Credit By: KLSE Screener
Hussain Sajwani, the CEO of Damac Properties, one of Dubai’s major developers, expressed optimism about the city’s real estate market, projecting potential price increases of 5-10% in 2024. Sajwani shared his views on the market during the World Economic Forum in Davos, emphasizing the current strength and resilience of the real estate sector in Dubai.
- Market Strength: Sajwani asserted that the Dubai real estate market remains strong, anticipating its continued robust performance. Despite potential variations, he emphasized that the market is expected to maintain its strength.
- Moderate Price Escalation: While acknowledging that the pace of price escalation might not match previous levels, Sajwani forecasted a moderate increase in property prices, ranging from 5% to 10% in 2024.
- Two-Year Outlook: Addressing concerns about a possible correction, Sajwani stated that he is not apprehensive about a correction in Dubai’s property sector for the next two years.
- Growth Plans: Damac is actively pursuing growth initiatives, with a particular focus on the high-end and luxury segments of the market. Sajwani indicated the company’s commitment to expansion and development in strategic market segments.
- Post-Pandemic Resilience: The Dubai property market experienced a surge post-pandemic, buoyed by economic recovery and relaxed residency rules. Sajwani highlighted the resilience of the market and its attractiveness to investors.
- International Investments: Beyond Dubai, Damac has investments in global markets, including Britain and Miami. Sajwani mentioned the positive performance of Damac in Miami and expressed interest in exploring opportunities in the Saudi market.
Outlook for Damac:
Damac, having delisted from the Dubai stock market in 2022 amid the challenges of the COVID-19 pandemic, is strategically positioning itself for growth. The company’s confidence in the luxury segment and its exploration of opportunities in various markets underscore its commitment to long-term success.
Global Factors Impacting Dubai’s Real Estate:
As Dubai navigates economic dynamics, the comments from Damac’s CEO provide insights into the positive outlook and resilience of the city’s property sector.
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