03 September 2023, Khaleej Times
Hussain Sajwani, founder and chairman of Damac Properties, is quite bullish about Dubai’s real estate sector and expects the market will continue to offer double-digit returns to investors.
“We are focusing on Dubai because the city will continue to grow tremendously. It has a huge potential as people from the US, Asia and Europe want to come to Dubai for job opportunities, or to live or trade,” Sajwani told Khaleej Times in an interview.
Damac Properties is the largest private developer in Dubai. It recently launched Damac Coral Reef in Dubai Maritime City. After the launch of its Morocco 1 cluster in May, the UAE-based real estate developer also launched Morocco 2 last month at its third and upcoming master development Lagoons.
“A lot of Europeans also want to come to Dubai and make the emirate their home because of taxes, economic situation and war in the region,” Sajwani said after the group launched its second mall in Dubai last week.
Damac chairman is also betting on the Chinese investors that will open a large growth for the Dubai property market. After nearly three years of Covid-19-induced restrictions, China has opened the country to foreigners and allowed its citizens to travel abroad. This has driven massive demand for travel as well as investments from China.
The local property market has witnessed unprecedented demand after the pandemic, driven by a very strong demand in the premium market segment.
According to research conducted by Savills, real estate transactions surged by an astounding 44 per cent in the first half of 2023, reaching nearly 60,000 units. The demand for the Dubai property market continued to see an upward trend after Covid-19 on the back of high confidence among investors, resulting in the property market seeing record deals this year.
As the property market continues to grow strong, Hussain Sajwani expects double-digit growth in the prices, going forward, both for Damac investors as well as for the overall industry.
Damac chairman also expects the UAE will see strong economic growth in the coming years, thanks to its strong leadership, $1 trillion-plus worth of sovereign wealth assets, stable currency and well-diversified economy.