From property selection and short-term rental management to capital advisory services, a growing Dubai-based group aims to support investors throughout every stage of the process. Giorgio Torelli discusses the future of the Emirates as the prolonged regional conflict continues to test markets and investor confidence.
DUBAI – When a war continues for months, its consequences are no longer confined to reports from the front line. Families reconsider their plans, investors take longer to make decisions, attitudes towards risk change and even the meaning of the word “security” begins to evolve.
Against this backdrop, Dubai is facing one of the most delicate tests in its recent history: maintaining its position as an international destination for capital, businesses and new residents while regional instability encourages investors to act more cautiously.
The city has not come to a standstill, but the market has become more selective. According to Dubai Land Department figures reported by the local press, real estate transactions reached AED 252 billion in the first quarter of 2026, representing a 31% year-on-year increase.
At the same time, CBRE’s analysis of the second quarter points to more moderate residential demand, slower transaction activity and greater pressure from new supply. Dubai is therefore neither a frozen market nor one experiencing effortless and automatic growth. It continues to attract international capital, but investors are taking longer to decide, asking more questions and looking for credible strategies.
It is within this environment that Giorgio Torelli presents the model built around Visionary Asset Capital, Luminova Real Estate and its Holiday Homes operations: businesses with different functions that are intended to work together.
The objective is to support clients from the initial assessment of their capital and the selection of a suitable property through to its management and long-term enhancement. Torelli describes this as more than a real estate model. In his view, it is an asset-focused approach.
Giorgio Torelli, the regional conflict is continuing. What changes are you seeing in investor behaviour?
“The first thing we have noticed is that people are taking longer to make decisions. Investors have not necessarily given up on Dubai, but they want to understand the risks, the liquidity of a property and its ability to generate income even under less favourable conditions.”
“In the past, many clients mainly asked which project could appreciate the fastest. Today, they also want to know which property would be easier to rent, manage or resell if the market were to slow down.”
According to Torelli, the conflict has brought an essential principle back into focus: investors should not purchase a promise of future appreciation alone.
“They are buying a real asset. That asset must have a clear purpose, genuine potential demand and a realistic management strategy.”
Can Dubai still be considered a safe haven?
“The expression ‘safe haven’ should not be used as an absolute slogan. No market is completely immune to a geopolitical crisis, particularly when the conflict affects the same region.”
“Dubai, however, continues to benefit from strong infrastructure, an efficient public administration, substantial liquidity, international services and a remarkable ability to attract companies and professionals. The point is not to claim that nothing can happen. The real question is how effectively the system can respond.”
The Emirates have repeatedly demonstrated their ability to make decisions quickly. Torelli nevertheless believes that serious market operators must now be able to discuss risks as openly as they discuss opportunities.
How does the model connecting Visionary Asset Capital, Luminova Real Estate and Holiday Homes work?
“The idea comes from a problem encountered by many international investors when they arrive in Dubai: services are often fragmented.”
“A client will normally speak to one adviser about planning, a broker about the purchase and another company about managing the property. These professionals may have different information and objectives. The client can end up having to start again every time.”
The group’s model aims to connect the various stages. Visionary Asset Capital focuses on strategy and the overall structure of the investment. Luminova Real Estate handles property sourcing and brokerage. The Holiday Homes division manages short-term rentals when that approach is genuinely suitable for the property and the owner’s objectives.
What is the practical benefit for the client?
“The benefit is having one consistent view of the entire operation. Before suggesting a property, we need to understand the person in front of us: how much capital they want to invest, how long they intend to hold the property, what return they expect and how much risk they are prepared to accept.”
Whether the client intends to use the property personally is also an important consideration.
“A home purchased for personal use during part of the year requires a different strategy from a unit intended exclusively to generate income. Not every property is suitable for short-term rentals. The location, building regulations, service charges, competition and seasonality can completely change the outcome.”
Does the Holiday Homes sector still offer attractive opportunities?
“Yes, but it has become a highly professional industry. It is no longer enough to furnish an apartment, publish a few photographs and wait for bookings to arrive.”
Successful management requires dynamic pricing, guest support, maintenance, cleaning, cost control and a thorough understanding of the applicable regulations.
“In certain premium locations, well-managed short-term rentals can generate better results than conventional annual leases. However, investors need to examine the net return, not simply the gross revenue.”
Platform commissions, utility bills, maintenance, vacant periods and management costs can all have a significant impact on the final return.
What types of properties are investors currently looking for?
“There is considerable interest in properties supported by genuine demand, developed by reliable companies, offered with sustainable payment plans and located in well-connected areas.”
More cautious investors often prefer completed properties or units approaching handover, as these make it possible to assess the quality and income potential immediately. Others remain interested in off-plan opportunities but are applying stricter criteria than in the past.
“Dubai should not be treated as one single market. Ultra-luxury real estate follows completely different dynamics from the mid-market segment. Downtown, Palm Jumeirah, Dubai Marina, Business Bay and the new residential communities also respond to different types of demand.”
Can the war also create buying opportunities?
“It can create interesting negotiating windows, but it would be wrong to describe every price reduction as an opportunity. A weak property does not automatically become a good investment simply because it is cheaper.”
During uncertain periods, Torelli believes that the level of analysis should increase.
“A genuine opportunity arises when a strong asset is offered on better terms because of a seller’s temporary circumstances or a slowdown in demand. Before making a decision, however, investors need to check the documentation, costs, developer’s reputation, construction progress and realistic prospects for the area.”
What is the most underestimated risk in the market today?
“Confusing marketing with advisory services. Dubai is an extremely competitive market and is often promoted through spectacular images and promises of high returns.”
Investors should instead request figures, documentation and realistic scenarios. They should know who is legally authorised to conduct the transaction, which account will receive the payment and what the complete costs of the operation will be.
“Transparency becomes even more important during a delicate geopolitical period. Trust is not built by pretending that risk does not exist. It is built by showing that you can identify and manage it.”
What are the group’s objectives for the coming months?
“We want to consolidate a model capable of supporting investors from Italy, Spain and other international markets.”
For Torelli, expansion does not simply mean increasing the number of clients or transactions.
“It means building proper procedures, selecting reliable partners, improving property management and continuing to support the client after the purchase.”
Luminova Real Estate provides access to the property market, while Holiday Homes handles the operational management stage. Visionary Asset Capital broadens the perspective towards overall asset strategy.
“These activities complement one another, but each must maintain clearly defined expertise, responsibilities and authorisations.”
What advice would you give an Italian investor today?
“People should not make decisions out of fear, but they should not be driven by excitement either. My advice is to visit Dubai, compare different projects, verify the licences of the professionals involved and establish a clear objective before choosing a property.”
“A sound investment should still be able to perform when conditions are not perfect.”
Dubai’s challenge over the coming months will be to demonstrate that its ability to attract capital does not depend exclusively on a narrative of absolute security.
The prolonged conflict has made investors more cautious and has left less room for simplistic promises. At the same time, the data continues to show an active market supported by infrastructure, international population growth and the financial capacity of the Emirates.
For operators such as Giorgio Torelli, this period could represent a decisive transition: away from a market primarily driven by sales and towards an industry in which analysis, management and long-term client support become increasingly important.
The real story, therefore, is not simply the expansion of a business group. It is the attempt to build an integrated platform in Dubai capable of supporting the complete investment cycle at a time when every project’s strength is being tested by the most difficult factor of all: uncertainty.
Background sources: CBRE UAE Real Estate Market Review Q2 2026; Khaleej Times – Dubai property market during the regional crisis; Dubai Land Department – official register of licensed real estate brokers.