Damac Chairman Raises Concerns Over High Costs in Dubai Housing Market
Dubai’s real estate market continues to show strong growth, with sales figures and property values on track to reach record highs in 2024, according to local real estate firms. The increasing demand for luxury properties is driving up prices across the city. Hussain Sajwani, chairman of Damac, expressed concerns about Dubai becoming an expensive city due to the high demand for property and the influx of talented individuals. Despite these challenges, the Dubai property market saw a significant increase in sales in July 2024, with transactions reaching 49.6 billion dirhams, a 31.63% rise from the previous year. The market is buoyed by rapid absorption of new inventory, with around 80% of units launched since 2022 already sold. Sajwani remains optimistic about the market’s future, citing strong demand from Europe and the emirate’s appeal to a diverse range of individuals. He emphasized Dubai’s growth as a global city and its attractiveness to talented professionals and businesses. Sajwani also expressed confidence in the stability of Dubai’s real estate market, attributing it to strict regulations implemented by the government post-2008 crisis.
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Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.