Fit-out industry expects booming business in 2020
The UAE’s fit-out industry is having a busy time with increasing options for
affordable housing, which is inspiring residents to be homeowners.
Coupled with that the Expo 2020 Dubai preparations are giving local and
international businesses an impetus to invest in their UAE operations.
The sector players are very optimistic that business is in for a busy period
in 2020 and beyond. New reforms in long-term visas are enabling residents
to plan and build long-term stay in the region which has given the food and
beverage sector a constant need to innovate both in terms of business and
boosting customer experiences by refurbishing properties. It has been
observed that for many players staying relevant and attractive on social
media for F&B, retail and hospitality outlets seems key to their online
business.
On industry trends, Mihir Sanganee, design director, Designsmith, said
sectors like F&B, hospitality, retail and office still see a steady growth in
demand.
“We can see an increase in demand for home design and renovations with
the rise in number of home-owners. Free-hold properties also contribute to
that trend. There is a big push for being sustainable and refurbishing
existing spaces instead of constructing new ones,” he said.
He said the F&B sector is currently driven by the unique concepts and
consumers are more conscious about materials and products used in their
homes and offices – ethically-sourced, natural, recycled and locally-sourced
product are in demand.
“This year we can see design and build studios will drive larger growth with
higher and faster deliverables with a specialist approach from a one stop
shop service.”
Established in 2012 to cater to the interior design and fit-out industry,
Design Infinity opines that UAE interior fit-out market is one of the GCC’s
fastest growing industries.
Geetha Nayak, managing partner of Design Infinity, said the muchanticipated
growth in the market with regards to 2020 will help all sectors
like commercial, hospitality, hospital, retail and residential projects to grow.
“Dubai and Abu Dhabi are experiencing a robust growth in the construction
and real estate sector, due to which the interior fit-out UAE market will also
be stirred with huge projects and will see an upward trend in the business
overall. The main driver of this sector’s growth is the increase in
construction activities, owing to the Expo 2020, in the region. Construction
and real estate sector are the real influencers of growth in the interior and
fit-out market.”
A Faithful Gould’s report forecasts the UAE fit-out market to reach $973.4
million (Dh3.4 billion) by 2022. At the same time, the renovations and
refurbishment market in UAE is also on the rise. Experts estimate
renovations can add between 10-15 per cent to the selling price, something
that is promoting a lot of owners to remodel and upgrade their older
properties.
Ahid Shaikh, founder of BnB, who is also the chairman of Déjà vu Real
Estate, said there are two clear segments where “we see a need gap”.
“One is homeowners, who are seeking a classy and cosmopolitan look for
their new homes, or looking to upgrade existing properties to increase
valuation and ensure a steady return on investment. And the other is
Dubai’s growing residential & commercial projects market.”
Recently, Bianca & Bianco, a new concept of affordable luxury porcelain
slabs, tiles, and exclusive bath & kitchens solutions, launched its first
showroom in Dubai on Sheikh Zayed Road catering to the needs of large
commercial and residential real estate projects looking for competitively
priced international quality fittings.
“Real estate is one of the biggest investments in your life. Property needs
look beautiful and should be upgraded regularly for it to retain and enhance
its value. But while you want luxurious finishes and high quality, you also
don’t want to break the bank! Today everyone, whether a project manager
or an individual, wants opulence that is cost-effective and delivers great
ROI,” he adds.
Abeesh Koshy, operations director, Dubai creative group, said the UAE’s
fit-out industry today demands a constant innovation both in residential and
commercial sector compelling each player to bring in a business strategy
which is competitive and disruptive due to higher consumer demand. “The
designs are no more contemporary but futuristic as consumers are largely
influenced by Generation Z,” he said.
This is the very good step for the customers said Shaikhani group, This
step will leads the customers to take a quick decision where they are in
need to view the apartment or villa, customers are always looking
something to save their time, because travelling is not easy in today’s
world. People do avoid travelling unnecessary, travelling will cost a lot plus
it will be headache.
This new step will help real estate sector to flourish in the market very
easily, because you have a trust on something you don’t bother that much
what is going on. Customers open the app and go for the checkout or take
their decision on the product shown in the app. Buying online is a normal
routine for nearly 90% customers they prefer to order online, where they
don’t have to hassle their life.