Dubai’s real estate market is anticipated to experience price increases ranging from 5-10 percent in the year 2024, according to Hussain Sajwani, the head of Damac Properties, one of the city’s major real estate developers. Sajwani shared his insights during the World Economic Forum in Davos, stating that he expects the market to remain robust without a correction for the next two years.
While acknowledging that the rate of price escalation may not be as pronounced as in previous periods, Sajwani expressed confidence in the continued strength of the market. He suggested that the ongoing demand, fueled in part by a swift post-pandemic economic recovery and relaxed residency rules, will contribute to the positive trajectory of Dubai’s real estate sector.
In terms of Damac Properties’ strategic focus, Sajwani revealed that the company is actively pursuing growth plans, particularly in the high-end and luxury segments of the real estate market. Despite having delisted from the Dubai stock market in 2022 in the wake of the Covid-19 pandemic, Damac is optimistic about its growth prospects.
The surge in Dubai’s property market following the pandemic downturn has been attributed to various factors, including the Russia-Ukraine war and the influx of wealthy individuals, including professionals in finance, law, and other sectors, relocating to the city. Damac, in addition to its activities in Dubai, has investments in other international markets such as Britain and Miami, where Sajwani noted that the company is performing well. Furthermore, Damac is exploring opportunities in the Saudi market, demonstrating a commitment to expanding its presence beyond Dubai.
In conclusion, Damac Properties, under the leadership of Hussain Sajwani, remains optimistic about the future of Dubai’s real estate market, foreseeing continued growth with price escalations of 5-10 percent in 2024 and dismissing concerns of a correction in the sector for at least the next two years. The company’s strategic focus on high-end and luxury segments, coupled with international investments, reflects its commitment to capitalizing on emerging opportunities in the real estate landscape.
