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Paper eres2011_128:
From development to management the challenge of the new built asset in the Middle East

id eres2011_128
authors Guruswamy, Mohan; Brown, Gordon
year 2011
title From development to management the challenge of the new built asset in the Middle East
source 18th Annual European Real Estate Society Conference in Eindhoven, the Netherlands
summary Over the last decade, the Middle East real estate industry has gone through a huge boom followed by a precipitous dip. This paper focuses on the challenges faced and responses by middle-eastern real estate companies in strategically adapting to these changes. Externally the market conditions have changed drastically. As the market has moved from a demand exceeding supply condition to the reverse, several shifts have occurred: 1) from investor driven to end-user driven activity; 2) from speculative buying to purchasing completed property; 3) from an off-plan sales model to a long term model with secure cash flows; 4) from high-end housing and premium retail/commercial property to middle income/affordable housing and middle market retail/commercial property. The resulting internal shift in the emphasis within these organizations is from pure development to asset management. This involves a change in the way construction projects are being completed along with providing quality customer services. As a result, the need to shift the strategy and operating models, as well as the mind-set of these organizations has become apparent. This paper analyses how organizations are coping up with these challenges, highlights weaknesses in the current strategic actions, and proposes a more robust approach to overcome the challenges with a strong rationale and practical case studies to support the arguments.
keywords middle east strategy real estate development asset management adaptation
series ERES:conference
email gmohan@aldar.com
content file.pptx (1,892,730 bytes)
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ratings
session B5: International Markets
last changed 2011/06/23 16:27
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