No international property market is comparable to Dubai, according to Hussein Sajwani, chairman and chief executive of Damac Properties.
“Be it in terms of long-term political stability, currency stability, open rules and regulations, immense growth potential, excellent infrastructure, zero tax, number one airport in the world, logistics, quality of life, which city can replace Dubai today?” Sajwani said.
Speaking to Khaleej Times, he expressed his confidence in the market. “We are in a very healthy phase in the property cycle. After a 25 to 30 per cent upswing in prices and rentals in 2013 and 2014, we are now in for two years of healthy growth and market stabilisation. If we were looking for another period of 30 per cent price growth, it would have led to a bubble,” he said. “Single-digit growth in sales prices will be the norm going forward."