Barcelona-born Oriol Font, founder and CEO of Luxhabitat, moved to Dubai in 2006, and in 2009, founded brokerage Luxhabitat amid the global economic recession. Luxhabitat’s focus is on exclusive properties above AED 5 million (US$1.4 million).
In 2013, he founded the interior design component of the company, which he will expand even further into product development.
We caught up with Mr. Font to talk about the Dubai market and beyond.
Mansion Global: Describe your dream property.
Oriol Font: My personal preference is a property in front of the sea. And it would be well designed, with a good connection between the indoor and outdoor space, and on a single floor ideally.
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MG: What does luxury mean to you?
OF: In general, luxury for me means time. Having time to do what you want to do. That’s the most important luxury, to me, in today’s world. When it comes to real estate, in Dubai specifically, luxury is about the largest, the biggest and the most expensive. That’s a trend that we’ve had in the past, but I think that’s changing toward understated luxury. It’s becoming more about the quality of the materials, how the property has been designed, the finishings and the views.
MG: What area do you think is the next hub for luxury properties?
OF: In the surrounding area, there’s nothing like Dubai. One of the key selling points of Dubai is the fact that you don’t have anything else comparable in thousands of kilometers. The typical high-end residential areas in Dubai have always been Emirates Hills, Palm Jumeirah and Al Barari—those have been the prominent areas for villas. And for luxury apartments and penthouses, Dubai Marina and Dubai Downtown have always led the market, although the average size of the properties in Marina is much larger than in downtown. Dubai is an emerging market, but for high-net individuals, living in an established neighborhood is important. As a growing city, there are a few areas that are going up: Dubai Hills from Emaar is the best example for villas and Citywalk for apartments.
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MG: What’s the biggest surprise in the luxury real estate market now?
OF: Our segment of the real estate market is becoming more stable. The market when we started was driven by investors, and the majority of homes were mass-market products, but in the last few years the market has shifted toward end-users. Obviously, investors are still important. The number of high net worth individuals is growing significantly in Dubai. Developers are building much higher quality.
MG: Where are the best luxury homes in the world and why?
OF: It all depends on personal preferences in terms of location. Based on quality, I would choose New York City because of the lifestyle it offers and because of the quality of the new developments I’ve been able to see there. When it comes to seafront, the Balearic Islands, in Spain, have beautiful homes.
MG: What’s your favorite part of your home?
OF: My living room, because it’s attached to the kitchen and dining room. It’s the social spot.
MG: What best describes the theme to your home and why?
OF: Contemporary and open.
MG: What’s the most valuable amenity to have in a home right now?
OF: A house or villa that’s sustainable. One that’s environmentally conscious is important but it also affects the long-term impact on your budget. It increases the satisfaction of the family while living in the home.
MG: What’s your best piece of real estate advice?
OF: Be extremely careful. Invest time in finding out where you’re investing. Real estate can be quite complex and risky, depending on the market and the cycle. Always think about the long-term; it makes for less risky investments.
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MG: What’s going on in the news that will have the biggest impact on the luxury real estate market?
OF: The real estate market in Dubai has been affected by many things. It’s in a region with political issues. There are a lot of conflicts, and that always has an impact on the evolution of our market. Sometimes that means people move from nearby countries here. But we’re also affected by the global market, especially in Russia. Russian buyers have dried out. There’s a lot of questions about what will happen in the U.S. People in the Middle East have always been keen on investing in the U.S. and U.K. We’ll see what happens.
MG: What is the best area now for investing in luxury properties?
OF: I would say Dubai Hills, because it’s not as established as the other four areas, but there’s a lot of potential. It’s very close to Burj Khalifa.
MG: If you had a choice of living in a new development or a prime resale property, which would you choose and why?
OF: It all depends on where. In Dubai, I would choose a new development, but if I was to buy in Europe, I wouldn’t mind developing in a resale property.If the building has elements from the past that can be restored, that’s attractive to me. But in general I’m more drawn toward new developments. That’s because you can live in a property that’s been designed according to today’s requirements and needs. You can have that sustainability, too.