Dubai Realty Sector Offers Sustainable Growth

Asia's Tech News Daily

national news, international news, trending news, popular news, todays news

national news, international news, trending news, popular news, todays news

There is now a renewed interest in Dubai’s real estate sector, which experts believe is heading towards the path of sustainable growth. That Dubai’s realty sector is doing well reflects in the Dh.16.2 billion transactions witnessed last month, making September the best month on record in the past eight years.

Saleem Mohammed, a Kochi-based property developer who was part of Dubai’s realty sector for over a decade opined that Dubai’s real estate is much more insulated from major fluctuations compared to earlier days. “That is my reading. I believe the current phase of growth is sustainable, but I expect stability only post-Expo,” he said.

Expo-2020 is expected to attract 25 million visitors from across the world and experts say it will result in a surge in economic activities leading to over 3.5% growth in Dubai’s GDP. Any growth happening in the realty sector is expected to benefit Dubai in a big way since it accounts for 42% of the ongoing projects in the United Arab Emirates (UAE), according to Dubai Chamber of Commerce and Industry.

It is true that Dubai is now focused on knowledge-based economy and emerging technology. “But you cannot ignore the real estate sector. It is still the key to the growth of Dubai’s economy, said Nilesh Agarwal, Managing Partner of Pune-based Excellaa Builders which besides participating in Expo-2020 is in the process of setting up an office in Dubai.

Long-term visas and new rules relating to ownership, he said, are helping in the sector’s recovery. These measures, Agarwal said, enhance people’s confidence, who want to live, work or trade in Dubai. Excellaa, according to him, has also been receiving enquiries from Dubai for its Pune properties. He sees it as a definite sign of recovery and sustainable growth.

“We want to make use of this opportunity and that is why we wanted to be part of Expo-2020 with a dedicated office in Dubai,” Agarwal said. This year till September, the value of real estate transactions was about 24% more than 2020 as a whole, with total value exceeding Dh100 billion. Mohammed expects this growth to stabilize eventually.

“It is safe to invest in Dubai property because you come to own a property, perhaps for a lesser price and better rentals compared to Mumbai or Delhi, in a world-class city which offers infinite opportunities to grow your business. If my son wants to buy a flat or villa, I would advise him to put the money in there for this very reason,” said Mohammed.

Disclaimer: This article is a part of featured content series on Business in Dubai

Internet Explorer Channel Network
Asia's Tech News Daily
News Related


Government orders winding up of 44 multi-state credit cooperative societies in 9 states, UTs: Amit Shah

The government has taken action for winding up of 44 multi-state credit cooperative societies in nine states and union territories, Union Cooperation Minister Amit Shah informed Parliament on Tuesday. Shah, ... Read more »

Anil Deshmukh case: ED records ex-Maha chief secretary Sitaram Kunte's statement for over 6 hours

The Enforcement Directorate (ED) on Tuesday recorded former Maharashtra chief secretary Sitaram Kunte’s statement for over six hours at its office here in connection with the ongoing money laundering probe ... Read more »

Families of 1,509 healthcare workers paid insurance claim of Rs 50L each under PMGKP: Govt

(Representative image: Reuters) As on November 29, families of 1,509 health workers who died due to COVID-19-related duties have been paid insurance claims of Rs 50 lakh each under the ... Read more »

In Andhra's capital war, it is Jagan vs Naidu

N Chandrababu Naidu and Jagan Mohan Reddy have been trading charges over Andhra’s capital plan. When the Manmohan Singh government decided to carve the state of Telangana out of Andhra ... Read more »

Veteran teacher and Padma Shri Nanda Prusty passes away at 104

Nanda Prusty receiving Padma Shri from President Ram Nath Kovind (Image: Twitter/ President of India) Centenarian teacher Nanda Prusty, a class 8 pass-out who had been educating children and village ... Read more »

COVID-19: India adds Ghana and Tanzania to list of 'at risk' countries

India on Monday added Ghana and Tanzania to the list of “at risk” countries, passengers from where have to follow additional COVID-19 testing and quarantine measures. The Aviation Ministry said ... Read more »

Nagaland deaths: Agatha Sangma raises 'repeal AFSPA' demand in Lok Sabha

In the wake of the Nagaland incident in which 14 civilians were killed, National People’s Party (NPP) MP Agatha Sangma on Tuesday said it is time that “the elephant in ... Read more »

Rajya Sabha proceedings adjourned as Oppn keeps up protest demanding revocation of MPs' suspension

Rajya Sabha (File image) Rajya Sabha proceedings were adjourned for the day on December 7 after repeated stoppages as opposition members continued to protest demanding the revocation of suspension of ... Read more »

Market Movers: What's driving investors to NALCO, Hindalco's counters?

MUMBAI: Aluminium stocks are proving to be the last man standing in the metal pack given the withering gains of steel stocks these past few weeks. While the rosy outlook ... Read more »

123.25 crore COVID-19 vaccine doses administered till November 30; 49,819 AEFI reported: Govt to Rajya Sabha

Representational image (Reuters) As many as 123.25 crore Covid vaccine doses were given in India as of November 30 and 49,819 adverse events following immunisation were reported which was 0.004 ... Read more »

Varanasi to host month-long programmes after Kashi-Vishwanath corridor inauguration by PM Modi

Varanasi will host a month-long cultural exercise following the inauguration of the “Kashi Vishwanath Dham” (Kashi Vishwanath corridor) by Prime Minister Narendra Modi on December 13, and all BJP chief ... Read more »

Mild symptoms displayed by those infected by Omicron variant in Rajasthan: Doctors

The symptoms displayed by those infected by the Omicron variant in Rajasthan are mild, according to the doctors at Sawai Man Singh Medical College. The symptoms of Omicron are believed ... Read more »

Farmer unions reach consensus on future of agitation, announcement on Wednesday: Union leader

The protesting farmer unions have reached a consensus on the future course of the agitation as nearly all their demands have been met, but a formal announcement of the decision ... Read more »

Nagaland calls off Hornbill Festival over civilian killing

Hornbill Festival (Image: Wikipedia) The cabinet of Nagaland Chief Minister Neiphiu Rio on December 7 called off the ongoing Hornbill Festival in protest against the killing of 14 civilians by ... Read more »

HMSI launches Activa125 Premium Edition at Rs 78,725

Honda Motorcycle & Scooter India (HMSI) on Tuesday said it has launched the Activa125 Premium Edition in the country with price starting at Rs 78,725 (ex-showroom Delhi). The two trims ... Read more »

HSBC executes its first SOFR-linked trade financing with Brookfield Renewable

HSBC has executed its maiden trade finance deal linked to secured overnight financing rate (SOFR) in India, joining a select group of local banks that have explored this new interest ... Read more »

Biggest gainers & losers of the day: Ramky Infra rallies, Voda Idea drops 5%

New Delhi: Domestic equity markets made a strong comeback on Tuesday after a sharp two-day fall as the concerns over the Omicron variant eased. Investors lapped up quality stocks at ... Read more »

Tech view: Nifty50 likely making triangular formation; expect consolidation for few days

NEW DELHI: After the last two sessions of sharp sell-off, the bulls finally managed to stage a comeback on Tuesday as the Nifty50 index almost recouped all losses sustained in ... Read more »

65 cases of Norovirus reported till October 31 in India, govt tells Rajya Sabha

A total of 65 cases of Norovirus have been reported till October 31 in the country, of which 54 were from Wayanad and 11 from Alappuzha, Minister of State for ... Read more »

HC upholds FEMA proceedings against private firms

The Madras High Court has upheld the proceedings initiated by the Enforcement Directorate (ED) under the provisions of the Foreign Exchange Maintenance Act (FEMA) against two private firms and their ... Read more »

India has supplied over 723 lakh doses of Covid vaccine to 94 countries, two UN entities: Govt

India has supplied over 723 lakh doses of COVID-19 vaccine to 94 countries and two UN entities since the start of the Vaccine Maitri Programme in January this year, the ... Read more »

India 'poor and very unequal country', bottom 50% own 'almost nothing': World Inequality Report

The female labour income share is equal to 18%, lower than the average in Asia, the report said (Representative image) India has emerged as a poor and “very unequal” country, ... Read more »

Rs 20,353 cr undisclosed credits detected in Panama, Paradise paper leaks: Govt

The government on Tuesday said undisclosed credits amounting to Rs 20,353 crore have been detected with respect to 930 India-linked entities in the Panama and Paradise Paper Leaks. Replying to ... Read more »

RLD chief formally announces alliance with SP, says BJP's politics of hatred will be rejected  

RLD Chief Jayant Chaudhary Rashtriya Lok Dal president Jayant Chaudhary on December 7 formally announced his party’s alliance with the Samajwadi Party and said if they come to power in ... Read more »

In joint rally with RLD's Jayant Singh, SP chief Akhilesh Yadav says ‘red cap' will throw BJP out of power in UP

SP president Akhilesh Yadav and RLD chief Jayant Chaudhary shake hands on November 23, 2021. (PC-Twitter/@yadavakhilesh) Samajwadi Party (SP) chief Akhilesh Yadav and Rashtriya Lok Dal’s (RLD) Jayant Chaudhary announced ... Read more »

HC asks Delhi govt to inspect liquor shops recently opened in residential area

The Delhi High Court on Tuesday directed the Delhi government to conduct a fresh inspection of a site in the Tri Nagar area where residents have been seeking shifting of ... Read more »

Various measures taken to protect bona fide commercial decision of banks: FM Nirmala Sitharaman

The government has taken various measures to protect bona fide commercial decisions of banks to alleviate the fear of any unwarranted hardships to officials or senior executives taking key decisions, ... Read more »

GPSC Assistant Engineer (Mechanical) recruitment 2021: Provisional answer key out for prelims exam

© Provided by Firstpost GPSC Assistant Engineer (Mechanical) recruitment 2021: Provisional answer key out for prelims exam The provisional answer key for the Assistant Engineer (Mechanical) Class-2 (GWSSB) recruitment exam ... Read more »

KCET 2021: Round 2 seat allotment results to be declared today; check details here

© Provided by Firstpost KCET 2021: Round 2 seat allotment results to be declared today; check details here Karnataka Examinations Authority (KEA) will announce the KCET 2021 Round 2 seat ... Read more »

MFI industry shows improvement after 2nd wave, caution needed on asset quality: Report

After the setbacks during the second wave of the pandemic, the microfinance industry showed an improvement in disbursements, asset quality and new loan inquiries in the September quarter, a report ... Read more »

BMW hits 1 mn EV sales, targets 2 mn fully electric sales by 2025

BMW has sold its one millionth electric vehicle (EV) – including purely electric and hybrid vehicles – and plans to reach two million sales of purely electric vehicles by 2025, ... Read more »

Emmett Till investigation closed 66 years after his murder: Who was this Black teen and why did his death shake up America

© Provided by Firstpost Emmett Till investigation closed 66 years after his murder: Who was this Black teen and why did his death shake up America The United States Justice ... Read more »

Sebi amends delisting rules to make M&A more convenient

Sebi has amended rules pertaining to delisting of equity shares of a company following an open offer as part of efforts to make merger and acquisition transactions for listed companies ... Read more »

Nagaland: Over 2 lakh farmers get Rs 299 crore under PM-Kisan scheme, Union Minister says in Parliament

Union Agriculture Minister Narendra Singh Tomar (File image: Twitter) The Centre has transferred Rs 299.26 crore to more than 2 lakh beneficiary farmers in Nagaland since the launch of the ... Read more »

BHUET 2021: Final answer key released by NTA on; check direct links here

© Provided by Firstpost BHUET 2021: Final answer key released by NTA on; check direct links here The final answer key of Banaras Hindu University (BHU) Entrance Test 2021 ... Read more »

Narendra Modi, Amit Shah, Sonia Gandhi, Priyanka Chopra among those tested, jabbed for COVID in Bihar!

Narendra Modi, Amit Shah, Sonia Gandhi, Priyanka Chopra and Akshay Kumar – these are the names of residents of a non-descript rural area of an impoverished south Bihar district. If ... Read more »

Reliance Capital says corporate insolvency resolution started against company

Reliance Capital on Tuesday said the National Company Law Tribunal (NCLT) has admitted the case of the company for the corporate insolvency procedure. Shares of the company declined by more ... Read more »

'Red caps cared only about red beacons': PM Modi takes a jab at SP during Gorakhpur event

File image of Prime Minister Narendra Modi addressing a rally Those wearing lal topi (red caps) cared only about lal batti (red beacons) when they were in power, Prime Minister Narendra Modi said in ... Read more »

Handset launches likely delayed, shipments may get impacted as supply crunch, Omnicron loom

The number of mobile phone launches in the January-March quarter will fall by around 20% along with shipments as component shortages and shipment delays continue to plague the sector and ... Read more »

UAE announces move to Saturday-Sunday weekend: State news agency

The United Arab Emirates will transition to a four and half-day working week starting next year, with the full weekend falling on Saturday and Sunday, state news agency WAM said ... Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic