providing. Dubai South has got all the strong metro and transport links which they have to have for Expo so it’s a bit more of a wider sprawl really.”
Q: Would you personally invest in a residential unit within this project?
A:”I would, I recently invested in Dubai Marina and that is quite an old development so would I? Yes. I don’t think it comes down to a long-term investment, it would be more of a short-term investment. I’d like to see a little bit more about what’s going to be happening out there. I think it’s certainly going to become part of the new Dubai, but you know new Dubai just keeps on shifting with the trends.Yes, I would invest, but not long-term.”
Q: What are your thoughts on the holiday home segment?
A:” Again, Dubai needs more of it along with affordable housing. There are a lot of developers now considering hotel apartments as well which is also a good investment. There was a restriction put in place that you need to have a separate tourism license. As a real estate agent I don’t have that on my license and therefore I don’t offer short-term rents. It’s not very close on my radar to be honest. Is there a market for it? Of course there is a market for it. Dubai Marina, Palm Jumeirah and all of those areas. You know what we don’t know about and what we are still questioning is how Dubai South is going to be after Expo. It’s one of those locations where you question how is it going to be when the life dies down a little bit? Are people going to want to stay out there on a short-term five day rent? Are people who come over to Dubai for their bachelor parties going to choose a villa in Palm Jumeirah where they are close to the nightlife and everything? Although we are promised a great infrastructure, is that infrastructure going to be more Expo related rather than a long-term lifestyle, recreational base? I’m not sure. I believe in Dubai South for a purpose and like I said it’s riding on the coattail; that is what is going to platform it. That is what’s going to make sure people have to deliver. I mean holiday homes anywhere in Dubai will do well. The vision for tourism here is immense and that’s only going to grow.”
Q: With an expected 25 million visitors for the Expo – do you think buying a property and registering it as a holiday home will make for a good investment?
A: “Yes, depending on where. The investment that I bought in Dubai Marina is exactly for that purpose so I’ll wait until that investment has picked up. I will be looking to sell it just before Expo or I will look at potentially putting in a short-term rent or holding on to it for longer- term. I think yes, with Expo just around the corner numbers will be coming in and jobs will be created. Let’s hope that Dubai can support it thereafter. It wouldn’t necessarily be in that area. Certainly Dubai Marina, JLT,you know all of those are key areas.”
Q: With the new holiday law by DTCM – Dubai Tourism and commerce marketing asking agents to register holiday homes, do you think the government anticipates an increase in units being put out in the holiday home market?
A: “They have to and they have to get those sort of policies, procedures and platforms into place now. One of our biggest problems in real estate here in Dubai is that we had already sprouted wings and taken off before they put those platforms in place back in 2002. What happened next was that they introduced RERA some years on and they introduced it almost too late so before there is an impact and an influx of holiday apartments they need to put those platforms into place. It has to be regulated,we have had short-term properties before where someone has bought a three seater couch and they have put half in one property and half in another property. You know other areas such as: UK, US and Asia have very strong regulations in terms of short-term properties. Regulations on the qualities of the furnishings through to the meet and greet services through to the extra services that people provide.
For example arriving to your hotel, your short-term apartment on palm Jumeirah, well what information is actually in an apartment to tell you where the apartment is or where the metro or supermarket is? Or if someone rent out their apartment overnight and made a quick buck out of it? There has to be these regulations put out in place.
If Dubai is going to be considered on the same international platform as these other areas they have to be playing the same game, stepping up and using the same terminology. There is quality control in short-term lets around the world so there has to be quality control here.We hear about three-four stars in hotels, triple grade ratings and so on; they need to offer these to assure the customer and give them confidence, but also to play on an international platform.”
Q: Do you think there will be a sudden rush of supply in properties being handed over prior to the EXPO or do see this as being phased out in the next 5 years to avoid significant price shifts?
A: “No I think that there is a rush on. I mean you see it in the amount of properties that are going to be released. All eyes are going to be on Dubai for that so they are going to want to deliver the biggest and the best so they are going to want to platform it perfectly.They need to do that.Look at the amount of cranes that there are still around in Dubai and the amount of red and white traffic controllers.These shouldn’t be around they need to start finishing some of the projects that are here already.”
Q: Dubai is still a young market but has come a long way in terms of regulations. What measures do you hope to see being taken to ensure sustainability in the market?
A: “This goes back to the international platform that we need to be competitive with. Most of the people that are buying here are buying from overseas that means they are savvy about purchasing property. In so many cases buyers and sellers are as educated as we are as brokers and it is shameful to say so,but it is the case. If they haven’t purchased property here in Dubai before then most cases they purchased property overseas so they are making comparisons. RERA is doing a great job, but they have a lot of catching up to do and they need to start doing forward moves.They need to start relaxing, they just took away a facility so real estate brokers can no longer act as a power of attorney for buyers and sellers. I think it’s a great shame and that investors and buyers should be able to point a power of attorney.These platforms should be put into place to encourage investors. Dubai has a lot of property so we need investors here and throughout all business sectors not just real estate.We need investors into tourism and we need investors to fill all these apartments that we are talking about as well as the hotels, retail and to support shopping malls.”
Q: In the next 5 years what new developments do you think will be the main attraction for buyers?
A: I see a lot of growth still in Dubai Sports City and Jumeirah Village; I think these are platforms that have got a long way to go. Sports City still has a lot to be completed. Jumeirah Village has a slight step above, they are offering some nice villas there, but they’ve got a long way to go in terms of infrastructure as well. I went out yesterday to see the new development by Nakheel and again they are a long way out near the Jebel Ali Shooting Club. A long way out, but Dubai will develop it because they are affordable and people can rent them.You are getting a lot of space for your money so people will travel a bit more especially with the metro. So, is it sustainable? Yes. Dubai is all about longevity so whether you are buying in Dubai or you are working in Dubai it’s about longevity.The ones that are going to make money are the ones that are here and have been here for sometimes and are staying on board to make it happen. They are the ones that are going to make money in the long-term. It’s no different to needing time for changes to take place.We need time for regulation and we need time to educate not only the brokers, but also the buyers and the sellers.This all takes time; it does not happen overnight.
Q: Do you see rent-to-own options becoming more popular?
A: Rent-to-own options are definitely becoming more popular. We’ve got furnished apartments for example service furnished apartments – The Address by Emaar, Vida by Emaar and Viceroy by Skai. They are bringing up the new Viceroy by Jumeirah Village so it’s not only on The Palm.Dubai Properties and Nakheel are also going to be venturing into hotel apartments soon. There is some rent-to own options that are becoming available also developers are becoming more relaxed with regards to their payment plan because you know a lot of them now are doing payment plans that extend in sometimes three years past handovering and completion dates. These are payment plans that weren’t heard of before as they didn’t use to have the option of living in an apartment yet still owing money for the next three years. I do see some more properties becoming available to own in Jumeirah Village and Sports City as well. These are all key areas that we need to be keeping an eye on because although they‘ve got a foot in they’ve still got a long way to go in terms of completion, certainly a long way before infrastructure. I mean if you go to Jumeirah Village, you still drive on the wrong side of the road and nobody notices. All of that infrastructure still needs to be put in place.”
Q: Is there any advice or other opinions you would like to share?
A: “I think it all comes down to improvements being made. We need to stick around, we need to support getting those improvements put into place. On the 1st of January next year they are going to be grading real estate agents and not only the agents themselves, but also the agencies. I would like to see a cut down in the amount of real estate companies opening up, but in fact it’s increased and it’s continued to increase. I don’t think that it’s healthy, it makes it very tough for the ones that are around, but at the same time there are people who have invested a lot. One of the major real estate companies has closed down recently and has put a bit of a spook in the market. It has caused some major issues and it’s got RERA to raise their head and ask some questions. If I look back 18 years when I moved here, I had to go to a little hut and get the renewal of my P.O.Box and it could only be spoken and typed in Arabic. Today, I can go online and it’s done in two minutes. Dubai has a long way to go, but it’s also come a long way. We need to be in it for the long-term and I think what I would also like to see is that the real estate industry, real estate agents and real estate agencies such as ourselves are seen more as a professional industry. I think there is a lot of cowboys out there in the market place and I think that causes concern. Obviously a lot of people get hurt and it impacts all of us. In so many cases we are not seen as professionals and we are. A classic example of that is when you go to transfer your property at one of the trustee offices in Dubai Land Department, the trustee office asks,”Do you have the cheque for the purchase of the property? Do you have our fees?.”Unless they say yes to both those questions the transfer does not go ahead. What they also need to be asking is do you have the agencies commission fees? They don’t ask that, so because they don’t ask that the buyer and seller think they are getting away with it. Then two weeks later you can potentially still be chasing your fees for a job that you’ve done whether or not you’ve done it well you still have every right to receive those fees. If you’ve brought something through to transfer you are entitled to be paid that so I am working with another group of professionals in the market to try and bring things like that into play. What I would also like to see is less real estate agents hopping around and I think that is not healthy. I know it’s human nature that everyone thinks the grass is greener on the other side, but it’s not always. I think if somebody has been fired or let go of from an agency they shouldn’t be able to. If the RERA qualification is an actual qualification why can they go and resurrect themselves in another real estate agency two weeks later? If they have not worked with the RERA regulating company of ethics and they have done something inappropriate towards their company they shouldn’t be able to work in the industry for a nominated amount of time. You know you lose your license you can’t drive for a while can you? So, there is a couple of things that I’d like to see changing, it’s all about lifting the game, really and I can’t do it on my own and Exclusive Links can’t do it on their own.
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