Dubai is a shining star that captivates the world’s attention — a promised land for investors and entrepreneurs where ambitious projects are born and opportunities for self-realisation seem boundless. Zhibek Kusainova, a partner at Driven Properties, discusses how the real estate market for ultra-wealthy buyers is scaling up today.
Zhibek Kusainova: I moved to Dubai in 2007, and since then this city has become my second home. Over the years, I have witnessed Dubai’s rapid development and transformation, making it increasingly attractive to investors. Our company has become the only agency to gain membership in Forbes Global Properties in the Middle East, with over $6 billion in cumulative sales and several of the largest deals in Dubai for luxury projects, including Bulgari Residences, Jumeirah Bay Island, One at Palm Jumeirah, and Dorchester Residences. In just the past four months, 57,000 new investors have entered the emirate, investing 185 billion dirhams in real estate. We are witnessing a significant increase in ultra-high-net-worth individuals seeking to acquire property in Dubai. The standards of luxurious living have changed — it’s not just about extraordinary amenities or spacious premises but about creating an unparalleled lifestyle that goes beyond the ordinary. A striking example is Bulgari Resort and Residences, where property prices have almost quadrupled since the project’s launch. We have set a record three times for the highest price per square foot on the secondary market in the UAE. As of January 24 this year, the requirement for a minimum initial deposit to obtain a Golden Visa has been abolished. This means that owning property worth 2 million dirhams now allows investors to qualify for a Golden Visa — a turning point that has opened doors for a wide range of investors. Female entrepreneurs invested $25 billion in UAE real estate in 2023, which is 53.9 percent more than the previous year. The reasons include increased financial literacy, expanded access to capital, and government initiatives. Being originally from Kazakhstan, I have been familiar with business since childhood — my father owned a construction materials plant. Dubai has given me a calling, professional fulfilment, and investment opportunities I would not have found elsewhere. The philosophy of Driven Properties: clients come first. My father’s words — fear nothing, just move forward — have always been my personal motto.