Damac CEO Forecasts 5-10% Dubai Property Price Surge in 2024
Dubai's real estate market may witness a 5-10% increase in property prices this year, according to the CEO of Damac Properties, one of the city's major developers. Hussain Sajwani expressed confidence in the market's continued strength and stated that he does not anticipate a correction in the property sector for the next two years. Despite expectations of a slower rate of price escalation compared to previous years, Sajwani highlighted the resilience of the market and its sustained attractiveness. Damac is actively pursuing growth plans, with a focus on the high-end and luxury segments, expecting significant growth in these areas.
Sajwani shared his insights on the real estate market during the World Economic Forum in Davos, emphasizing that the market's strength remains intact. He anticipates a moderate increase in property prices, ranging between 5-10%, in 2024. While acknowledging a potential slowdown in the rate of price escalation, Sajwani remains optimistic about the overall stability and growth potential of Dubai's real estate sector.
Addressing concerns about a correction in the property market, Sajwani expressed confidence, stating that he is not expecting any correction in Dubai's property sector for the next two years. This positive outlook is grounded in the market's resilience, which has shown robust performance even after a swift post-pandemic economic rebound and relaxed residency rules.
Damac Properties, which delisted from the Dubai stock market in 2022 during the COVID-19 pandemic, is actively pursuing growth initiatives. Sajwani highlighted the company's focus on the high-end and luxury segments, identifying them as areas with the most significant growth potential. Despite challenging market conditions during the pandemic, the real estate sector in Dubai experienced a notable surge in demand, driven in part by factors such as the Russia-Ukraine war and an influx of wealthy individuals relocating to the city.
Beyond Dubai, Damac has diversified its investments globally, with holdings in Britain and Miami. Sajwani noted the positive performance of Damac in Miami and sees potential growth opportunities in the Saudi market. The company is actively exploring possibilities in Saudi Arabia, aligning with its strategic vision for expansion and diversification.
In summary, Damac's CEO anticipates a moderate but steady increase in property prices in Dubai for the year 2024, with a focus on sustained growth in the high-end and luxury real estate segments. Despite global economic uncertainties, Dubai's real estate market continues to exhibit strength, attracting investors and maintaining its position as a key player in the global real estate landscape.
For More Related Updates Please Visit Our Official Website
By- Sahiba Suri
Comments