Hussain Sajwani is the 4th richest Arab in the UAE, as from a report made by Forbes in their 2018 rankings list. He has a net worth of $1.4 billion. His enormous wealth comes from his property development company DAMAC Properties, located in Dubai.
Dubai has become an investor’s real estate and property paradise. Dubai has been named one of the easiest to comprehend realtors in the world. The city has also moved up the global rankings. The city has had great potential since its birth. Currently, the real estate market in Dubai has exceeded expectations by maturing through the years. This is because of the diverse and complicated properties discernable from anywhere else in the world.
The Dubai Land Department gave a report heavily noting on the 14,000 additional properties in the real estate market. This is because of the rapid increase in populations. From UAE natives to foreigners. This shows a probable rise in interests in the Dubai market. There are other reasons for this dramatic rise.
The progressive government.
The Dubai government has proven to be more progressive than retrogressive. The government has passed on initiatives such as the 4% waivers on late payment fees to clients on registrations of properties. The biggest decision is allowing foreigners to business complete ownership aside from the free-zones. Another initiative is the long-term visa offered to residents with a high potential of becoming homeowners in Dubai. This proves to be a bait most investors cannot refuse.
The technological advancements
Dubai has gained a name in the technology industry worldwide. The rise of the technological field can already be felt in the real estate sector of the market. The Dubai Land Department just announced REST (Real Estate Self Transaction). A programme that allows transactions in the real estate industry from anywhere in the world. Owners have the ability to buy, sell, and access other services in the real estate industry through this platform which eliminates the traditional way of doing it. This was through paperwork. Moreover, the execution of blockchain by the government has intensified the Dubai markets’ transparency. An aspect prides itself on.
One thing investors search for in a market is the ROI, return on investment. This decides whether or not a property is worthy of acquisition. The Dubai market has shown consistency and formidability in its real estate sector. From its project timelines to a total of 47 completed real estate projects in the year 2018. Large-scale projects included DAMAC Heights, a residential tower meant for the purpose of luxury.