During a visit to region’s biggest property event, DAMAC Properties Chairman, Hussain Sajwani, sees Dubai’s maturing property sector entering a new cycle of growth. DAMAC has significant presence at the 16th Cityscape Global 2017, held from 11 – 13 September, with a 528 square meter stand.
DAMAC’s first-half year sales performance, the continuing recovery of global economies through GDP growth indicators, as well as increasing interest by international property buyers for Dubai properties all contribute to Sajwani’s confident outlook for the rest of the year and in 2018.
“The property sector, like any other industry, is cyclical in nature and will fluctuate in response to regional and global economic conditions and factors. As I have said before, these cycles will continue as Dubai’s property sector matures, and I believe that we are at the beginning of a new cycle of growth thanks to positive economic indicators as well as the increasing size and volume of new projects being announced across the UAE. These are very exciting times for the sector,” said Sajwani.
According to data from Dubai Land Department, 17,800 units were sold in Dubai in the first-half of 2017 with a total value of AED 23.989 billion, a 20 percent increase in volume over the same period last year and a 26 percent increase in value (AED 19.013 billion for H1 2016). DAMAC’s sales performance also saw a strong increase when it recently announced its financial results for the first half of 2017, indicating a 10 percent increase in booked sales over the same period last year to AED4 billion. It also announced first-half 2017 delivery of 1,071 units at its DAMAC Hills master development, bringing the total number of units delivered there to 3,185.
