Beyond off-plan: RD Dubai’s Lukas Kerrebijn on the next phase of the emirate’s real estate sector
For Kerrebijn, the strategic pivot is clear: income-producing assets now demand greater attention than speculative off-plan positioning
05 May, 2026
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Global property markets tend to reveal their structural strength only after momentum subsides. In Dubai, a cycle defined by rapid price acceleration, compressed selling timelines, and retail-driven enthusiasm is giving way to something more deliberate. The question facing investors in 2026 is no longer how quickly values can rise, but how sustainably returns can compound.
That shift in tone is subtle but significant. Yield durability is beginning to outweigh launch velocity.
Capital structure is being scrutinised more carefully than payment-plan marketing. And asset selection is moving from speculative positioning toward income-backed underwriting. Few observers articulate that transition more directly than Lukas Kerrebijn, co-founder of RD Dubai.
For Kerrebijn, the strategic pivot is clear: income-producing assets now demand greater attention than speculative off-plan positioning.
“Off-plan opportunities still exist,” he says. “But it has become far more difficult to identify the right projects. Execution risk, pricing, payment plans, all of it requires much deeper analysis.”
Completed, income-generating assets offer a different equation. Rental income begins immediately. Valuation is grounded in performance rather than projection. While these assets require more upfront capital, they provide clearer downside protection and stronger underwriting transparency.
That shift also reflects changing investor behaviour. “Family offices and business owners are increasing their exposure,” Kerrebijn explains. “They’re looking at long-term allocation. At the same time, short-term flippers will find it more challenging.”
Factors that reinforce the stability of Dubai’s real estate sector
The structural dynamics of the UAE market reinforce that stability. Financing remains conservative relative to Western markets, typically around 50 per cent loan-to-value. A significant proportion of transactions is cash-based, limiting systemic leverage risk.
Kerrebijn also highlights areas where investors underestimate exposure. “Exit liquidity in non-core locations can be overestimated. Service charges can eat into yield more than people expect. And relying purely on developer branding without understanding fundamentals is risky.”
RD Dubai’s own evolution mirrors this more disciplined approach. Originally focused on off-plan advisory, the firm increasingly positions itself as a strategic partner. It takes selective stakes in projects, aligns financially, and concentrates on negotiated pricing and asset quality rather than transaction volume.
“There are many projects we could sell,” Kerrebijn says. “But we prefer to wait for the right ones.”
Redevelopment and value-add repositioning are also expanding areas of focus. These projects are structured for investors seeking return generation rather than direct long-term ownership under their own name.
According to Kerrebijn, such strategies may become increasingly relevant as the market matures and pricing discipline tightens.
Long term, he remains constructive. “Real estate is a long-term asset,” he says. “Dubai will go through cycles. But if you buy quality and hold with conviction, it’s difficult to go wrong in the UAE.”
In a market defined by momentum only months ago, that message sounds measured. Perhaps deliberately so.
As Dubai enters its next phase, discipline may prove to be the most valuable asset of all.
