BINESH BABU PANICKER CATCHES UP WITH WAIL ABUALHAMAIL, DIRECTOR OF REAL ESTATE AT ASICO.
Dubai’s property market is fast, complex, and full of opportunities. Million-dirham deals, off-plan developments, and a mix of global and local investors make it a high-stakes game. At the center of this market is Wail Abualhamail, Director of Real Estate at ASICO, who works directly with brokers, developers, and investors to make deals happen. He is the link between developers and the agents who sell their projects, helping brokers understand which inventory they can access, which developers pay reliably, and how to manage payments and commissions. In this conversation with PROPERTY TIME, Wail shares how he builds trust, creates systems for brokers, plans for cash flow, and why human judgment remains essential even as AI and technology play a bigger role in real estate.
Many new people enter real estate thinking they can start a company and succeed immediately, but some shut down within a few months. Why does that happen?
That happens because they don’t understand the business. Some people think they can start a company tomorrow and it will work, but they don’t know how brokerage works, how to manage payments, how to manage relationships. Just like currency only works if people trust the system, brokerage only works if there is a clear process everyone agrees on. You need a strategy. Know which inventory you can get, which developers pay on time, how long it takes to receive money. I always pay brokers only when money is in the company account. Being clear from day one avoids misunderstandings and helps the business last.
Some companies offer brokers immediate payouts after closing deals, sometimes within 24 hours, for a small fee. Would you do that?
I wouldn’t. It adds unnecessary risk. What if 90 days pass and the payment doesn’t come? Then the company has to cover it. Planning ahead is better than reacting. If you have one deal every month, you will get paid regularly. Each deal may take a few months to close, but once it does, it continues. That is how you create continuity.
How do you manage brokers and commissions with different developers?
You need to know who pays fast, who pays late. Some big developers pay after six months, even one year. My rule is simple. I pay brokers only when the money is in the company account. Some developers, like Emaar, pay very well. You get half the commission when the company receives payment, and the rest soon after. Others pay within a week, some six months. Being clear from day one avoids misunderstandings.
How should brokers manage their personal budgets if payments are delayed?
Treat your work like a business. Budget first for rent, mortgage, car, holidays. Anything left is for savings or investments. One deal every 30 days means you get paid every month. You have to be organized and plan.
Some brokers get upset even over one-day delays. How do you handle that?
Delays happen. I accept it, but I don’t make exceptions for every case. Bending rules creates complications and more risk. I build the system for the majority. Brokers must be organized and manage their own payables and receivables. I can guide them, but I cannot manage their personal lives.
Technology and AI are playing a bigger role in real estate. How do they fit into this system?
Technology is helpful. AI can look at data, see trends, and forecast. It can help with follow-ups and analysis. But it cannot replace human interaction. When I meet a client for a multi-million-dirham property, they first need to trust me. AI cannot negotiate, read the client, or build a relationship. Those things need a person.
Some companies are developing AI that mimics agents completely. Could that work?
No, not really. If the client thinks they are talking to a machine, you lose trust. AI can support and help in the background, but confidence and connection must come from a real person.
You mentioned AI cannot replicate human instincts. How important are emotions like fear and greed in shaping Dubai’s property market?
Very important. Greed is seeing opportunity before others. Fear is panic selling. During COVID, I sold a townhouse for 860,000 dirhams, the cheapest I ever sold. The client bought with courage. Now that townhouse is premium. The client made four to five times their investment. Market psychology is as important as numbers. You have to understand the human side.
Many buyers prefer paying cash outright. How should investors think about leverage?
Freezing all your cash in one property is not smart. Use a mortgage, invest the rest elsewhere. Rental income or returns from other assets can cover the mortgage. A good broker helps clients think beyond commissions and focus on long-term value.
There is talk about bubbles in Dubai’s market. Should buyers worry?
A bubble is when prices do not match value. Some compare Dubai to 2008, but that was a US mortgage crisis. Dubai’s beachfront and Palm Jumeirah properties are still competitive globally. Demand behind new launches is real. Prices may go up and down, but fundamentals are strong. I don’t see a crash coming.
