Buying property in Dubai is always a good decision, real estate leaders said at the AB UAE conference held at the Museum of the Future on Thursday.
“You can rarely make a mistake while buying property in Dubai. We, as an industry, are driven by the financial hub. Economic challenges such as inflation and other changes could impact the industry, but if individuals are looking to stay in Dubai for a long time, real estate is a good investment,” DarGlobal’s chief executive officer Ziad El Chaar said.
Echoing the same sentiment, Ellington Properties’ co-founder and managing director Robert Booth said: “Property is a great investment for everyone staying for a long time, especially in Dubai as it currently transforms itself into a global city. Every year, the city gets better and better and the real estate industry is going to see a boost in the long run.”
Booth also lauded Dubai’s “tremendous leadership”, to ensure the quality of life, which he said is “unprecedented”.
In December, Dubai’s real estate sector hit a record-breaking $65 billion from more than 88,000 transactions this year, according to research by Property Finder.
The industry itself has presented itself as an attractive hub for investors, the buyers, especially the elite. All of was possible due to the emirate’s rich lifestyle as well as its golden visa schemes.
Demand particularly soared since the pandemic, especially as the world witnessed Dubai’s proactive efforts to tackle the virus in a systematic and efficient manner.
“Dubai itself is a global brand, not just for investors and buyers but also for young adults. In the past few years, it has become a wish-list place, especially because of the city’s safety standards, a proactive government and the ease of doing business,” Nakheel’s chief projects officer Mohammed Rashed said, adding that the city will always be a global hub.
The panels also spoke about the emirate’s continued efforts to ensure pandemic control and its future-proof plans.
Dubai is “an international hub, which is also the first to rebound,” DarGlobal’s El Chaar said. “If you are investing in such an international hub, and there is a market, we are the first market to rebound and start growing again,” he added.
Real estate in 10 years
When asked what the real estate industry would look like in the next ten years, the panelists said that Dubai is set to undergo “unparalleled transformation”. “You see, we missed last year on celebrating 20 years of Dubai’s real estate industry,” DarGlobal’s El Chaar said.
“All the big projects and masterplans have been done in 20 years of time, so you can see the rate and pace of the city’s transformation. In ten years, I envision a huge number of residents in Dubai, and a number of new businesses in Dubai. The tax-free schemes will drive these residents and businesses, especially high net-worth individuals,” he said.
Adding on to this, Ellington Properties’ Booth said: “In ten years, there will be 30-40 million visitors to the emirate, Dubai will be home to the largest 5-start hotel brands… and people will start living on the Palm Jebal Ali – I’m sure.”
Nakeel’s Rashed also emphasised that the D33 plan will boost the emirate’s efforts to be among the top three destinations of the world. We have a lot of strategies in place, which will all contribute to helping Dubai become the best city in the world. We are all given a better life now, and are promised a better life for the coming generations,” he concluded.
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