Chairman of property firm Damac expresses concerns over ‘expensive’ Dubai

DUBAI, Joined Bedouin Emirates Dubai’s property scene is giving no indication of chilling, as 2024 is on target to be one more record year as far as marketing projections and property estimations, as per neighborhood land firms.

Expanding interest for property, particularly in the extravagance space, is supporting costs of homes, however of all the other things in the city — similarly as the Unified Bedouin Emirates is supposed to arise as the world’s top abundance magnet for the third successive year.

For Hussain Sajwani, administrator of Dubai property goliath Damac, that spells both great and awful news.

“I have stated in the past that Dubai is going to be an expensive city, and what a little bit concerns me in Dubai is that it is becoming an expensive city. Since at whatever point there is such a lot of interest, and particularly when skilled individuals, normal individuals are coming, they encourage more interest,” Sajwani told CNBC’s Dan Murphy from Riyadh on Tuesday.

“So today, to get a seat in a school is troublesome … also, obviously, the business will raise costs, and expansion [is] going to be high, so Dubai will be a costly city,” the executive said. ” Additionally, I expect the government to discover means. What’s more, it’s difficult to track down available resources when there is a persistent deluge of individuals to the city.”

The most recent Dubai property market numbers recount an account of blossoming interest. According to Elite Merit Real Estate, a locally-based brokerage firm, property sales reached 49.6 billion dirhams ($13.5 billion) in July 2024, a 31.63% increase from the same period in 2023.

“The primary portion of 2024 alone saw more than 43,000 property exchanges esteemed at roughly AED122.9 billion, denoting a 30% expansion from the earlier year,” the company’s report delivered on Sept. 10 composed, adding that the development is expected to some degree to the “fast retention of new stock.” Around 80% of the units sent off beginning around 2022 have previously been sold, the report gauges.