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Tell us about your company.
Sky View’s business philosophy is based on quality, reliability and trust. These three principles drive our business operations and are ingrained in our team members right from the beginning. The company was built to serve the dynamic real estate market of the UAE and provides efficient real estate services to investors who are keen to invest in some of the high-value properties in the region. We have an experienced team of real estate professionals who know this region well and implement international best practices into our operations.
What is your role in the company?
I wear different hats, that of a leader, negotiator and communicator.
What’s the best property deal you have made in the past year?
We have sold 20 apartment units in Botanica Towers in Dubai Marina to the same buyer who is looking to rent it out in the near future.
How many agents have you hired in the past year?
We have recruited five new agents and we are looking to hire more in the coming months.
How do you think 2016 will be for the UAE property sector?
The year will continue to witness a significant increase in demand for affordable housing as more people with stable income will look to buy homes and then rent them out. Also, more and more developers will come with attractive payment options targeting people in the Dh10,000 to Dh25,000 income groups. This will make buying more attractive than renting.
In some cases, affordable properties give better rental return than luxury properties. Hence, long-term investors will continue to buy more of these properties because of the high rental return. Apart from this Dubai will always have demand for ultra-luxury properties. The buyers of these properties mostly make cash purchases and buy units to rent them out.
What kind of properties are selling most in the current market conditions?
With interest rates being low, there is a huge demand for end-user properties. However, not everyone can manage to pay a down payment of 25 per cent. As a result, properties below Dh2.5 million are in demand. There is an equally good demand for properties under construction or off-plan properties with a good payment plan.
What are some of the challenges unique to this market?
Being a global city, Dubai often gets affected by several geopolitical issues. However, this time we are seeing that the market has matured and there is more stability in the prices.
What advice would you give to first-time buyers?
I would say many investors, especially first-time buyers, need to undertake proper market research before purchasing property. Buyers should look for companies that offer trust, are credible and can offer them excellent service even after the purchase.
Also, before you make your decision to buy any property, make sure that you thoroughly check the credibility and reputation of the developer and the brokerage firm. Your investment is your hard-earned money and hence, a comprehensive check of the people involved in the project is important.
And those who want to sell?
Sellers should try to sell when the market is high.
How can agents close deals in the current market?
Focus on a particular area. There will be no unpleasant experiences if you are focused and determined. That is how we close the deals.
What type of training is mandatory for new agents?
Apart from the compulsory Rera training, I believe that new agents must undertake adequate hours of field training and customer service. Many people join the real estate sector just to make a large amount of money in the shortest possible time. That should not be the case.
Sky View Real Estate Brokers
Established in 2006, Sky View Real Estate Brokers is an investment advisory and brokerage house providing services for local and offshore clients to invest in the UAE real estate market. Sky View offers strategic real estate investment planning and the creation of property investment programmes for individual and institutional investors worldwide, with special emphasis on the local market.
The company creates sustainable economic value for its clients, investors and co-partners through acquisition of assets that provide higher returns and generate significant upside potential. Working closely with major developers such as Emaar, Nakheel, Nshama and Dubai Properties, Sky View has successfully marketed and sold several properties not only in Dubai but also in the UK, Hong Kong, Russia and Singapore through various road shows and exhibitions.
Last year Sky View entered into an agreement with Myra Developers to exclusively sell its project in Jumeirah Village Circle called Botanica. Both parties are currently planning the launch of the new project, which offers flexible payment options for customers.
Akash Ashok Kanjwani is the Director of Sky View Real Estate Brokers. After graduating from Champlain College, USA, Kanjwani wanted to enter into banking and investment, but ended up starting his own real estate brokerage at the age of 20, when he couldn’t find a trusted agent to sell family properties in Dubai.
Source: Jobannie Tabada, Features Editor, Property Weekly