You have diversified operations across real estate and consulting. How was 2019 for your companies?
2019 was a challenging, yet beautiful year for us, as I believe that a team can grow strong in the face of challenges. Overcoming problems can prove to be extremely rewarding, and we’ve done really well in a very competitive market, especially when it comes to real estate.
There are talks that the Dubai property market has now bottomed out. What are your thoughts?
The current Dubai real estate market is in a very mature position right now, not only in terms of prices, but also incentives, payment plans, diversity and return on investment. I do believe that the market has bottomed out, and curbing new supply is a vital step to help it recover. Expo 2020 will play a huge factor as well, as there are 25 million visitors expected to arrive in Dubai for the big event. The Dubai real estate market should be ready to accommodate at least 5 per cent of them either as new investors looking for an opportunity, or as new residents who are willing to relocate to Dubai.
Dubai has announced the setup of a new real estate committee to address the demand-supply balance in the market. Will that help? Are more such measures needed?
The Dubai government has taken a necessary step to help balance the market and provide a healthy environment for investors and owners, as well as developers and brokers.
This story is from the February 2020 edition of Gulf Business.
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This story is from the February 2020 edition of Gulf Business.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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