Why Investors Are Now Far More Analytical and Risk-Aware: Insights from Chestertons’ CEO

John Stevens, Chief Executive Officer of Chestertons MENA, has been featured in the April 2026 edition of Business Today Middle East, one of the region’s leading business publications, in an in-depth interview on the future of real estate investment across the MENA region.

The feature, published under the Real Estate Investment section, explores the structural shifts reshaping how institutional and high-net-worth investors evaluate real estate opportunities today, with a particular focus on the UAE and Saudi Arabia markets.

Speaking to Business Today, John shared his perspective on how investor behaviour has evolved markedly from previous market cycles.

Read the full interview below to his experience-led insights!

What are the most important structural shifts you are observing in how investors evaluate real estate opportunities in the MENA region today compared to previous market cycles? 

Investor behaviour today is markedly more analytical and risk-aware than in earlier cycles. There is far less reliance on headline yields or market momentum, and a much stronger focus on what actually underpins performance over time.

In the UAE, where longer data histories and clearer regulatory frameworks are in place, investors are applying more rigorous underwriting standards, a shift that is now starting to be reflected more widely across the region. Investors are now looking closely at asset quality, income durability, tenant covenant strength, and lease structures, alongside a far deeper assessment of governance, regulatory clarity, capital controls, and exit visibility. There is also a growing expectation that real estate should be managed as an operating business, not simply traded as an asset. Environmental and sustainability considerations are increasingly embedded into decision-making, particularly among institutional capital, and are now viewed as drivers of resilience and value rather than compliance obligations.

Overall, the market has become more disciplined. Capital is still available, but it is more patient, more selective, and far more focused on execution risk and downside protection than in the past. This reflects a broader institutionalisation of the market, where investment committees and capital partners are applying global benchmarks to regional opportunities.

Chestertons is emphasising a more integrated, data-driven advisory approach. How is data changing the way real estate decisions are made at the institutional and high-net-worth level?

Data is now central to how sophisticated investors approach real estate. Decisions are no longer driven primarily by sentiment or relationships, but by real-time intelligence, scenario analysis, and portfolio-level performance assessment.

In the UAE, increased market transparency and data availability have already transformed how institutional investors assess risk and capital allocation. In Saudi Arabia, improving data quality is starting to drive a similar shift. At both the institutional and high-net-worth level, investors are increasingly using data to understand risk, stress-test assumptions, and compare opportunities across markets and asset classes. This allows for much more precise capital allocation and, importantly, better downside management.

At Chestertons, this has reinforced the move toward a fully integrated advisory model. By aligning research, valuation, and transactional insight, we provide a “single source of truth” across the investment lifecycle. Data does not replace experience or judgment, but it significantly enhances transparency, reduces uncertainty, and supports more informed decision-making. Increasingly, it is also enabling clients to move faster with greater conviction, which is critical in competitive markets.

Where do you see the biggest gaps today between investor expectations and the actual execution or transparency within regional real estate markets?

Despite the progress made across the region, there are still areas where expectations and reality do not always align. This is most evident around data consistency, reporting standards, and transparency at both the asset and developer level, particularly in emerging or rapidly evolving segments.

While the UAE has made meaningful progress in institutionalising governance and reporting standards, execution risk remains a consideration across the region, especially on large-scale or complex developments where delivery timelines, cost control, and operational readiness can materially impact IRR. In some cases, there is still a disconnect between projected returns and the management intensity, governance, and operational discipline required to deliver them.

As global capital becomes more active in the region, expectations are increasingly shaped by mature international markets. Closing these gaps will be critical to sustaining long-term investor confidence and maintaining momentum.

As markets become more competitive, what differentiates a real estate advisory firm in delivering long-term value beyond traditional brokerage services?

In a more competitive environment, differentiation comes from depth rather than breadth. At Chestertons, our move toward a fully integrated advisory model reflects precisely this — combining research, valuation, and transactional capability to serve clients across the full investment lifecycle, not just at the point of transaction.

The full interview was published in the April 2026 edition of Business Today Middle East. Check it out here.