‘Technology and sustainability are the future—early movers will lead the next real estate boom'
'Certain sectors are beginning to shift, but the phenomenal growth in the real estate market alongside the remaining high purchasing power, makes the UAE a hotspot for property investment,' Sankey Prasad, Chairman & Managing Director of Colliers India and Middle East, told Khaleej Times in an interview.
Excerpts:
There is a growing thought that the UAE real estate market may be slowing down this year. What do you think?
Post Covid-19 pandemic, the UAE has seen unmatched growth in its real estate market. The total number of transactions in Dubai equated to an astonishing $64 billion, almost a 17 per cent increase compared to last year. Even though some regions may take time to catch up, there are still some positive signs for other areas. There's evidence of economic strain with global interest rates increasing, but other key industries are booming. As a result of the growth in e-commerce, the logistics sector is flourishing and the hospitality industry is seeing great success as Dubai overtook its pre-covid tourism rankings, receiving over 17 million international visitors in 2023.
For example, take Palm Jumeirah. The super luxury market continues to rise even though other parts of the area are noticing a drop in prices. Last year a stunning $27.8 million was paid for a penthouse in Atlantis the Royal, demonstrating that buyers remain interested in ultra luxury properties. Simultaneously, several of Dubai's directly neighbouring areas such as Business Bay and Dubai Hills are cashing in on the supply-demand imbalance creating great buying and investment possibilities. Is there perhaps a change in the market? Yes, but it is very much in motion rather than being stagnant.
Do you think there are areas available for strategic synergies between Middle Eastern and Indian real estate markets?
There are several areas where the Middle Eastern and Indian real estate markets can create strategic synergies, driven by investment flows, infrastructure expertise, and technology adoption.
One major area is cross-border investments. The UAE has been a top investor in Indian real estate, with sovereign wealth funds like Abu Dhabi Investment Authority (ADIA) and Dubai-based Emaar making significant investments in India's commercial and residential sectors. With India's growing urbanisation — where cities are expected to add 416 million people by 2050 — Middle Eastern investors see a long-term opportunity in high-growth segments like affordable housing, logistics, and office spaces.
Conversely, Indian developers are expanding in the Gulf, particularly in Dubai and Abu Dhabi. Companies like Sobha Realty and Lodha Group have successfully entered the UAE luxury real estate market, catering to the large Indian diaspora and global investors.
Another key synergy lies in real estate technology and sustainable development. The Middle East, particularly Saudi Arabia and the UAE, is investing heavily in smart cities and green buildings — think NEOM in Saudi Arabia or Masdar City in Abu Dhabi. India, too, is pushing forward with its Smart Cities Mission, and collaboration in PropTech, AI-driven urban planning, and sustainable construction could benefit both regions.
Finally, with increasing GCC-India trade ties, demand for commercial real estate, warehousing, and logistics hubs is growing. As both regions focus on economic diversification beyond oil, we can expect more joint ventures, REIT collaborations, and knowledge-sharing in urban development.
What unique opportunities and challenges do you identify in cross-market development strategies?
The UAE and India's real estate markets are closely linked, driven by investment, trade, and urban expansion. Take Dubai's luxury real estate boom—Indian developers like Sobha Realty and Lodha have successfully entered this space, selling high-end properties to global investors and the Indian diaspora. On the flip side, UAE-based investors, including Abu Dhabi Investment Authority (ADIA), are putting money into India's growing residential and logistics sectors, recognising the country's demand for modern infrastructure. Trade between the two regions hit $85 billion in 2023, fuelling demand for warehouses, commercial spaces, and industrial hubs — a great example is DP World's investment in Indian ports and logistics parks. Then there's the future of cities—Dubai's advancements in smart cities and green buildings, like Masdar City, could inspire India's Smart Cities Mission, where over 100 cities are being modernised. Yes, challenges exist—India's complex land laws, differences in buyer preferences, and economic fluctuations — but with smart collaborations and well-planned investments, real estate between the UAE and India is set for long-term growth.
The concept of aero city projects is gaining traction, both in the Middle East and India. What is your perspective on the potential growth and implementation of aero city developments in these regions?
Aero city projects are becoming a major focal point in both the Middle East and India, driven by increasing air traffic, business travel, and the need for integrated urban hubs around airports. In the UAE, we have already seen successful examples like Dubai South, which is built around Al Maktoum International Airport, offering a mix of residential, commercial, and logistics spaces. Similarly, in Abu Dhabi's Airport Free Zone, companies benefit from seamless global connectivity and pro-business regulations. In India, the concept is gaining traction with projects like GMR AeroCity in Hyderabad and Delhi Aero city, which combine office spaces, retail, hospitality, and logistics, catering to both businesses and travellers. The real opportunity lies in positioning these developments as self-sustaining ecosystems, attracting multinational companies, logistics firms, and technology hubs. Challenges include infrastructure readiness, regulatory approvals, and ensuring long-term demand, but with growing global trade and business mobility, aero cities will play a key role in shaping the future of urban development in both regions.
How do these projects contribute to urban infrastructure and economic diversification?
Aero city projects are more than just real estate developments — they are economic engines that drive urban infrastructure and diversification. In the UAE, Dubai South and Abu Dhabi's Airport Free Zone have attracted global businesses, logistics firms, and technology hubs, creating thousands of jobs and boosting non-oil revenue. These projects seamlessly integrate business districts, residential zones, and cargo hubs, enhancing connectivity and reducing urban congestion. In India, Delhi Aero city and GMR Aero City Hyderabad are transforming underutilised airport land into thriving commercial and hospitality zones, catering to corporate offices, retail, and MICE (Meetings, Incentives, Conferences, and Exhibitions) tourism. By linking aviation, logistics, and real estate, aero cities support foreign investment, trade expansion, and tourism growth, making them key contributors to both economic diversification and sustainable urban development. The challenge lies in ensuring efficient transport links, regulatory support, and long-term demand, but with rising global mobility, these projects will be crucial in shaping the future of smart cities and business ecosystems.
Can you elaborate on your methodology for integrated project management in complex real estate developments?
Integrated project management in large-scale real estate developments is about bringing efficiency, risk mitigation, and seamless coordination across all phases — from planning to execution. At Colliers, we follow a 360-degree approach, ensuring that design, construction, financing, and operations are aligned from day one.
First, we start with data-driven feasibility studies, analyzing market demand, financial viability, and regulatory requirements. For example, when working on an aero city or mixed-use development, we assess connectivity, zoning laws, and infrastructure needs to ensure long-term success.
Next comes stakeholder coordination — in complex projects, you're managing multiple entities, including government bodies, investors, architects, and contractors. We implement real-time project tracking systems and BIM (Building Information Modeling) to streamline communication and prevent delays.
Risk management is another key pillar. From cost escalations to regulatory shifts, every project has challenges. We focus on proactive problem-solving, using contingency planning and phased development to adapt to market conditions.
Finally, sustainability and technology integration are now non-negotiables. Whether it's LEED-certified buildings, smart infrastructure, or digital twin technology, we prioritise future-proofing developments to maximise long-term value.
By combining global best practices with localised expertise, our approach ensures that complex real estate projects are delivered on time, within budget, and with maximum stakeholder value.
Specifically, how do you ensure seamless coordination between design, construction, and cost optimisation in large-scale commercial projects like world trade centres or amusement parks?
Seamless coordination in large-scale commercial projects — whether it's a World Trade Centre, amusement park, or an aero city — requires a structured, technology-driven approach that aligns design, construction, and cost optimisation from the outset.
First, we emphasise early-stage integration. Before breaking ground, we bring architects, engineers, and cost planners together to ensure the design is not just visually striking but also practical, efficient, and cost-effective. For example, in a World Trade Center project, the structural layout must balance aesthetic appeal with floor space efficiency, optimising rental yield for investors.
Next, we use Building Information Modelling (BIM) to create a real-time digital twin of the project. This allows us to identify design clashes, optimise material use, and streamline workflows — reducing costly errors and construction delays. In projects like amusement parks, where infrastructure, ride mechanics, and visitor flow must be perfectly synchronised, this technology ensures smooth execution.
On the cost side, we deploy value engineering — analysing every element of the project to find smarter, more cost-efficient alternatives without compromising quality. For instance, in large commercial hubs, we focus on modular construction, prefabrication, and energy-efficient designs to cut costs while maintaining world-class standards.
Finally, project success depends on real-time tracking and agile decision-making. We implement AI-driven project management tools that give all stakeholders — developers, contractors, and financial teams — access to live updates, ensuring swift issue resolution and cost control.
The key is to treat design, construction, and cost management as one interconnected ecosystem, rather than separate silos. By doing this, we ensure that even the most complex projects are delivered on time, within budget, and to the highest global standards.
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