With new developments being announced on an almost daily basis, FutureBrand, a leading global brand consultancy, is launching their annual Real Estate Study, to coincide with Cityscape 2006. Now in its second year, the report utilises data from Asteco and partners with Gulf Business, who will reproduce it in full as part of their December issue. FutureBrand have extended the report this year to include additional Gulf markets, as development continues to boom in the region.
Whilst the Real Estate Study 2006 provides a unique point of view for property developers on the role of branding, it also looking at the year in review, emerging trends, neighbourhoods and pricing with a particular focus on the customer - who they are, what they are buying and how developers can better position their products and brands for the end-user. Current figures show that $150 billion is being spent on development in the GCC at the present time, with new projects attracting international interest. The gradual emergence of the region’s freehold regulations have buoyed the market yet further encouraging extraordinary levels of investment.
Ray Chan, Managing Partner ME at FutureBrand, commented, “The last 12 months have seen a continued expansion in property development across the GCC which has encouraged us to extend the scope of this year’s study beyond
Dubai and launch the first comprehensive examination of the regional market from a branding and marketing perspective. Developers have still not fully appreciated the power of brands despite the growth in the market and brand promise is not always matched by brand performance. We work with clients to address this issue as extensive experience tells us that in a crowded market place, a great brand is an asset without price.”
One of the study highlights this year is an in-depth analysis of the customer experience, examining sales approach and key customer channels. Although the overall average performance has slightly improved, year on year (55% to 61%), it is clear that there is still considerable scope for improvement. Impressive sales centres cannot hide the lack of customer service and poor quality collateral.
Ray Chan, Managing Partner of FutureBrand ME, added, “Customer experience is integral to brand image and ultimately sales success. Regular training, increased professionalism and continuity of service levels should be taken seriously – this is the feedback from the customer.”
