WHY IS DUBAI BUILDING SO MUCH? OSMAN CELIKER FROM IRTH DEVELOPMENTS ON THE DUBAI REAL ESTATE PODCAST

Welcome to another insightful episode of the Dubai Real Estate Podcast, past few years Dubai has witnessed a surge in New Projects and every few days a new Developer is launching a new project in Dubai. I had the pleasure of having Osman Celiker the Managing Director of IRTH Developments come on the show and discuss why developers are launching new Projects & what's the future of Dubai Real Estate
Osman shares his 2 decades of Experience in Dubai's Real Estate Market and gives us an insight on why Dubai is Home today for over 190 nationalities and as a Developer what they expect the Future of Dubai Real Estate.
Tahir also discusses with Osman about their new Project Rove Residences in Business Bay and gets an insight on why it's one of the hottest investment property in Dubai Currently. Don't miss out on this exclusive interview with Osman Celiker, only on the Dubai Real Estate Podcast.
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[@KM-tv2yf]

How will this increase in population sustain without jobs? We always talk about population growth and therefore the need for more housing, but what about job growth and employment. Any metrics on that?

[@kvio3321]

Remote workers relocating?

[@tahirmajithia]

Great Question! Let me try to explain this in simple terms. To build more houses you obviously need more manpower , engineers, architects, building material suppliers etc etc. now once these homes are built and more people move to dubai that means we need more schools, more health care facilities more restaurants etc which automatically results in more jobs being created. With the population growing you need more facilities and infrastructure which automatically creates more jobs & employment.

[@ashok845]

@@kvio3321 Remote work hype is over, most good companies around the globe require their workers to spend some time in office every week.

[@missstpm]

Great question. As @tahirmajithia replied, the jobs and employment opportunities will automatically increase as the population grows. However the main concern for me is that the salaries for the middle class workers are not increasing for the past decade. Salaries for the hospitality workers have not increased for the past 8 years that I have been living in Dubai. Even though life style gets more and more expensive, especially rent, groceries and basic needs. As the population grows, jobs also increase, which it means, competition is high in order to land a good job, however the salaries remain the same or LESS due to the high demand for career growth in Dubai, with candidates applying from all over the globe. Working conditions also have not been beneficial, such as 10 hours to 12 hours of work per day, with only 1 day off per week has become a standard and never been changed. This is a high concern from the employee's point of view in Dubai, which it makes almost impossible to grow financially unless of course you have a second or third income such as crypto, or any online passive income. Affording a driver's license became almost unaffordable, for example. Simple things are becoming impossible to afford, even for the group of people working extremely hard to sustain themselves and their families.

[@mox6466]

If UAE truly wants to invite limitless investment potential, they need to understand the core reason of migration. Give people an access to Permanent Residency. No, not Citizenship, not Passports, but Permanent Residency status. Golden Visa is a term still thriving in EU in Portugal, Greece, Spain, Latvia etc and the reason they're golden is because you receive access to a Permanent Resdiency status that can lead to Citizenship under certain conditions. Im 30. I've lived here for 85% of my life other than University. Born and brought up here and yet I'm a expatriate with no security on my residency status in the country. Myself and my siblings would rather invest back in our home country even though UAE is the home we've ever known. Why? Security of our Residency/Citizenship status.

[@tahirmajithia]

Things are changing rapidly and may be soon we might see that happening here too. We didn’t have Golden visas , retirement visas etc until a few years back but they exist today. Also all the other countries you’ve mentioned yes they do give citizenship but at the same time the kind of lifestyle, safety, security Dubai offers is comparable to none and I am sure you would agree as you’ve lived most of your life here. Now investments are not always done because of residency or passport most investments are done to make your money grow and as compared to Europe or UK the markets in UAE are far better and people are making way better ROI on their capital as compared to most comparable cities. So living here and investing here are two separate things. Most investors investing in UAE are not living in UAE so I totally understand your concern but don’t agree upon the investment part.

[@mox6466]

@@tahirmajithia Tahir Bhai, honored to receive a response from your end. I understand your perspective on Investment in the Dubai real estate landscape and you're right when you say there's more money to be made in this market than anywhere else across the globe. My perspective on Investment was not based on ROI/Capital Appreciation. It was based on the security of the investment as an expatriate during a Black Swan event. There are a few things we'd dare not discuss on a public platform 😁 Looking forward to more quality content from your end.

[@tahirmajithia]

@@mox6466 I mean even from security of investment most people investing are expats not even living here but their investments are secure and safe. No body takes your property away from you if it’s fully paid for or we don’t have issues of illegal occupation of property etc which is very common in other parts of the world. Infact on the contrary in places like UK or EU properties or assets have been seized just because of sanctions on any nationality even if the person is legitimate business owner but that we don’t see happening here in UAE.

[@mox6466]

@@tahirmajithia Tahir Bhai, I am but a fledgling when it comes to our individual awareness of the regions real estate market. Your's is one of the few podcasts I religiously watch and enjoy. Sure, sometimes they're just Sales pitches that barely scratch the surface, but more often than not, there are real questions asked on your channel which is a fresh breath of air in today's half assed real estate social media space. Moving on, investments in a home or land, at least from my traditional PoV passed down from my family, is about relief and security in an event of emergency. As was covered in one of your videos, owning your home isn't always about the numbers. In my father's eyes, The Kuwait War, or Gulf War as it's known, is still fresh. He often reminiscences about the toll of financial loss he and his brothers had to endure and the burden in starting afresh in yet another GCC country with his PTSD still making him stress in his sleep. UAE as a country is still one of the safest places to live in albeit not as solid during it's prime, as it used to be when I was growing in the 90s and 00s. The leaders of this nation have a high diplomatic approach to maintain peace and stability, but just like how you can drive as safe as possible yet have someone ram into you from any other side, there are too many invariables that can always go down in a region with various issues such as the Middle East. Let's not forget the Qatar blockade, the evergreen Israel VS Palestine or even the Shia VS Sunni (Iran VS Saudi) proxy war for supremacy, the uprisings in Yemen etc. In your video about the expo city, your panel guest had spoken of the COP28. A lesser known event was televised during the same event, today dubbed as the UAE84 with hugely different perspectives on the motivations of the trials, but I wouldn't know the truth, as I'm not aware of it's intricate details.I could go on, but as I said, certain things are not to be shared on a public forum. I truly wish to live my life until my final breath in old age in this beautiful nation with it's visionary leaders, but nothing can steer me away from making my most crucial investments away from the nation I hold a passport in. Oman already initiated a citizenship initiative, Saudi has been in talks forever and maybe it's time for UAE to be the one that makes a difference and move the baton ahead in a serious direction for Permanent Residency as it has in many other sectors. Sorry for the long response. Keep up the quality content and May Allah bless the UAE and guide it towards it's Founding Father HH Sheikh Zayeds Vision of what this nation should represent globally.

[@bozkanuae1]

Dear Tahir, would like to thanking to invite Mr.Osman. it was great interview and got a lot of vision and information about Dubai RE market. hopefully, you will invite him again as i quite wonder about their upcoming projects especially "co living" related. Thanks...

[@goransimic9333]

I am a bit sceptic on Mr. Osman’s market analysis. Let’s review his statement: - studio in our building is around 1M AED - average salary in Dubai is 21k AED Therefore: “we are catering half of market.” My skepticism is: - median salary is a correct starting point , to determine 50% of working class ( 19K AED in Dubai as per same report ) - not everyone with salary above 20K AED will want to live in Dubai, if they are single, and most likely will not live in studio if they have family So, population that this type of projects are “catering” is much smaller.

[@Jkopwe]

This is the exact question that I have to these real estate agents promising 10% ROI, salaries in dubai are not that high that people would be willing to pay 70 or 80k in rent per year for a 1 bhk and those who can afford to do would obviously buy rather than rent, and you cannot really go to the court if your expectations are not met, so I don't really understand how these agents are creating numbers out of thin air or is it just a marketing gimmick

[@RizwanPathan-d5s]

Investment without any rights has no meaning. What will happen if the lease holder loses his job or dies

[@RizwanPathan-d5s]

Believe everyone n don't trust anyone

[@tahirmajithia]

The properties in Dubai which we are talking about are absolutely Freehold and not leasehold if the owner passes away it gets passed on to the heirs. Believe everyone n don’t trust anyone but before that make sure you have the correct information

[@nellynacheva2922]

so impressive interview, very knowledgeable person, i like the concept of IRTH

[@tahirmajithia]

Thanks. Glad you liked it 🙏🙏

[@YamaReal]

Pls share link to property

[@tahirmajithia]

You can connect with me on WhatsApp wa.me/message/IUUYPLJOOV25K1

[@SJ-lt6yf]

very intelligent and eloquent person, Best of luck with the development

[@tahirmajithia]

Thanks 🙏

[@nohangeorge5908]

Good podcast, Keep up the great work Tahir , And All the best IRTH 👍

[@tahirmajithia]

Thanks a lot 🙏

[@rurugm8678]

How many times he said eee and you know 👀cants listen hard to

[@MissingInPerson]

How much share do developers offer the brands to brand their development?

[@ruhaanchawla7947]

Great podcast!

[@tahirmajithia]

Thanks a lot 🙏🙏