According to the latest JLL Global real estate transparency Index, Dubai remains the most transparent real estate market in the region. It also shot eight places up in the global rankings and Hussain Sajwani believes this makes it the most attractive real estate investment destination across the world.
He is optimistic that this classification and a host of other governmental and market conditions would see a soaring interest in the number of foreign real estate investments in the city. Some of the most enticing factors that the Damac owner believes will serve as foreign investment magnet to the sector include:
- Favorable government policies
UAE’s government recently waived the 4 percent property registration fee imposed by the Dubai Land Department. It also allowed for 100 percent property and business ownership by foreigners outside the free zones. More importantly, it adjusted the visa rules by introducing long-term visas to city investors. Based on these facts, Hussain Sajwani holds the opinion that such landmark decisions will draw in investors and encourage long-term residents into owning property in the region.
- Fast adoption of technology
According to the Damac owner, Dubai remains one of the safest cities’ in the world. It is also gradually transforming into a technological hub. The government and industry players are constantly embracing new technologies that simplify real estate investments. Hussain Sajwani particularly points out to the introduction of the Real Estate Self Transact (REST) platform by the Dubai Land Department.
The platform allows property owners to buy, sell, rent, and even access mortgage facilities seamlessly without the need for paperwork. The government has even hinted to the adoption of blockchain technology in establishing a more transparent real estate sector.
- High and guaranteed returns on investment
The favorable government policies and undying investor interest in the Dubai real estate market have only served to boost the productivity of the real estate sector. Hassan Sajwani argues that the promise of high and guaranteed returns is evidenced by the number of property additions and completions in the market.
For instance, Dubai Land Department recently introduced over 14,000 pieces of property to the market with the Damac owner hinting out that 47 properties have so far been completed on time this year. The region has done its level best in marking its real estate market a favorable as possible and Hussain can only wonder what more an investor wants.