New demand growth is coming from China.
“Russia has slowed down, but other countries are coming back stronger, especially China,” Sajwani told CNBC’s Dan Murphy at the World Economic Forum in Davos, Switzerland, on Tuesday. He also mentioned India and Europe.
“As you know, Dubai is surrounded by more than 100 countries with all kinds of problems and challenges. And people want to immigrate and move to Dubai to live and invest,” he said. said.
While China’s economy faces challenges at home, Dubai benefits from people able to spend abroad. Emaar Properties, Dubai’s largest developer, reported last year that Chinese investment accounted for 7% of its total sales in the first half of 2023, almost double the previous year.
A real estate crisis, a slowing domestic economy and the lifting of travel restrictions after years of strict lockdown policies are prompting wealthy Chinese to find safe havens for their capital overseas. Sajwani said Dubai’s residential rental yields and relaxed tax laws, along with the United Arab Emirates (UAE)’s refusal to join the Western sanctions campaign, make it an attractive place to do so. He said that
He also said that Dubai has managed to maintain stability and dispel initial market tensions after the start of the Israel-Hamas war on October 7, and that regional conflicts have affected the emirate’s real estate sector. He added that there were no negative effects.
“So far, the UAE leadership has maintained a very good political policy and is to some extent neutral in this kind of war and does not get involved in the issue. And economically, our country Because it’s one of the unique countries in the region, because of the lifestyle, security, safety, political stability, very good laws, regulations, you know, long-term golden visas and everything else.” He mentioned the 10-year foreign visa, which was introduced for the first time in 2017.
“A lot of people come and live in Dubai anyway.”
