Damac CEO Hussain Sajwani, CEO of Damac Properties, one of Dubai’s leading developers, shared a positive outlook for the city’s real estate market. Speaking at the World Economic Forum in Davos, Sajwani expressed confidence in the market’s resilience and projected potential price increases ranging from 5-10% throughout 2024.
Steady Growth Amidst Changing Dynamics
While acknowledging that the pace of price escalation might not mirror previous years, Sajwani emphasized that the market remains robust. He anticipates a steady 5-10% increase in property prices for the year, signaling stability amidst evolving market dynamics.
Two-Year Immunity from Correction: Damac CEO
Addressing concerns about a potential correction in Dubai’s property sector, Hussain Sajwani dismissed worries, stating, “Not for the coming two years.” This assurance underscores the CEO’s belief in the market’s sustained strength and resilience against corrective measures in the immediate future.
Damac’s Strategic Focus and Growth Plans
Despite Damac’s delisting from the Dubai stock market in 2022 during the Covid-19 pandemic, the company is actively pursuing growth plans. Sajwani identified the high-end and luxury segments as areas with significant growth potential, highlighting Damac’s strategic focus on specific market segments.
Global Ventures and Expansion Opportunities: Damac CEO
Post-pandemic, Dubai’s property market witnessed a resurgence, driven by factors such as the Russia-Ukraine war and the relocation of wealthy individuals. Damac, with investments in Britain and Miami, is reported to be thriving in these international markets. Sajwani also noted the company’s interest in potential opportunities in the Saudi market, signaling Damac’s exploration of further expansion avenues.
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