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Now people have renewed interest in the real estate industry in Dubai, and experts believe that the industry is on the path to sustainable growth. The good performance of Dubai’s real estate industry is reflected in the 16.2 billion dirham transactions witnessed last month, which made September the best month on record in the past eight years.
Saleem Mohammed is a real estate developer located in Kochi. He has worked in Dubai’s real estate industry for more than ten years. He believes that Dubai’s real estate is less affected by major fluctuations than in the early days. “That’s my reading. I believe the current growth phase is sustainable, but I expect it will only stabilize after the Expo,” he said.
Expo 2020 is expected to attract 25 million visitors from all over the world. Experts say this will lead to a surge in economic activity, which will increase Dubai’s GDP by more than 3.5%. According to data from the Dubai Chamber of Commerce and Industry, any growth in the real estate industry is expected to benefit Dubai, as it accounts for 42% of ongoing projects in the United Arab Emirates (UAE).
Indeed, Dubai is now focusing on the knowledge economy and emerging technologies. “But you can’t ignore the real estate industry. Nilesh Agarwal, managing partner of Excellaa Builders, based in Pune, said that this is still the key to Dubai’s economic growth. In addition to participating in the Expo 2020, the company is also opening an office in Dubai.
He said that long-term visas and new regulations on ownership are helping the industry recover. Agarwal said these measures have boosted the confidence of people who want to live, work or trade in Dubai. According to him, Excellaa has also been receiving inquiries from Dubai about its properties in Pune. He believes this is a clear sign of recovery and sustainable growth.
“We want to take advantage of this opportunity, which is why we want to be a part of Expo 2020 and have a dedicated office in Dubai,” Agarwal said. From this year to September, the real estate transaction volume increased by about 24% over the full year of 2020, with a total value of more than 100 billion dirhams. Mohammed expects this growth will eventually stabilize.
“It is safe to invest in Dubai real estate, because compared with Mumbai or Delhi, you own a real estate in a world-class city, the price may be lower, the rent is more favorable, which provides unlimited opportunities for your business development. If my son wants to buy For an apartment or villa, I would advise him to put the money there, for this reason,” Mohamed said.
Disclaimer: This article is part of the Dubai Business Highlights series
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