The luxury market is projected to experience 2 to 4 per cent growth in 2024 with regional and national variations, according to McKinsey.
Clever campaigns, being social media savvy and innovative incentives are already the standard for luxury real estate marketing in the UAE. So what can the sector expect next?
Here are the top five trends in luxury real estate marketing I believe we will be seeing in 2024:
Digital transformation
Social media has revolutionised luxury real estate marketing, allowing a broker to film a development, upload it to social media, and receive enquiries in a matter of minutes. Yet with increasing numbers of luxury developments coming onto the market, it’s increasingly difficult to get sufficient online exposure.
Luxury real estate marketing in the UAE has entered a fast-paced, digital-first era that requires more creativity than ever to cut through the noise and reach the target audience.
Many premium brands in adjacent industries are already embracing digital transformation. Louis Vuitton, Fendi, Dolce & Gabbana, Gucci and Prada have been exploring this new world, with some even accepting cryptocurrency payments.
I believe Virtual Reality holds untapped potential for luxury real estate. Similar to Chanel’s virtual fitting-room service, developed with Farfetch, we could see immersive remote viewings via VR headsets and augmented reality that allows you ‘see’ how your furniture looks in a property.
Given UAE real estate’s global client base, these could be valuable tools, offering 24/7 availability that overcomes issues with differing time zones.
Storytelling
At its core, luxury real estate remains a relationship business; as the saying goes, “people buy from people”. Podcasts are a great marketing tool, offering a direct-to-consumer platform for authentic storytelling.
This is particularly valuable in high value real estate when the clients you’re marketing to are making a big purchase and the need for trust increases with every million on the price tag. I see this trend gathering pace given the medium’s wide reach and ability to hold the listener’s attention for an extended period of time.
Promotions, incentives and collaborations
The rise of the social media influencer has popularised – and normalised – brand collaborations and I think we’ll see this approach increasingly used in luxury real estate marketing. As the market evolves, this facet of luxury property marketing will likely grow alongside it with more celebrity partnerships and brand collaborations similar to what we saw with Kevin Hart and Yas Island.
Sustainability
Global conversations about climate change are filtering down to the individual level, leading buyers to consider sustainability alongside more traditional factors. In the UAE, high profile initiatives such as COP28 and Dubai’s Green Agenda 2030 are amplifying these conversations further.
I believe sustainability will move even higher up the agenda, prompting brokers to market properties on their eco-friendly features (e.g. electric car charging capabilities and living green walls) and price sustainable properties at a premium.
Tailored experiences
Gone are the days you could open a brokerage, brand it with nothing more than your surname, and clients would come. Elevated luxury offerings in other sectors (e.g. Emirates in travel and Atlantis The Royal in hospitality), have indirectly raised the bar for real estate.
A luxury product alone is no longer enough; people want a luxury experience alongside it. Today’s clients expect more, and with competition amongst brokerages at an all time high, they can afford to shop around until they get it.
By Ainsley Duncombe, Founder of Off-Market Listing Dubai
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