We explore the multifaceted importance of real estate in the UAE, encompassing economic, social, and cultural dimensions
Real estate plays a pivotal role in the UAE, serving as a cornerstone of its economy and a symbol of its rapid development. Firstly, the UAE’s real estate sector serves as a key driver of economic growth and diversification. Historically reliant on oil revenues, the UAE has strategically diversified its economy, with real estate emerging as a major contributor.
Name: Riad Gohar
Rank: 03
Designation: CEO
Company: BlackOak Real Estate
Riad Gohar’s career trajectory is a testament to his versatility and expertise. Starting as an actor in a popular sitcom, he transitioned to a corporate executive role in pharmaceuticals before ultimately becoming a successful entrepreneur. Gohar has developed a robust skill set in sales, marketing, negotiations, and business development.
In 2006, Gohar embarked on his entrepreneurial journey in Dubai, leaving his pharmaceutical career behind. He co-founded a boutique agency specialising in large ticket off-plan sales. The firm flourished during the real estate boom but faced significant challenges and losses during the global financial crisis in 2008. Gohar responded by restructuring and rebranding the company under the global franchise Fine & Country, focusing on villa communities. His dedication and expertise established him as a trusted authority, with over AED700m in luxury villa sales across prestigious communities such as Meadows, Lakes, Hattan Villas, Jumeirah Islands, Jumeirah Park, Jumeirah Golf Estates, and Palm Jumeirah.
After 12 successful years in brokerage, he embraced a new challenge by launching the development arm of the renowned SLS hotel brand as the development commercial director. This role provided a developer’s perspective, where he formulated strategies, built the team, set pricing, launched the project, and executed comprehensive sales and marketing plans. His efforts led to AED600m in sales in the first year and pioneered Dubai’s first fractional ownership, potentially leading to future tokenisation in Dubai.
Gohar’s passion for brokerage led him back to the sector, where he co-founded BlackOak Real Estate. BlackOak focuses on exclusive projects, high-end luxury assets, and consultancy services, assisting developers with marketing and sales regionally and internationally. Under his leadership, BlackOak has set multiple records for selling and closing all-time high prices for single luxury homes.
He also starred in the UAE spin-off of the Emmy-nominated show Million Dollar Listing alongside Ben Bandari. The show aired on StarzPlay last September and was a huge hit, receiving amazing ratings and ranking number one on its first day. This exposure significantly boosted Gohar’s popularity, cementing his status as a leading figure in the real estate industry.
Beyond his professional endeavours, Gohar has a deep love for music, playing the guitar and saxophone. An avid sportsman, he has completed two of the Seven Summits – Mount Kilimanjaro and Mount Elbrus – and aspires to conquer all seven. Currently, he is learning Mandarin, continuously pushing his boundaries and achieving new heights.
With a passion for education and training, Gohar has established strategic partnerships with the Dubai Chamber of Commerce and has participated as a guest speaker in global initiatives, discussing the macro and microeconomics of the UAE real estate market. His insights into market dynamics and economic trends have contributed to shaping discussions on sustainable growth.
Gohar advocates for understanding a common question: While the Dubai property market often faces inquiries about when it will experience a correction, rarely do people inquire about the factors driving its success. This success is rooted in a visionary approach of an economy led by supply, attracting global investments and mass migration, ultimately fostering sustainable growth.
A “lead-by-supply” economic approach increases national wealth and positions cities as major hubs for tourism, finance, and residency. The UAE, particularly Dubai, exemplifies this model’s success, combining low unemployment, currency stability, and robust infrastructure development. This strategy has led to significant investments in schools, aviation, roads, metro lines, hospitals, hotels, malls, and real estate, making the city a thriving economic hub.
Despite external factors impacting real estate prices, the primary dynamic of the UAE economy remains population growth, driven by the excellent business and lifestyle environment, attracting professionals and businesses worldwide.
To support this population flow, the government invests heavily in building infrastructure for business, pleasure, events, and conferences, further bolstering the economy.
According to data from the Dubai Land Department, rental registrations from the beginning of the year to March 2024 totalled 159,941, reflecting a 5.8 percent increase compared to the previous year.
In terms of supply, 6,526 units were delivered in the first quarter, with 59.7 percent of these located in Meydan One, Jumeirah Village Circle, and Al Furjan.
An additional 46,086 units are expected to be handed over by the end of the year, though historically, only a limited portion of the projected stock materialises as planned.
March 2024 saw a new record in Dubai’s residential market, with transaction volumes reaching the highest monthly figure ever recorded, showing a year-on-year growth of 13.2 percent. During this period, off-plan sales surged by 20.2 percent, while secondary market sales grew by 2.2 percent.
With the rising figures from the industry, real estate is in for another robust year and for Gohar and the leading players, the numbers suggest the best is yet to come.