Dubai property market has a long way to go and the next major growth driver would be Chinese investors, said Hussain Sajwani, chairman of Damac Properties.
“Dubai property market has a bright future and a long way to go, especially in the luxury segment where lands are scarce. Luxury property prices are skyrocketing because demand is there, but the biggest challenge is the supply of the land is very limited,” Sajwani said.
The billionaire added that Dubai is benefiting from regional and global safety and security and low taxes, hence, there has been` an influx of top talent and businessmen from Europe, the US and other countries after Covid-19.
“Europe has a lot of talent and wealth and a large number of people are moving to Dubai. We haven’t seen the influx of Chinese as they were under the Covid-19 lockdown for a couple of years and they start coming now. They have not been a strong wave last year but I expect there is going to be a much stronger wave next year and the year after. The reason is that most of the brokers have been busy (selling properties) with European, and Russians and other nationalities,” Damac chairman said during the launch of a project by AHS Properties on Tuesday.
Dubai property has been witnessed unprecedented since 2021, with transactions and prices reaching all-time highs. The demand was driven by the influx of high-net-worth individuals, professionals and businessmen from around the world.
Of late, there has been a strong influx of investors and buyers from Western Europe, the Middle East and the Indian Subcontinent. But Covid-19 induced lockdown foreign travel restrictions were in place in China to contain the pandemic.
“The time will come when we’ll see an influx of Chinese top business people coming here to invest. Due to conflict with the US and to a certain extent with Europe, Chinese investments in the US are going down drastically, and even in Europe also. But they have the liberty to go and invest in Dubai. I met Chinese and they want to come and invest in UAE,” said the Dubai-based billionaire and chairman of the largest private developer in Dubai.
Citing a discussion with a US businessman, he said that businessmen told him that “moving people from Europe was easy, but relocating people from North America to Dubai was a challenge prior to Covid-19 as employees demanded salary should be doubled. But now, people are queuing and willing to move to Dubai at the same salary.”