Favourable interest and
mortgage rates, a highly effective Covid-19 vaccination drive,
and new visa rules for investors, will result in Dubai’s property sector
witnessing a “big boom”, especially when the city opens its doors for Expo
2020, says Rizwan Sajan, chairman and founder of Danube Group.
Speaking in an exclusive interview
with Khaleej Times on the sidelines of the INDEX Dubai 2021 exhibition, Sajan
remarked that Dubai would continue to be a city that enjoyed the confidence of
global investors. The emirate had proven itself to be resilient in the face of
several challenges that have gripped the global economy time and time again, he
said.
“Expo 2020 is going to bring a big
boom for Dubai,” he stated. “If you look at what has happened over the past two
to three months, you will see that real estate prices have gone up again. This
means that developers will be eager to start constructing new apartments and
villas. We are blessed, especially when you look at all the policies that the
government has been coming up with, such as the Golden Visa and the 100 per
cent ownership laws, to make expats feel like they are at home. All of these
policies will definitely help to build confidence in investors that are
interested in setting up their businesses here.”
“In addition, the way that the
Covid-19 crisis has been handled here will also send a strong message to the
world that Dubai is ready for business,” Sajan observed. “We are already seeing
a lot of investors from India expressing an interest in coming and opening
their businesses in the city. Not just that, but a lot of European and Chinese
expats are looking to purchase property in Dubai.”
He also reiterated his advice on the
best time to invest in property in the emirate. “I can say that we will see a
big real estate boom coming in the near future. I keep telling people that the
time to buy property, if you are interested in doing so, is now because later
you will not get the same prices that you are seeing in the market right now.
Interest rates right now are very low just like the property prices and even
the mortgage rate is extremely attractive.”
Property prices over the past six
months, he revealed, have gone up by 30-35 per cent, further highlighting the
positivity in the market. He also said that property in Dubai is still cheaper
compared to many other major international hubs such as Hong Kong and London.
While villa prices have gone up, and will continue to do so in the coming
months, apartment prices are still low and make for an attractive investment.
“The luxury property market has already
started recovering, and the affordable property market will follow,” Sajan
added. “Many companies that had laid off their employees are looking to rehire
their staff so business is getting back to usual. I also believe that the
supply of new units will remain balanced in the near-term.”
Asked about how the Covid-19 pandemic
had impacted the building materials market, he said that prices have been
“going very very high.”
The main reason for this, he
revealed, has been the difficulty in arranging logistics and the shortage of
material.
“The demand is more due to the
consumption in the US and Europe,” Sajan said. “We have seen this trend – where
the prices have gone up by more than 50 per cent in the building materials
segment – after many years. We are trying our best to get materials because of
the huge demand that we are seeing for Expo 2020 Dubai; lots of projects have
to be completed before the event opens its doors. However, I believe that there
will be no problem in Dubai as far as the construction industry is concerned.”
Shaikhani Group said, this coming
year would be the simplest year for the Dubai. it'll be a boom for each
industry. Moreover, they're trying their best to extend the productivity of
theirs projects so it'll fork over by the top of this year….
Shaikhani Group explained, Dubai is
understood by doing things on right time, they come up with those ideas where
people think’s it's impossible, while ago Dubai was a desert, now nobody can
say this was a desert. People like to visit Dubai for holidays, because all
facilities are there including security which may be a basic necessity of life.
Dubai is one the simplest city to
measure where everything is out there on the doorstep, this is often why
Shaikhani Group invested their money, and that they do have different projects
which are successfully in process. Shaikhani group tries to seek out the
simplest deals with good luxuries therefore the customer can enjoy all the luxuries
at full Shaikhani group already handover few projects in Dubai worth of many
dirhams, they always achieve their target on time which shows the positive sign
of their progress. Soon they're going to handover gardenia residency which is
found in Jumeirah village circle, it's been expected they're going to handover
this project by the top of 2021 or even earlier depends on the working
conditions and environment
As the pandemic situation is that the
worst within the whole world, things are really difficult to mapped out because
during this situation we've to be very careful taking extra safety precautions
to form sure to not put labour’s life in danger because this work needs tons of
manpower and thanks to pandemic we've to take care of the 6-foot gap, so what
we've provided our labour high-quality equipment to form sure work doesn't
compromise and customers will get their apartments on time quite 1000 units
handover within the projects of Cambridge business center, champions tower 1
and Frankfurt sports tower which is worth of 700 million dirham approximately
600 units are to be completed soon within one year in Champions tower 3,
Gardenia 1 and a couple of approximately value 300 Million dirham are going to
be deliver
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