SOL Properties: Making an impact on the hospitality industry through world-class projects
What are the trends in the UAE residential real estate sector, where is affordable housing heading?
The trend in the UAE residential real estate sector is the significant increase in demand for villas, townhouses and beachfront properties.
Affordable housing has become more competitive due to layoffs that have taken place due to Covid. We are seeing a strong recovery in this sector after the summer with the opening of flights as affordable housing is mainly occupied by labor employed by companies. Expo 2020 will also be a major driver of job creation and businesses to establish their base in Dubai.
SOL has been responsible for some of the most prestigious developments in the hospitality industry in the UAE. What are the new projects you are leading?
SOL has indeed diversified into the hospitality sector and this year we are very excited about the upcoming opening of the Dubai Edition Hotel, the newest 5 star hotel in the Burj Khalifa Downtown area.
SOL has also entered the realm of short-term vacation rental under the SOL LIVING brand, offering travelers more flexible accommodation options that provide the privacy of a home with hotel-like services and facilities and 24 hour concierge services, which is not available with any of our competitors or short term rental operators.
How saturated is the retail / commercial space in Dubai, especially in the wake of the pandemic and the resulting lockdown with a focus on remote access? How do you see the evolution of this market?
The dynamics of the retail space in Dubai have certainly changed after the pandemic. Online has taken a leap forward as restaurant retail spaces still see demand as people want to socialize and experience genuine interaction even with social distancing. We also have a mall culture due to the 5-6 hot summer months during the year. Additionally, the levels of shopping experience at malls here in Dubai are among the best in the world.
By staying open and strictly following security guidelines and protocols, Dubai has proven itself to be the safest place in the world.
How do you see the Expo affecting the real estate industry and what does it mean for SOL Properties?
We have already started receiving inquiries because of the Expo and it is a very big cushion for the whole economy.
In such unpredictable times, leaders have stood by their decision to host this Expo 2020, which in itself will prove to the world that the UAE is the best at all times. This Expo created many jobs, especially after the effects of the pandemic were felt where many people lost their jobs.
SOL Properties as well as SOL LIVING and the Dubai Edition Hotel will all benefit immensely from the Expo as it will stimulate economic activity and is expected to generate at least 25 million visitors from around the world, which would mean more long-term rental transactions and more travelers visiting Dubai and looking for hotels and short-term rental options.
Please share your long term expansion plans, are there any new markets you plan to expand into?
SOL Properties, as part of its expansion into the hospitality industry, is also developing a 389-key 4-star beachfront property in Palm Jumeirah, which will open in the first quarter of 2022.
We are also embarking on a new business under the SOL Kitchens brand. SOL Kitchens will be a cloud-based kitchen facility hosting 30 kitchens and is expected to open by October 2021.