2016 ended as a success for Driven Properties. We decided to reflect upon the previous year, so we sat down with our managing director, Abdullah Alajaji and talked about what Driven Properties has accomplished and what we look forward to in 2017
2016 was another record year for Driven Properties. Not only because we surpassed every target we have set at the beginning of the year, but also because of the growth the firm achieved in all fronts. Driven’s revenue nearly doubled year-over-year, and the company reached 129 employees as of Dec.31st, 2016. We marked the year by significantly expanding our property management and exclusive sales portfolio by receiving several mandates in landmark areas of Dubai.
In the previous year, Driven Properties established itself as the market authority in City Walk, controlling over 400 units in the area, and we also became the agency of choice for many end-users seeking luxury living in the Jumeirah area.
Our agency won the mandates to sell 483 units in Hera Tower, Dubai, an affordable residential project located in the much sought-after Dubai Sports City, with an unmatched location within the community – this project defines urban lifestyle living at affordable rates.
Our company also received exclusivity in the newly developed area in Meydan, with Polo Residences, Dubai, where the company is engaged in the sales and property management of three prominent buildings in the community.
We also received the rights to building 1 in City Walk, or also known as Quartz Residence, which will be the most highly anticipated high-end residential services that Dubai has to offer.
Finally, we ended the year with the birth of four new and very important departments to our growing team: The Projects Division, Corporate Development & Strategy, The Commercial and Retail Team, and The Off Plan Sales Team.
Our hard work and efforts were awarded as well as Driven Properties was recognized by Dubai’s top property portals for our exceptional services. We were acknowledged as the Top Authentic Agency and we came in 3rd place as the Best Brokerage Services in the city.
We continue to believe that we are in this position because of our people. Investing in human capital has been key to our success and will continue to be at the forefront of our philosophy.
So what do we see for the coming year?
It’s safe to say that the game has changed for the realty market in Dubai, and savvy investors now have several choices as the supply and demand dynamic changes.The sentiment remains strong, and the Dubai market changes going forward will be driven by new investors entering the Dubai market scene. We have witnessed a trend of high demand from China and the GCC for Dubai property in the past year, and we expect this trend to continue throughout 2017. Expats and South Asian communities will continue to fuel the market going forward.
Properties with quality waterfront views, and units in Downtown Dubai, as well as its surroundings, will continue to attract urban lifestyle lovers as the City expands.
We believe that there will be a rise in the quality of projects in the coming months, and end-users, as well as property investors, will be more careful in selecting the properties they live in, or the developers they invest with. Our view is that 2017 will be a stable year for the market with no volatility in the sales or the leasing side, simply because much of the inventory is scheduled to be handed over in 2017. The Expo 2020 and the positive sentiment surrounding it will drive demand in the years to follow.
Dubai is unpredictable, yet always full of great surprises, and we are excited to see what 2017 has in store for us.