Text: Lisa Amnegard

Podcast link: Ian Hollingdale, CEO, Property Search

Dubai’s property landscape has long attracted global investors with its iconic skyline, luxurious developments, and the potential for exceptional returns. Yet, behind the allure of this fast-paced market lurks a considerable drawback for investors—hefty broker commission fees.

In the UAE, commission rates often range from 6% to 8% of the property’s value—costs that can add tens or even hundreds of thousands of dirams for investors as property prices across the city continue to rise. For buyers, these additional expenses can significantly cut into budgets and complicate the process of navigating an already competitive market.

Real estate veteran Ian Hollingdale is addressing this cost burden with the launch of Property Search, a new app designed to give investors direct access to developers.

“We are trying to deliver to the customers of Dubai—the expats and investors—an easier option than what they’re used to. This app gives a client the opportunity to see a full range of properties that are available in the market. So they’re not relying on an agent or a broker to influence them on what they need to buy. You take your own decisions.” Hollingdale, CEO of Property Search explains.

While property brokers and agents remain important in the buying process, many investors now have a clear vision of the properties they wish to invest in. The upcoming app will cater specifically to these investors, particularily in the off-plan market, as well as offer support throughout the purchasing journey.

The user experience

Property Search is meticulously designed to simplify the property investment journey. Users can input their specific requirements—such as budget, desired return on investment, payment plans, preferred neighborhoods, or property types—and the app curates a personalized list of properties that align with their criteria. Hollingdale elaborates, “This ensures users aren’t lost in the vast listings of traditional portals but are matched with properties that genuinely meet their needs,” he explains.

The app coincides perfectly with the current trends in Dubai’s property market, which is experiencing a surge in demand for off-plan properties. In Q3 2024, off-plan property sales recorded a 50.3% YoY growth, setting the pace for the upward swing in Dubai’s residential market with sales transactions rising 35.6% year-to-date. The heightened demand puts pressure on portals and platforms to enhance their search functionalities, as many off-plan developments often sell out quickly – sometimes even within 24 hours.

As the off-plan market is projected to sustain its growth in the coming years, Property Search is strategically positioned to leverage this trend.

How does this help the developers?

The benefits of Property Search extend beyond investors to developers themselves. Traditionally, developers in the UAE have depended on brokers and agents to generate leads and secure potential sales. However, with demand for off-plan properties at an all-time high, developers are often locked in an intense battle to win over real estate investors.

“Good leads are gold dust. Out of every 100 leads, there may only be five that are real buyers. We’re offering the services of all the developers to those good clients,” Hollingdale explains. Often, property developers have their own internal sales team within the development team who are briefed on any project and development they are working on. With the abundant supply of residental properties on the market, investors are becoming more selective when choosing a project making it more difficult for developers to secure leads through brokers and agents.

Property Search solves this problem by allowing developers to list their properties directly on the app.

“This means after a potential investor sets their criteria, buyers connect with the right developer at the right price in the right area, ensuring the best ROI or living situation,” Hollingdale states.

Both parties can schedule viewings, negotiate prices, schedule documents for pickup delivery, and close deals – all through the app. Instead of paying a commission to a broker, Property Search offers a much less and cost effective solution for the developers to reach out to interested buyers.

What is the involvement of your team in the process?

Central to Property Search’s mission is providing continuous support to its clients. Hollingdale, who boasts over 20 years of experience in Dubai’s real estate market, has assembled a team dedicated to guiding clients through every step of the property journey.

“We’re experienced in how to do sales, how to progress a sale from an initial looking on an app right through to a completion. If there’s any part of that transaction or any part of that process that the client does not understand, we’re available,” Hollingdale explains.

While many brokers rely on a predominantly sales-oriented approach, the team at Property Search distinguishes itself by prioritizing a more comprehensive and client-centric experience.

“We’re not trying to sell the client the property they’ve already decided they want to buy. That’s where the difference lies. What we’ve done is establish what the client wants…we will deliver the properties that fit their bill, and if they’re not getting satisfaction from the developer, we’ll deal with the client again and we’ll try and help them on another route. So we’re not going to let people go.”

Initially focusing on developers, Property Search plans to expand into the secondary market, leasing and holiday rentals—a testament to Hollingdale’s ambition to make property transactions simpler and more transparent for all parties. Whether you’re an investor eyeing Dubai’s off-plan market or a developer aiming to showcase new projects, this new app could herald a transformative shift in how real estate deals are conducted in the UAE.