Hussain Sajwani, DAMAC owner and real estate investor, wrote a September article praising the government of the United Arab Emirates for creating and implementing policies to help the real estate market in Dubai flourish. He speaks about some of the policies and benefits the government has to stimulate foreign investments and real estate purchases.
Among the policies and regulations the government of the U.A.E. has put in place is the rate of ownership allowable in some zones. By letting foreign investors own up to 100% of a business in parts of the country they attract investors they might not otherwise be able to attract to putting money into Dubai. The government also extends generous, long-term Visas to those who invest in the country, hoping to attract them to buy residences in the city, thus increasing their investment in Dubai.
Hussain Sajwani also points out that the government has waived some fees that can increase the cost of investing in real estate, providing further incentive to investors by reducing costs. Also, the government has implemented the Real Estate Self Transaction (“REST”) system, an online platform for purchasing and selling real estate that increases efficiency, transparency and record keeping for real estate transactions. By eliminating the paper process and centralizing the database for ownership, REST serves as a model for other real estate markets to use that eases the process of investing in and purchasing real estate in Dubai.
Sajwani says that the governments progressive, investor friendly policies are directly responsible for stimulating the growth of the Dubai market. As a growing location with expanding real estate opportunities, Dubai wants to do everything it can to ease foreign investments, and Sajwani feels that the government is on the right track. His only stated issue with the growing market is that, despite its size and rate of growth, there are still too few new properties to meet the demand. Between January and August of 2018, over 14,000 new units were added to the market, yet there is still room for faster growth.
As the owner of DAMAC, Sajwani sees this circumstance as beneficial.