Rico Picenoni, Head of Global Residential Development Consultancy at Savills UK

 

Could you please introduce yourself? 

I am Rico Picenoni, Head of Global Residential Development Consultancy, Savills. Within our division at Savills, we support developers and brands across a multitude of
services that specifically cater to branded residences. This includes market research, highest-and-best-use feasibility studies, operational advisory, contract negotiations and more.

What excites you the most about the current global real estate market?

What excites us the most about the real estate market insofar as branded residences are concerned, is the continued growth of the sector and its trajectory over the next 15 years.

How would you describe the current state of the UAE real estate market?

For branded residences, an asset class within the real estate market, the Middle East is the most rapidly developing region globally with growth forecast of roughly 240%. Half of that growth is in the UAE, which furthermore ranks 2nd as the most active country for branded residences, 2nd only to the United States.

What are the key trends shaping the industry in 2025? 

We continue to observe trends in sustainability, design & technology, as well as health & wellness.

Which real estate sectors are seeing the most growth?

For branded residences in the UAE, 70% remains hotel branded and of that more than 90% is within the luxury and upper-upscale segments.

At an expert from Savills, what are the biggest challenges Savills is facing with real estate developers and investors today?

With our development clients we carefully guide stakeholders and this is a process that requires us to be closely involved.. as long as our clients follow our guidance then there are limited challenges.

What advice would you give to investors looking to enter the UAE/UK real estate market?

For developer-investors (i.e. non-individuals) the best advice would be to engage the right advisors to ensure developments incorporate market-driven best practices.

What should we watch for in the next 12 months in the luxury property sector?

We expect to see more iconic developments announced, and record-breaking prices across global gateway cities with eight and sometimes nine-digit sales prices.

 

To know more about Savills, visit www.savills.com