Credit By: ET Reality
Hussain Sajwani, the visionary founder and chairman of Damac Properties, holds an optimistic outlook for Dubai’s real estate sector. His confidence stems from the belief that this dynamic market will continue to provide substantial double-digit returns to investors.
Dubai’s Tremendous Growth Potential
In an exclusive interview with Khaleej Times, Sajwani emphasized the significance of Dubai as a thriving real estate hub. He firmly believes that the city’s growth trajectory remains robust, driven by various factors. People from across the globe, including the US, Asia, and Europe, are increasingly drawn to Dubai, whether it’s for job opportunities, residency, or trade.
Damac Properties: A Major Player
Under Sajwani’s leadership, Damac Properties stands as the largest private developer in Dubai. The company recently unveiled Damac Coral Reef in Dubai Maritime City. Following the successful launch of its Morocco 1 cluster in May, the real estate developer ventured into Morocco 2 last month within its upcoming master development, Lagoons.
Attracting European Residents
Dubai attracts Europeans seeking a new home due to its favorable taxation policies, economic stability, and regional security. Sajwani emphasized this trend as Damac launched its second mall in Dubai.
Chinese Investors Boosting Demand
Sajwani places a strategic bet on Chinese investors expected to contribute significantly to Dubai’s property market. The reopening of China to foreigners and the freedom for Chinese citizens to travel abroad after nearly three years of COVID-19 restrictions have sparked substantial demand for travel and investments.
Record Demand Post-Pandemic
Dubai’s local property market has experienced unprecedented demand following the pandemic, especially in the premium segment. Savills’ research reveals a staggering 44% surge in real estate transactions in the first half of 2023, totaling nearly 60,000 units. High investor confidence has driven this surge, resulting in record-breaking deals in the property market this year.
Expecting Double-Digit Growth
With a property market that shows no signs of slowing down, Hussain Sajwani anticipates double-digit price growth shortly, benefiting Damac investors and the overall industry.
Strong Economic Outlook for the UAE
Sajwani’s optimism extends beyond the property market. He envisions solid economic growth for the UAE in the coming years, citing robust leadership, sovereign wealth assets exceeding $1 trillion, a stable currency, and a well-diversified economy as critical drivers of this prosperity.