Dubai real estate to see double-digit returns, says Damac chairman.
06 September 2023, 12:00 AM
31 October 2023, 12:00 AM
Hussain Sajwani, founder and chairman of Damac Properties, is quite optimistic about Dubai’s real estate sector and expects the market will continue to offer double-digit returns to investors.
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.
“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 said in an interview.
“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.