He believes that the Dubai real estate market would continue to offer investors double-digit returns. He said that they had shifted their focus on the emirate because it would continue to see tremendous growth.
He went on to talk about the potential of Dubai, as it is attracting people from Europe, the US and Asia for trading, living and job opportunities.
Dubai’s largest private developer, Damac Properties recently rolled out its Damac Coral Reef, which is based in Dubai Maritime City.
Back in May, the real estate developer based in the UAE had launched its Morocco 1 cluster and in the previous month, it also rolled out Morocco 2 at its upcoming and third master development Lagoons.
Last week, the group also launched its second mall in the emirate. Sajwanisaid that a lot of Europeans are interested in coming to Dubai for making their home there.
This is due to the economic situation, taxes as well as the war in the European region. The Damac Chairman also believes that the Chinese investors would be instrumental in driving growth in the property market in Dubai.
The property market
China finally lifted the COVID-19 restrictions that had been in place for three years and the country is now open to foreigners and citizens are also permitted to travel abroad.
This had seen a huge demand in travel and investments have also been on the rise. The local property market has recorded unprecedented demand, particularly in the premium market segment.
According to the latest research, there has been an astounding increase of 44% in real estate transactions in the first half of 2023, as they have climbed to almost 60,000 units.
After the end of the pandemic, the property market in Dubai has continued to record an upward trend in its demand due to high confidence amongst investors.
Therefore, this has resulted in record deals being made in the property market this year.
With the property market in Dubai continuing to record strong growth, the Damacchairman believes that prices will see double-digit growth as well.
This would certainly benefit Damac investors and also the entire real estate industry. Hussain Sajwanialso believes that there will be strong growth for the UAE in the coming years.
This is due to the well-diversified economy of the United Arab Emirates, the sovereign wealth assets that are valued at more than $1 trillion, stable currency and also strong leadership.
It seems to be the case because the property market has seen massive demand this year and the same has been forecast for the next few years.
As a matter of fact, the demand is expected to surpass supply, particularly in the Dubai property market, which is likely going to push up prices and provide investors with higher returns.