As we embark on a new year, Executive Chairman & Founder of Sama Investment Group, Bilal Ahmed, shares his views on the property and development markets, opportunities and expectations for 2024, and what the future holds for the business as it on embarks on an exciting period of growth.
How would you describe the the property and development markets going into 2024?
Historically the UK property market has been extremely dynamic and variable, influenced by a wide range of factors such as changing economic conditions, government policies and global market trends. This has continued to be the case over the last 12 months.
Residential property prices have varied from region to region, and development activity has been influenced by demand and regulatory changes, interest rates, and a rise in construction costs.
As a result of this irregularity, it makes the delivery of developments across the UK more challenging. However, what is clear to see is that high quality and sustainable developments that are effectively managed remain successful. At Sama Investment Group this is the case, with our businesses striving to maintain these high standards and deliver on our pipeline.
What trends or changes do you expect for the sector in 2024?
Over the past few years, we have seen a growing focus on sustainability, and this will continue to be critical in 2024.
The property industry must do its part to meet obligations and climate targets. Whether it be internationally, nationally, or on a local level where many councils have declared climate emergencies and have clear targets for the future. It is vital that the sector prioritise this in planning, construction, and delivery.
To help achieve our aims new technologies will need to be embraced as part of decision making. We are seeing technologies being integrated in construction and as more emerge in the coming years the property industry will need to embrace and incorporate these tools.
This may also include integrating development with new transport technologies. This will include electric vehicles, but also more forward-thinking technologies such as drones for logistics and deliveries.
Finally, changing preferences will continue to affect property design and amenities. For example, we are already seeing the early introduction of artificial intelligence. This is being utilised in the way that buildings are designed, managed, and operated, running the heating and cooling systems based on real time usage.
Not only does this enhance a resident’s experience at home, digitally aligned with their own personal preferences and needs, but it can support sustainability targets.
What is your vision for the future of Sama Investment Group?
2024 is an exciting year for Sama Investment Group. We currently have a pipeline of circa 6000 PBSA beds and 800 BTR/BTS which we are looking forward to driving forward. Meanwhile, we are also aiming to extend our focus areas, moving more into single family homes to address the affordable housing sector requirements in the West Midlands.
What opportunities do you currently see for the UK and its regions?
Across the UK there are many exciting opportunities to unlock. At Sama Investment Group we are focused on breathing new life into brownfield real estate across the broad expanse of the UK, including Birmingham, Coventry, Manchester, Liverpool, Leeds, Leicester, Newcastle, Sheffield, and Southampton.
With levelling-up a key priority for the UK government, opportunities in the property market will continue to arise as urban regeneration projects, infrastructure development and changes in housing demands emerge.
It is important that these opportunities in underserved markets or areas with potential for growth can be recognised and seized, working with local partners to prioritise growth.
What would you like to see more of in the development sector?
It would great to see a sustainable and inclusive approach to development embraced further. We should all be pushing this across the sector. Efforts to drive environmentally friendly construction practices, affordable housing solutions, and infrastructure development that creates widespread benefits for communities and a brighter sustainable future for all should be a priority.
To help achieve this collaboration private and public sector partnerships will be important. Most local authorities are now recognising the benefits of working in partnership with the private sector to deliver major regeneration.
Many local authorities are increasingly keen to showcase their opportunities nationally and internationally and are developing robust frameworks and masterplans to encourage inward investment. For example, private-public partnership will help address housing shortages whilst also promoting innovative long-term visions in areas such as Birmingham.
