Hussain Sajwani, the visionary founder and chairman of Damac Properties, expresses a strong sense of optimism regarding Dubai’s real estate sector and believes that it will continue to provide investors with double-digit returns.
In an interview with Khaleej Times, Sajwani emphasized his confidence in Dubai’s growth potential, stating, “We are focusing on Dubai because the city will continue to grow tremendously. It has enormous potential, with individuals from the US, Asia, and Europe seeking job opportunities, residency, or trade opportunities in Dubai.”
Damac Properties, the largest private developer in Dubai, recently unveiled Damac Coral Reef in Dubai Maritime City. Following the successful launch of its Morocco 1 cluster in May, the UAE-based real estate developer introduced Morocco 2 last month as part of its third and upcoming master development, Lagoons.
Sajwani noted that Dubai is increasingly becoming the preferred destination for Europeans seeking to establish residency due to favorable tax policies, a stable economic environment, and regional stability. This trend is expected to bolster Dubai’s real estate market.
Additionally, Sajwani is optimistic about the potential of Chinese investors contributing to the growth of Dubai’s property market. The relaxation of Covid-19 restrictions in China has led to increased foreign travel and investments, generating significant demand for properties in Dubai.
The local property market has experienced unprecedented demand since the pandemic, particularly in the premium market segment. According to Savills research, real estate transactions surged by an astonishing 44 percent in the first half of 2023, reaching nearly 60,000 units. High investor confidence has driven record-breaking deals in the property market this year.
As the property market continues to thrive, Hussain Sajwani anticipates double-digit price growth in the near future, benefiting both Damac investors and the broader industry.
Furthermore, Sajwani believes that the UAE will experience robust economic growth in the coming years, thanks to its strong leadership, substantial sovereign wealth assets exceeding $1 trillion, a stable currency, and a well-diversified economy.
