Dubai Real Estate in Uncertain Times: Insights from Resident & Investor Advisor Gulnara Shukurova
Having spent over 23 years in the UAE, proudly calling it her forever home, Gulnara Shukurova brings a deeply rooted perspective shaped by experience, trust, and long-term vision. In an EXCLUSIVE conversation with EmiratesReporter.com, she shares a powerful and uplifting outlook on Dubai’s real estate market, highlighting its resilience, maturity, and ability to thrive even amid regional uncertainty. Her insights reflect unwavering confidence in the UAE’s stability, strong leadership, and global appeal, while emphasizing that today’s market is not only more structured but also filled with strategic opportunities for smart investors. With a focus on integrity, quality assets, and long term growth, Gulnara’s message is clear: the UAE continues to stand as a beacon of confidence, where challenges transform into opportunities and the future remains exceptionally promising.
Here is the full interview with the real estate expert.
E.R- With over 22 years in the UAE real estate market, how have you seen the sector demonstrate resilience during periods of regional uncertainty, including the last recession and the current situation?
Gulnara Shukurova- Although my direct experience in real estate is five years, I have lived in the UAE long enough to witness how the market behaves in difficult cycles, including the 2008–2010 period and Covid. In those earlier phases, we saw much sharper reactions from the market: some developers reduced prices aggressively, some projects were frozen, and in certain cases projects were even abandoned. During Covid as well, many developers relied on very attractive offers and discounted pricing to keep transactions moving. What is different today is that the correction is not as broad-based. On the secondary market, I do see more nervousness from some sellers and more caution from buyers, which is creating softer activity and selective price pressure. But on the primary market, most serious developers are not cutting headline prices. Instead, many of them are protecting value by offering more flexible payment plans, extended timelines, and in some cases incentives such as DLD waivers or other transaction support. So in my view, the market today is behaving in a more structured and mature way than in previous crises. The fundamentals behind UAE real estate remain stronger than in earlier downturns, supported by investor demand and the country’s global positioning. That is why I believe that once the regional tension eases, confidence will return and the market will stabilize again rather than experience the kind of deep disruption we saw in earlier cycles.
E.R- Despite ongoing regional strains, the UAE property market continues to attract investors—what key factors do you believe are sustaining this confidence?
Gulnara Shukurova-The key factors remain consistent, and that in itself is a strong signal of stability. First, the UAE has demonstrated a very high level of security and crisis management. Even during periods of regional tension, the country continues to function normally, with full operational infrastructure — from airports and logistics to retail, hospitality, and education. This creates a sense of continuity and confidence for both residents and investors. Second, the UAE government has built a very strong and responsive economic framework. It supports businesses, developers, and the overall financial ecosystem, ensuring liquidity and long-term market confidence. The regulatory environment is clear, and that transparency plays a major role in attracting international investors. Third, Dubai in particular continues to position itself as a global hub. We still see strong demand driven by international buyers, relocation of capital, and entrepreneurs choosing the UAE as a base due to its tax efficiency, lifestyle, and global connectivity. Another important factor is supply and demand dynamics. The market is still supported by relatively strong rental yields compared to many global cities, which keeps investors interested even during uncertain times. And finally, what I see on the ground is very important: there is no panic. Life continues as normal. People are going out, businesses are operating, and transactions are still happening. That real, on-the-ground stability is often more powerful than headlines. That’s why investor confidence remains — because the UAE has proven not just in theory, but in practice, that it can maintain stability even in a challenging regional environment.
E.R- As a leader who is managing a diverse property portfolio, particularly in high-value apartments, how are you adapting your strategies to maintain growth in today’s evolving environment?
Gulnara Shukurova- In the current environment, my strategy is focused on stability, asset quality, and long-term positioning rather than short-term reactions. First, I work primarily with investors who take a long-term view. Most of them are not panicking, and a big part of that comes from both their understanding of the Dubai market and the fact that I am personally based here with my family. For many clients, that creates an additional level of trust and reassurance. Second, we focus heavily on prime locations and strong developers. High-quality assets in established or strategic areas have shown much more resilience, with no significant correction compared to weaker segments. A large part of my clients’ portfolios is in off-plan projects with reputable developers, where construction is progressing and confidence remains stable. Third, we look at structured investment products. Some developers offer income-backed or fixed-return programs for a defined period, and based on my clients’ experience, these payments are being delivered consistently and on schedule. This creates additional confidence and helps investors maintain predictable cash flow even during uncertain times. At the same time, I see opportunities. Periods of uncertainty always create inefficiencies in the secondary market. Some sellers become more flexible, which allows us to identify strong distress deals in good locations. I actively monitor the market daily to secure these opportunities for my clients. So overall, my approach is not to exit the market, but to optimize within it — focusing on quality assets, strong developers, reliable income structures, and taking advantage of selective opportunities that appear during moments of uncertainty.
E.R- What trends are you currently observing among high-net-worth buyers, and how is their sentiment towards UAE real estate holding strong amid global and regional shifts?
Gulnara Shukurova- In the next 6–12 months, I expect the market to remain stable with selective opportunities rather than any broad correction. On the secondary market, we are already seeing more flexibility from some sellers, which creates a window for investors to secure strong distress deals — especially in good locations. For investors with a clear strategy, this is one of the best moments to enter the market, not to exit it. At the same time, the primary market remains relatively stable. Developers are not reducing headline prices but instead managing demand through flexible payment plans and targeted incentives, which reflects a more controlled and mature market compared to previous cycles. From a broader perspective, the UAE continues to demonstrate strong fundamentals — including consistent investor demand and its position as a global hub. Once the current regional tensions are resolved, I expect a strong return of confidence to the market. In my view, we could see a significant increase in demand already by October, as postponed decisions come back into the market and investors move quickly to secure opportunities. My key recommendation to investors today is simple: focus on quality, not noise. Look for strong assets and real value — especially in moments when others hesitate.
E.R- How important is the role of local investors and residents in supporting the UAE real estate sector during times when international activity may fluctuate?
Gulnara Shukurova- My advice is simple: don’t wait for perfect clarity — it doesn’t exist in any market. Right now, there are real opportunities available, both from developers and on the secondary market, including strong distress deals in good locations. These opportunities appear exactly in moments of uncertainty — and they don’t last long. If you wait until everything feels completely stable again, the market will already adjust, and many of the best entry points will be gone. We’ve seen this pattern before. In previous market cycles, the investors who entered during uncertainty are the ones who benefited the most over time. The UAE has consistently proven itself as a stable, well-managed, and investor-friendly environment, with no personal income tax and a strong global positioning. So the question is not whether to enter — but how to enter correctly: with the right asset, the right strategy, and the right timing.
E.R- In your experience, how has the UAE’s regulatory framework and leadership contributed to maintaining market stability and investor trust, even during challenging times?
Gulnara Shukurova- What truly differentiates my approach is simple — I prioritize honesty and long-term trust over short-term transactions. I have lived in the UAE for almost 23 years and have personally seen how the market grows, corrects, and recovers through different market cycles. This experience allows me to guide my clients not based on hype, but on real understanding of the market. I always tell my clients the truth — even when it’s not the easiest or most profitable option for me. There have been many situations where I could have closed a deal faster or earned a higher commission by recommending a more accessible project, but instead I advised against it because it was not the best choice for the client. In fact, there are times when I deliberately choose more complex opportunities for my clients — projects that require deeper analysis, patience, and sometimes a waiting period of 2–3 months before making the right entry. These are not quick sales, and they are not always the most convenient for me, but they often lead to stronger long-term results for my clients. For me, real estate is not a quick sale. It’s not like buying something online — it’s a major financial decision, and I fully understand how hard my clients work to earn that money. That’s why I treat every investment as if it were my own. I never pressure my clients. I guide them, give them clarity, and allow them to make informed decisions. And interestingly, some clients who chose not to follow my advice initially later came back and told me I was right — and that’s where real trust is built. So my philosophy is very clear: I am not here to sell everything. I am here to protect my clients’ interests and help them make the right decisions long-term. That’s why my clients stay with me — and that’s why they trust me
E.R- Looking ahead, what message would you like to share with potential investors who may be cautious due to regional developments, but are considering entering the UAE property market?
Gulnara Shukurova- My message is clear — don’t make decisions based on fear. Use this moment of uncertainty as an opportunity to secure a property below market value or benefit from strong payment plans offered by developers. The UAE has already proven, time and again, that it is one of the safest and most stable countries, and that remains true today. From my personal experience, I currently have clients who are entering the market for the first time right now. They see this period not as a risk, but as an opportunity — some are buying for investment, while others are purchasing for personal use. This is a very important signal: while some people hesitate, others are already taking positions. If you want to win in real estate, you need to act strategically — not emotionally — and sometimes that means moving forward while others are still waiting.
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