DAMAC Properties owner Hussain Sajwani was pleased, but unsurprised when he read about Dubai’s positive rankings in the latest JLL’s Global Real Estate Transparency Index. Dubai retained its position as the most transparent real estate market in its region and moved up eight spots in the global ranking. The DAMAC owner was unsurprised because he views Dubai as a city that is constantly improving.
Hussain Sajwani believes Dubai’s real estate market is highly evolved. The city’s large number of high-ROI investment opportunities draw in investors from around the world. In the first eight months of 2018, Dubai added over 14,000 properties to the market. Despite this staggering figure, experts believe that there still will not be enough properties to support the city’s rapidly growing population. Sajwani believes that this situation will lead to a rise in global investment in Dubai.
The DAMAC owner believes that the United Arab Emirates’ government has made smart decisions that will increase the number of foreign investors in the region. He cites the government’s decision to waive late payment fees on property registration, its decision to allow investors to have long-term visas, and its decision to allow 100% foreign ownership in businesses as examples of intelligent leadership. Sajwani believes that these decisions will lead to increased regional economic growth.
Hussain Sajwani thinks that the city’s embrace of new technology will help increase investment. The Dubai Land Department announced the Real Estate Self Transaction, which would allow people to complete real estate transactions with multiple parties around the world. The system will completely digitize all real estate transactions, removing the need for paper documentation. The government is also working to implement blockchain technology in parts of the real estate sector.
DAMAC owner Hussain Sajwani believes both the government’s initiatives and the technological advancements are increasing investor confidence. Dubai’s on time completion of 47 major projects this year will further increase investor confidence. Hussain Sajwani believes that increased investor confidence combined with the many high-ROI investment properties will lead to continued growth in the Dubai real estate sector.