Hussain Sajwani, Founder and Chairman of Damac Properties, is very bullish on Dubai's real estate sector and expects the Dubai market to continue to deliver double-digit returns for investors.
"We are focusing on Dubai because the city will continue to grow significantly. People from the US, Asia and Europe are looking to come to Dubai for job opportunities, either to live or trade, so there is a lot of potential in Dubai," Sajwani said in an interview with Khaleej Times.
Damac Properties is the largest private developer in Dubai. It recently launched the Damac Coral Reef project in Dubai Ocean City. The UAE-based property developer also launched Morocco 2 at its third and upcoming master development, Lagoons, last month, following the launch of Morocco 1 in May.
Many Europeans also want to come to Dubai and make it their home due to the taxes, economic situation and wars in the region.
The Damascus chairman has also placed his bets on Chinese investors who will bring huge growth to the Dubai property market. After almost three years of restrictions caused by Covid-19, China has opened its doors to foreigners and allowed its citizens to travel abroad. This has driven a lot of demand for travel and investment from China.
In the aftermath of the epidemic, the local property market has seen unprecedented demand, with strong demand at the higher end of the market.
According to Savills research, the number of property transactions surged by 44 per cent in the first half of 2023 to nearly 60,000 units. On the back of high investor confidence, demand in Dubai's property market continued its upward trend after Covid-19, leading to a record number of transactions in the property market this year.
As the property market continues its strong growth momentum, Hussain Sajwani expects to see double-digit growth in house prices going forward, both for Damac investors and for the sector as a whole.
The Damac Chairman also expects the UAE to achieve strong economic growth in the coming years thanks to its strong leadership, sovereign wealth assets worth more than US$1 trillion, stable currency and diversified economy.
