In this edition of Industry Eye, Wassim Aboud, Sales Director at Vesta Real Estate, sat down to share his expertise on Abu Dhabi real estate market. He talked to us about his personal journey, and the skills needed to be a successful real estate professional in this competitive market.
Hello, I am Wassim Aboud, Sales Director at Vesta Real Estate. I take great pleasure in being a part of the Vesta team. Having been in the real estate industry for over twelve years, I’ve leveraged my experience to find the best ways to serve my clients and hit my targets year after year.
I specialise in luxury residential properties and help clients with any other services they may need during the real estate process, including preparation of proof of ownership, arranging loans, setting viewings to show them the properties that fit their needs, renovations and more. I use a straightforward approach, acting as a trusted advisor to help my clients navigate the entire real estate transaction process, from start to finish.
Why Invest In Abu Dhabi
I firmly believe that investing in Abu Dhabi is a promising opportunity for investors. Being the capital of the United Arab Emirates, it boasts a strong and stable economy. The economy has diversified, so it is not solely dependent on oil – owing to significant investments in finance, tourism, technology and healthcare sectors. The government is committed to economic diversification, making it an attractive destination for real estate investors.
Abu Dhabi has invested heavily in its infrastructure, resulting in world-class amenities and facilities. The city offers a well-developed transportation system, modern road networks, state-of-the-art healthcare facilities, top-notch educational institutions, and a wide range of entertainment options. All this contributes to the city’s overall liveability and enhances the value of the properties here.
Abu Dhabi is also an excellent destination for expatriates to reside in, as it offers a high quality of living, tax-free income, excellent healthcare facilities and a safe environment. Investing in real estate that caters to expat needs can yield favourable rental returns and potential capital appreciation.
There are a few factors that make Abu Dhabi an appealing real estate investment destination today. The strength of Abu Dhabi’s economy lies in its vast oil reserves, which I think makes it a stable and resilient market for real estate investments. Another significant advantage (in comparison to other cities) is the favourable tax benefits for real estate investors, such as no personal income tax on property sales. This allows investors to retain a larger portion of their profits.
Other vital factors investors consider when investing in Abu Dhabi real estate are infrastructure development, government support, cultural and lifestyle offerings, competitive property prices, strong rental yields, a pro-business environment, and strategic location.
Working With Investors
I believe that to specialise in investment properties and effectively communicate with investors, agents should possess a combination of skills and knowledge about the market. The ability to analyse properties, a thorough understanding of investment strategies, legalities and regulations, along with skills like networking, communication, negotiation and commitment to continuous learning, are vital to succeed in this role. With these skills and knowledge, agents can specialise in investment properties and effectively communicate with clients to help them achieve their investment objectives.
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To analyse the potential profitability of an investment property, an agent should be able to evaluate various factors and perform financial calculations. I would say gathering the property’s information, determining the rental income, calculating the operating expenses, and evaluating potential ROI and risk factors are crucial to analyse potential profitability.
I think there are a few advantages to investing off-plan, compared to buying in the secondary market. These are lower entry costs, payment flexibility, the potential for capital appreciation, variety of units, modern amenities and facilities, potential for customisation, developer guarantees, and first-mover advantage.
Best Practices For Agents
It is crucial for real estate agents and management to be updated about real estate market trends, new projects and government regulations. I stay updated about the Abu Dhabi real estate market by combining information from various sources, staying engaged with the local real estate community and being committed to learning. Sources of information include real estate market reports provided by our partners like Bayut, monthly performance reports, real estate events and exhibitions, and government reports and publications.
When hiring for Vesta Real Estate, we look for a positive attitude, responsiveness, and availability. We want someone client-focused who can offer personalised service and extensive market knowledge. Our team believes that skills can be taught, but not a can-do attitude. I advise new real estate professionals in Abu Dhabi to learn to work in a fast-paced environment, stay updated about the market and be knowledgeable – and do all this with a positive attitude.
About Wassim Aboud
Wasim Aboud is a highly accomplished and dynamic Sales Director, with extensive experience in the real estate industry. He has worked alongside top developers and real estate agencies in Abu Dhabi and Dubai. With a passion for sales and a proven track record of success, Wasim has consistently driven revenue growth and exceeded targets throughout his career.
Having spent over 12 years in the real estate sector, Wasim possesses in-depth knowledge of the market, trends, and customer needs. His expertise lies in developing and implementing strategic sales plans that effectively penetrate markets, optimise sales performance, and maximise profitability.
About Vesta Real Estate
Vesta Real Estate is a top real estate agency based in Abu Dhabi that offers professional services to their clients, including property sales, leasing and management. They prioritise the needs of their clientele, ensuring that all requirements are well met by offering expert guidance on all things real estate.
The Vesta team comprises brokers qualified through THINK PROP and an in-house Chartered Surveyor. They are trained on ethics and contractual issues to ensure their clients go through a smooth property journey.