Joelle Raad, Associate Director of Dubai Sotheby's International Realty, has spent years watching Dubai grow from an ambitious desert city into one of the world's most sought-after real estate destinations. Now, with the firm actively expanding into Saudi Arabia, she believes the region is only just getting started.
Dubai's Two-Decade Transformation
Reflecting on Dubai's rise, Raad is direct about what has driven its success. "Over the last 20 years, Dubai has been building, marketing, learning, and achieving its goals to establish itself as an international hub and a safe haven for those aspiring to a better life," she says.
She argues that Dubai now occupies a category of its own when measured against other global cities. "Major international cities cannot compete with Dubai in terms of security, financial stability, high-quality service, and technological advances, particularly within the government sector." That combination, she says, has made the emirate one of the most progressive yet livable cities on Earth.
A Pandemic Stress Test — and a New Benchmark
Although Dubai has grown continuously, the global pandemic tested every city in the world. Dubai responded differently. Rather than retreating, it moved quickly and transparently, setting standards that other cities subsequently tried to replicate.
"Dubai is just beginning its real estate journey," Raad says. "After the pandemic crisis, Dubai set the standard and benchmark for all cities regarding the security and safety of its residents."
That confidence proved well-founded. Dubai recorded 226,000 real estate transactions in 2024, with a combined value of AED 761 billion — a 36% increase in volume year-on-year, cementing its position as a global safe haven for property investment.
Innovation and the City's Future
Looking ahead, Raad is equally optimistic about where Dubai is heading. She sees the emirate evolving into a creative and innovation-driven hub that attracts talent and businesses across a wide range of industries.
"The future looks prosperous as Dubai becomes a zone of creativity and innovation for many industries," she adds. Government initiatives including Golden Visas, 100% foreign ownership rules, and the Dubai Real Estate Strategy 2033 are reinforcing the city's appeal to international investors and high-net-worth individuals.
Saudi Sotheby's International Realty: Two Exclusive Projects
Beyond Dubai, Raad is visibly excited about the rapidly expanding Saudi Arabian market. Dubai Sotheby's International Realty has already moved decisively, opening an office in Riyadh under the name Saudi Sotheby's International Realty.
"The Saudi market is very exciting and ambitious," Raad says. "We have established an office in Riyadh as Saudi Sotheby's International Realty and are already working on two exclusive projects — the Raffles in Jeddah and the Baccarat Residence in Al Dariya."
Both projects are landmark developments. The Raffles Residences Jeddah is a 48-storey tower on the Jeddah Corniche, offering three-to-five bedroom apartments with direct Red Sea views. The Baccarat Residences in Diriyah is an exclusive collection of nine luxury branded residences developed in partnership with Diriyah Company, situated within one of Saudi Arabia's most historically significant destinations.
A Regional Real Estate Powerhouse
Raad and her colleagues at Sotheby's are clearly positioning themselves ahead of what they believe will be a generational shift in the region's property market.
"Saudi Arabia's future will inevitably become a focal point for global manpower, determination, and strength," she says.
Joelle Raad's vision for Dubai and the wider Middle East points to an era defined by transformation and ambition. Dubai has earned its global reputation as a leader in security, innovation, and high urban standards. And with Saudi Arabia accelerating at pace, Dubai Sotheby's International Realty is betting that the best is still ahead.
