Salem Almoosa, chair and general manager of Falconcity of Wonders, attributes Dubai’s resilient real estate market to several key factors, including the city’s status as a top commercial and tourism hub, a continuously rising local population, a strong appeal among international investors, and substantial government funding of major infrastructure projects.
With real estate transactions worth over AED64bn were recorded for Q1 2015 alone, Almoosa says that it is a significant number initiated by foreign investors.
He added that the removal of the rental cap and limited supply across prime locations, among others, have been driving growth in residential demand.
He anticipates additional major investments into the tourism, leisure and hospitality segments – a prediction backed by Dubai’s recent ranking as the top growth market for the MENA hotel industry in a global construction pipeline report.
These and other catalysts, Almoosa said, will continue to sustain Dubai’s dominance of the Middle East’s real estate landscape and will be further magnified as Dubai Expo 2020 draws near and casts the global spotlight on the emirate as an unrivalled leisure, lifestyle and business haven.
“The durability of the market will only be strengthened as Dubai Expo 2020 approaches and we attract a global audience to the diversity, flexibility and magnitude of the emirate’s property offerings.”