Dubai's real estate market has experienced significant growth over three cycles, punctuated by two notable boom-and-bust periods—the first during the 2008 global financial crisis and the second amid the Covid-19 pandemic. Despite these challenges, industry experts are optimistic about the market's future, predicting a shift towards stable and sustainable growth rather than dramatic crashes.
The recent three-and-a-half-year rally has instilled confidence among stakeholders that Dubai's real estate sector is maturing. Key factors contributing to this confidence include a growing base of end-users and serious investors within the domestic market. Initiatives like Escrow accounts and the influx of millionaires have also played crucial roles in stabilizing the market.
Hassan Hijazi, group CFO of Amwaj Development, emphasized the market's evolution away from volatile cycles towards a more regulated and transparent framework. He cited stringent regulatory measures and enhanced transparency as pivotal in this transformation. Hijazi highlighted Dubai's appeal to diverse investor profiles, including high-net-worth individuals, institutional investors, and expatriates drawn by the city's infrastructure and strategic location.
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The legacy of Expo 2020 and government initiatives such as the Golden Visa program have further bolstered Dubai's reputation as a global investment hub. Imran Farooq, CEO of Samana Developers, rejected claims that Dubai's growth is artificial, pointing to the city's robust economic foundations and successful hosting of global events.
Yogesh Bulchandani, founder and CEO of Sunrise Capital, noted Dubai's resilience amidst global economic uncertainties. He highlighted sustained demand from European, Indian, and South Asian markets, driven by a shift towards long-term occupancy rather than speculative investments. Bulchandani attributed this stability to Dubai's attractive property prices relative to other global cities and ongoing government measures to regulate market dynamics.
While acknowledging the potential for cyclical trends in global markets, experts like Bulchandani and Hijazi underscored Dubai's affordability and proactive government policies as buffers against significant market corrections. They emphasized the city's continuous development, quality of life, and investor-friendly environment as key drivers of sustained confidence in Dubai's real estate sector.
Looking ahead, stakeholders remain cautiously optimistic about Dubai's real estate market, expecting continued growth supported by robust regulatory frameworks and strategic initiatives aimed at maintaining market stability and attractiveness to global investors.
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