Cavalli Couture is an ultra-luxury project with apartments starting from 17 million dirhams

Damac: Dubai Real Estate continues to benefit from the influx of wealthy people

“DAMAC”: The prices of “Palm Jumeirah” and “Emirates Hills” properties increased by nearly 100%.

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Amira Sajwani, managing director of Damac Properties, said, "The real estate market in Dubai has witnessed a remarkable change in the attitudes of buyers, in conjunction with the increase in their numbers," expecting that the real estate market in the emirate will continue to benefit from the influx of wealthy people this year.

luxury real estate

Sajwani added to "Emirates Today" that in the past two years, Dubai has witnessed a great demand for "luxury" and "ultra-luxury" real estate by wealthy people who came to the emirate to settle in, which contributed to an increase in the prices of this category of real estate by about 89% during the months. the past 12.

Sajwani revealed that prices have risen in areas such as "Palm Jumeirah" and "Emirates Hills" by nearly 100%, according to a report by the British company "Knight Frank" for real estate studies and consulting, while the immigration consulting company "Henley & Partners" stated that Dubai has attracted 4,000 millionaires. to it in 2022.

A fundamental shift

And Sajwani continued, "This shift, in my opinion, is fundamental to the real estate market in Dubai, and has led to the achievement of record numbers in terms of sales."

And she emphasized that real estate sales, whose price exceeds $10 million, reached a new high, pointing to 152 sales in this category during the first nine months of 2022, compared to 93 deals in the previous year.

2023 forecast

Sajwani expected that the real estate market would maintain its momentum in 2023, and that Dubai would continue to benefit from the influx of wealthy people to it, and the purchase of (luxury and ultra-luxury homes).

It also suggested an increase in the demand for the medium real estate category, driven by the great efforts made by the Dubai government to encourage individuals wishing to buy real estate, especially those residing in the country.

She said: «The new laws related to the granting of long-term visas encouraged many residents of Dubai to buy instead of renting, something that was not widely known in the past, and the closest example of this is the interest of some (DAMAC) employees who work with us. For many years, I have been buying homes in Dubai.

All these factors, in my opinion, contributed to the growth of the real estate sector in various categories.

Big order

Regarding the market reaching the “satisfaction” stage, Sajwani said: “I do not think that the real estate market in Dubai has reached the stage of saturation. The supply is still strong, and there is a great demand for real estate, which is expected to continue during 2023.”

In response to the possibility of the market reaching a level of parity between real estate demand and supply during 2023, she said: “I do not expect this thing to happen in 2023. Perhaps this equation may be achieved after several years, but now, I do not see that the market has been saturated with supply, because And as I mentioned, demand is still strong.

Sajwani praised the exceptional efforts made by the government of Dubai and the UAE in general to successfully deal with the "Covid-19" pandemic, which contributed positively to advancing economic growth in the country, especially in the real estate and tourism sectors.

Cavalli Couture

Sajwani drew attention to the recent launch of the ultra-luxurious "Cavali Couture" project on the Dubai Water Canal.

She explained that it is a medium-rise tower that includes 70 ultra-luxury apartments (penthouses), while the price of the apartments starts from 17 million dirhams, revealing that the most expensive “penthouse” apartment in it was sold at about 110 million dirhams.

8,000 units in 2023

Amira Sajwani, managing director of Damac Properties, said, "The company delivered 7,000 housing units in 2022, and aims to deliver about 8,000 units in 2023."

And she continued, "We launched more than 10,000 housing units this year, which will be under construction during the coming period, and we will announce more new projects during the next few months."

She pointed out that "Damac Properties" has delivered more than 42,000 housing units since its establishment in 2002 until the end of 2022.

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