In a recent statement on the sidelines of the World Economic Forum in Davos, Hussain Sajwani, the CEO of Damac Properties, one of Dubai’s leading property developers, forecasted a 5-10 percent increase in Dubai’s real estate prices this year. This projection reflects the continued strength and resilience of the city’s property market.
Sajwani expressed his confidence in the market’s robustness, stating, “The market is still strong. I think it’s going to continue to remain strong.” He anticipates a price escalation of 5-10 percent in 2024, though perhaps not at the same rapid rate experienced previously.
Addressing concerns about a possible correction in Dubai’s property sector, which saw a significant boom following a swift post-pandemic economic recovery and relaxed residency rules, Sajwani dismissed the likelihood of such a downturn in the near future. “Not for the coming two years,” he assured, suggesting a stable outlook for the property market in the short to medium term.
Damac Properties, known for its high-end and luxury real estate projects, is forging ahead with its growth plans, focusing on these premium segments. The company delisted from the Dubai stock market in 2022 following the impact of the Covid-19 pandemic. However, it has since witnessed the property market heat up significantly, driven in part by external factors such as the Russia-Ukraine war and the influx of wealthy individuals, including professionals from finance, law, and other sectors, relocating to Dubai.
Besides its strong presence in Dubai, Damac has also ventured internationally with investments in Britain and Miami. Sajwani reported that the company is performing well in these markets. Furthermore, he revealed that Damac is exploring potential opportunities in the Saudi market, indicating the company’s strategic approach to diversification and growth.
This optimistic forecast by Damac’s CEO not only highlights the continued allure of Dubai as a prime real estate destination but also underscores the city’s ability to attract international investors and professionals. With its focus on high-end and luxury segments, Damac Properties is poised to capitalize on this upward trend, further cementing its position as a key player in the dynamic Dubai real estate market.
