Adilet Chynystanov, a Kyrgyzstani citizen, is one of the many success stories to emerge from the Dubai property industry, riding on the wave of a market boom.
After graduating in business administration from his home country, he moved to Dubai in 2012 to build a better life. He worked in travel retail for eight years, before switching and working his way up to become an associate director at a Dubai-based real estate agency, where he manages a team and handles property sales for top-tier developers such as Emaar, Damac and Modon.
The 36 year old rents an apartment in Business Bay, with his wife and daughter, six. But he owns three properties in the UAE and is aiming for a bigger portfolio that generates considerable passive income.
What was your first job and salary?
I joined as a sales assistant at Dubai Duty Free and earned a monthly salary of Dh3,000 ($815) in 2012, right after I graduated from university in Kyrgyzstan.
I couldn't speak English but I wanted to work for a big billion-dollar company, interact with people in English and build my career. That’s how I grew from sales assistant to adviser and then supervisor. I worked with Dubai Duty Free for eight years.
Tell us about your current role. What is your salary now?
I wanted to shift my career and was inspired to work in real estate as I wanted to seize opportunities. So, I joined my current agency, a real estate broker, as an intern and closed my first deal in the first month. I was hired in 2021. You need savings to sustain yourself until you strike a deal. My wife was working and supported running our family while I built my real estate career.
I started with rentals, where I earned Dh2,000 per transaction, then moved to the resale market with a focus on Downtown Dubai, was promoted to senior off-plan consultant, sales manager, and am now an associate sales director, managing a team and working in developer sales. I earned Dh200,000 per month last year on average, but top real estate agents make much more. The sky is the limit to earning in real estate.
Working in travel retail taught me to interact with people, but real estate involves million-dollar sales. It requires different skills. The golden rule in real estate is to make sure your communication is clear. I still work on my communication skills, learn about the market, new launches and try to improve my soft skills.
What are your tips for someone who wishes to become an estate agent?
Start humble and with rentals. Don't take up the job only for the money, but rather because you understand this business and want to help people. Be a specialist in one community for rentals first. Keep building your client database, work on your communication and selling skills, hone your product knowledge, understand the market and then move to developer sales. Come for the long haul. The mindset to make a quick buck will not take you anywhere.
Do you manage to save and invest?
I don’t believe in saving much as inflation erodes the value of your money. Instead, I invest in UAE properties. I bought a two-bedroom apartment in Jumeirah Village Circle in 2023 (my first property in the UAE), an under-construction townhouse in Damac Lagoons and an off-plan villa in Abu Dhabi’s Al Naseem community by Modon. I also have investments in Bishkek [capital of Kyrgyzstan]. We don’t just sell real estate, we also invest in it ourselves.
You must invest in what you understand. Real estate is the simplest form of investment compared to stocks and cryptocurrencies. If I don't understand an asset class, I don't invest in it.
Do you have any debt?
No. I had a bad experience with credit cards earlier. So, I avoid it now. Also, being a Muslim, we are asked to stay away from debt. The two off-plan properties are on a payment plan, so I haven’t taken out a mortgage.
Growing up, were you taught how to handle your finances?
My mother handled household investments. She would buy land and build houses. She knows to spot the right areas to buy property and all her investments are long-term. She never buys property to flip, but mostly to build generational wealth. She has never sold any properties she purchased. She sells them for a profit only when the money is needed to reinvest elsewhere. My parents don’t depend on me for money, because their real estate investments back home generate rental income and they live comfortably.
This taught me to buy and hold property, not flip it. I always have a long-term outlook towards investing in property.
What are your major monthly expenses?
My family is very conservative when it comes to spending. My wife and I track our expenses monthly and know how much we spend to manage the household and buy groceries, among other things. However, the feeling of being able to afford everything is great. We don't stop ourselves from buying luxuries or travelling to expensive places. We spend our money either on good experiences or buying others’ time, for example, by hiring maids, nannies and drivers.
How do you budget your income every month?
I used to budget earlier but am more relaxed about managing finances now. Being a resident of Dubai for the past 15 years has its perks, you know the best restaurants, where to get the best haircut, or buy groceries, for instance. Also, we try to keep our lifestyle as simple as possible. We avoid going to ridiculously expensive places, but rather go for experiences like staycations.
Have you started saving for retirement?
I don’t believe in saving for retirement, instead I want to own as many passive income-generating assets as possible, so I don't have to worry about covering future expenses, like my daughter’s tuition fees until she graduates. She can decide to sell the property to fund her education or start a business.
What do you spend your disposable income on?
I donate to charity twice a year and also send money home if my mother needs it for investments. But most of my money goes for upskilling. For example, I spend on marketing for social media content creation as part of my work.
Do you worry about money?
I was born in the Soviet Union. So, I understand scarcity and grew up in survival mode. So, of course, I worry about money, like everyone else does.
What are your financial goals?
My long-term goal is to own a property portfolio in Dubai worth Dh20 million to Dh30 million, which generates passive income and is mortgage-free. I don’t believe in overleveraging as it exposes you to risk.
What is your idea of financial freedom?
Having your passive income cover your luxury lifestyle needs. The income from my JVC property already covers my child’s school fees and my current house rent in Business Bay.
What are your best money-saving hacks to offset inflation?
The best hack against inflation is to invest in real estate. For example, during Covid, when all businesses were shut, only rental income was bringing in money. Even if the built property ages, the land will appreciate in value.
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