'No downturn expected': Dubai's property market will grow through 2033, says top developer

Dubai property prices market will continue to see steady growth over the next 8 years with an increase of up to 7 per cent year-on-year and the market is unlikely to see any 'downturn' in the near future, said a top Dubai developer.

"The real estate market is going to continue on a resilient trajectory. Until 2033, we are going to see some steady growth in the market. I see year-on-year growth of 3 to 7 per cent. The growth curve will sort of become steady as we move forward," said Mohamed Binghatti, chairman of Binghatti Developers.

"I don't see any downfall or downturn anytime soon, so we'll continue to see growth year-on-year. People are coming to Dubai because the emirate is open to the world, company and real estate ownership is easy, and legislation has become very straightforward. So a lot of people are coming here from around the world and have a presence here," Binghatti told Khaleej Times in an interview.

The Dubai property market has seen exceptional growth over the past four years, driven by demand from high-net-worth individuals and professionals worldwide.

After the four-year rally of strong double-digit growth, industry data suggests that the market is slowing down and prices will likely stay steady at the single-digit rate.

Mohamed Binghatti, chairman of Binghatti Developers

100 units per day

To reflect the strong demand of the Dubai property market, Binghatti said they're selling 100 units a day.

"We're almost at 50 per cent of sales of the Aquarise project. Sales are continuing, and we're maintaining an average rate of around 100 units per day. The market continues to attract people from all around the world, such as ultra-high net worth individual investors. We have seen a lot of people coming from the UK, Egypt, Turkey and China," said Binghatti.

He stressed that the construction of all of Binghatti's projects is progressing well.

He said the company is exploring markets in other countries; however, the focus will remain on the UAE, especially Dubai.

"We're looking at other countries, but our main focus will always be the UAE, especially Dubai. Last year, we were amongst the top three or four players in the market, and we tend to maintain that market share in Dubai. That doesn't mean we're not looking at other places. We are looking at markets like Saudi Arabia and London," he added.

Interestingly, he elaborated that British buyers of Asian ethnicity are also coming into the market to buy Dubai real estate.

He added that the group continues to look at more branded residence projects and tie-ups with other companies from around the world.