‘Property investment is a good decision’ real estate leaders say at AB UAE Conference
Real estate leaders have emphasized that buying property in Dubai is a smart decision, as stated at the AB UAE conference held at the Museum of the Future on Thursday. The city's reputation as a financial hub, combined with its continued transformation into a global city, makes it a wise long-term investment option.
According to Ziad El Chaar, CEO of DarGlobal, it is rare to make a mistake while purchasing property in Dubai. Economic challenges, such as inflation, may have an impact on the industry, but for individuals who plan to stay in Dubai for an extended period, real estate is a reliable investment.
Ellington Properties' Co-founder and Managing Director, Robert Booth, shares the same opinion. He believes that real estate is a great investment, especially for those who intend to stay in Dubai long-term. He lauds Dubai's "tremendous leadership," which he says is "unprecedented" in ensuring the quality of life in the city.
Dubai's real estate sector reached a record-breaking $65 billion in December 2022, with over 88,000 transactions recorded during the year, according to research by Property Finder. The industry has become an attractive hub for investors and buyers, particularly for the elite. The city's rich lifestyle, coupled with its golden visa schemes, has contributed to its appeal.
The pandemic has resulted in a surge in demand for property in Dubai, with investors drawn to the emirate's proactive approach to controlling the virus. The city's safety standards, efficient government, and ease of doing business have also made it a popular destination for young adults.
Nakheel's Chief Projects Officer, Mohammed Rashed, believes that Dubai's global brand reputation will continue to attract investors and buyers. The city's continued efforts to control the pandemic and its future-proof plans were also discussed by the panelists.
During the AB UAE conference held at the Museum of the Future, real estate leaders highlighted Dubai as a prime location for property investment. DarGlobal’s CEO Ziad El Chaar emphasized that buying property in Dubai is a wise decision, as the city is a financial hub that is less prone to investment mistakes. He further added that the real estate industry may face economic challenges, but if individuals plan to stay in Dubai for a long time, real estate is a good investment.
Ellington Properties’ co-founder and managing director Robert Booth agreed, stating that the real estate industry will see a boost in the long run as Dubai transforms itself into a global city. Booth also praised Dubai’s “tremendous leadership” in ensuring a high-quality of life, which he said was unprecedented.
According to research by Property Finder, Dubai’s real estate sector hit a record-breaking $65 billion in December 2022 from more than 88,000 transactions this year. The industry has presented itself as an attractive hub for investors, especially with the emirate’s rich lifestyle and golden visa schemes.
When asked about the future of the real estate industry in the next ten years, the panelists expressed that Dubai is set to undergo unparalleled transformation. El Chaar noted that in ten years, he envisions a huge increase in residents and businesses in Dubai, with the tax-free schemes driving high net-worth individuals.
Booth predicted that in ten years, there will be 30-40 million visitors to the emirate, and Dubai will be home to the largest 5-star hotel brands. Rashed, Nakeel’s chief projects officer, emphasized the D33 plan and Dubai’s efforts to be among the top three destinations of the world.
All in all, the panelists agreed that Dubai’s continued efforts to ensure pandemic control and future-proof plans will make the city a global hub for years to come.
