Damac continues with development plans
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Dubai’s actual property market may see value rises of 5 to 10 % this 12 months, the pinnacle of one of many metropolis’s greatest builders, Damac Properties, stated on Tuesday. He added that he didn’t anticipate a correction within the subsequent two years.
“The market continues to be sturdy. I feel it’ll stay sturdy,” Hussain Sajwani informed Reuters on the sidelines of the World Financial Discussion board in Davos.
“It could not see the identical value escalation (as earlier than), so costs may rise by 5-10 % in 2024,” he stated.
Requested if he was involved a couple of attainable correction in Dubai’s actual property sector, which has boomed following a fast post-pandemic financial restoration and relaxed residency guidelines, Sajwani stated: “Not within the subsequent two years.”
Damac continues its development plans and sees the best development within the premium and luxurious segments, Sajwani stated.
Damac was delisted from Dubai’s inventory market in 2022 following the Covid-19 pandemic.
After the pandemic droop, the true property market grew to become purple sizzling, fueled partially by the battle between Russia and Ukraine and the relocation of rich people, together with professionals within the monetary, authorized and different sectors.
Outdoors of Dubai, the corporate has investments in Britain and Miami, the place Sajwani stated Damac is doing properly.
It additionally sees potential within the Saudi market, the place it’s taking a look at alternatives, he stated.
