Dubai is set to break all previous records in terms of the total value of transactions in a year. What are the major reasons for this exceptional growth, according to you?
Dubai has always managed to set new records and present itself through historical cycles of market growth. This was massively highlight when the wise leadership and government excelled in the management of the pandemic in Q1 2020, where the UAE in General and Dubai specifically managed to establish itself as a safe investment haven with one of the safest atmospheres around the world, attracting attention of investors and residents. The shift in focus towards Luxury and ultra luxury properties since 2021 has resulted in a higher volume/value of transactions. Not to forget the gain from the unstable geo-political conditions in different regions across the globe, it has motivated safe/stable life seekers as much as Ultra HNI individuals to look at and consider Dubai. Dubai’s economy has shown resilience and adaptability, recovering from the impact of global economic challenges. Dubai’s government has consistently implemented initiatives, rules and regulations to stimulate the real estate and business sectors. Ongoing and planned infrastructure projects, such as transportation improvements, new developments, and smart city initiatives, enhanced the overall appeal of Dubai, attracting both local and international investors. Dubai’s attractiveness to foreign investors, coupled with initiatives to facilitate foreign ownership and ease of doing business, contributed significantly to increased real estate transactions. Dubai’s strategic geographic location and world-class transportation infrastructure make it a hub for business and travel. A resurgence in tourism had a direct impact on the demand for hospitality and short-term rental properties. Developers and real estate professionals are adopting modern technologies, sustainable practices, and flexible payment plans attracting a diverse range of investors.
The year 2022 was great, and 2023 so far has been nothing but magical. What’s your prediction for 2024? How will the Dubai real estate market fare?
Relying on basic economic fundamentals of demand and supply, statistics have shown that the current influx of demand is only increasing with no real signs of shifting polarity anytime soon. Hence, 2024 looks positive for both buyers and sellers. We, at Deja Vu Real Estate, always look at trends and geo-political and socio-economic cues with market data to advise our clients whether to buy/sell or stay in the market. Real Estate is a cyclical business, there is regular ups and downs due to demand & supply, as an agency we regularly study current market trends and advise our investors to buy/sell/keep their assets to maximize the ROI.
What are the next steps your company is planning to take in 2024 to propel growth?
Dubai is a beacon of hope for investors worldwide and we, as Deja Vu, are excited about the coming years and growth. In light of the same, we have planned our budgets and structures towards growth (in size and business verticals) to cope with the growing market and increase our market share on a business front and on a personal front, it is very thrilling to be able to share our experience and service levels with new clients as we share our solid belief in the phenomenal and unique opportunity our city has to offer, standing strong and tall among all other viable options around the world. New markets such as Canada, USA and Australia are opening up, which was never the case. Internally, our company plans to grow 4x and there will be a shift in focus, to the secondary market. We are hiring top talents and equipping them with state-of-the-art training and prop-tech to serve our clientele with the highest of service levels. Finally, our partnership with the developers will see huge growth as we are planning road shows across the world to share our story and strong confidence in our market.