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The UAE’s real estate market has reached a level of maturity that makes it less sensitive to short-term geopolitical developments than in previous cycles, according to Ajay Rajendran, Founder and Chairman, Meraki Group.
He told Zawya Projects that demand is now supported by structural drivers including population growth, long-term residency policies and sustained capital inflows. But market growth is expected to moderate in 2026 following two years of strong expansion.
“The pace of growth is likely to normalise, and buyers will continue to prioritise quality, location, and delivery credibility over speculative positioning,” he said.
Meraki Developers, the Group’s development arm, is maintaining a disciplined delivery approach amid the conflict, ensuring projects progress in line with their original plan.
“Our approach has always been anchored in controlled growth rather than expansion driven by short-term conditions,” he said.
The portfolio of projects in Dubai stands at five, the most recent launch being Nirvana Residences I, a 22-storey residential tower comprising 392 units in Me’aisem, Dubai Production City in January 2026.
Rajendran added that project continuity is supported by vertical integration across design, engineering and construction, enabling tighter control over timelines, procurement and execution quality.
“Market activity does place pressure on construction capacity. However, our model provides a level of insulation from that,” he said.
Excerpts from the interview:
What market factors led you to launch Nirvana Residences I in Dubai Production City?
The decision was shaped by how buyer expectations are evolving. There is a clear move away from purely transactional buying, toward homes that people can live in long-term. People are looking for an environment that offers comfort and a sense of serenity in how they function day to day.
Dubai Production City aligns well with that shift. It provides connectivity to key parts of the city while maintaining a quieter, more composed residential setting.
Nirvana Residences I was developed around this idea, not as a high-intensity product, but as a space, designed for people to settle into. We’ve anchored the project around the feeling of coming home, guiding both its design and its positioning.”
What is the tendering timeline for the project?
The tendering process is expected to be completed in the next 60 days.
Given our vertically integrated model, majority of the construction scope is managed in-house, allowing us to maintain a high level of control from early stages. The focus is on ensuring alignment between design intent and execution capability, so that everything we envision at the concept stage is brought forth into the construction.
This discipline becomes particularly important in projects like Nirvana, where the outcome relies on consistency and attention to detail.
When do you intend to deliver the project?
The project is progressing in line with our planned delivery framework. From the time we receive final approvals, we expect to deliver the project within 27 months.
What are the key sustainable elements of the development?
Sustainability in this project is embedded in how the space is experienced.
The inclusion of green wellness areas, such as the Nirvana Groves, is not just an amenity, it is part of creating a more balanced environment. Natural light, ventilation, and material durability have been considered from the outset.
The intention is to support a harmonious, more sustainable way of living, rather than introducing sustainability as a feature layer.
How do you intend to fund the project?
The project is funded through a combination of internal capital and structured financing.
Our approach is deliberately conservative. We ensure that projects are adequately capitalised before execution begins, which allows us to maintain continuity and avoid dependency on short-term market conditions.
Have tender prices increased, and to what extent?
There has been some upward movement in pricing across certain trades and materials.
However, these changes are not uniform. With early planning and disciplined procurement, we are confident that these can be managed, without compromising the quality or intent of the project.
Have you seen any drop in land prices or corrections?
We have not observed a broad-based correction in land prices. What we are seeing is increased selectivity. Well-located plots with strong development fundamentals continue to hold value, while less differentiated assets are taking longer to transact.
This is a natural progression in a maturing market. Pricing is becoming more reflective of actual development viability rather than purely forward expectations. From our perspective, this is a healthy shift. It encourages more considered development and reduces speculative distortion over time.
What is your outlook on Dubai’s real estate market, particularly the off-plan segment, for 2026?
The market remains active, but more selective. Off-plan continues to perform steadily, particularly for projects that offer clarity in design, delivery, and positioning. Buyers are no longer responding to volume, they are responding to quality and credibility.
This is a positive shift.
Markets tend to strengthen when decision-making becomes more deliberate. What we are seeing in 2026 is not a slowdown, but a move toward a more considered phase of growth.
Lastly, how are you addressing the supply chain disruptions arising from the conflict?
The current environment reinforces the importance of operational clarity. We are working closely with long-term partners to ensure material availability and reduce exposure to disruptions. Additionally, we are closely overseeing construction phases to avoid dependency on fragmented delivery models.
Our projects are structured conservatively, without over-leveraging or reliance on aggressive sales assumptions. These are not new measures, but principles we have consistently operated with. In periods of uncertainty, they become more visible.
(Reporting by P Deol; Editing by Anoop Menon)
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