The chairman of Damac Properties, a major real estate developer, has raised concerns about rising costs in Dubai’s real estate sector. His comments come as the city continues to see robust sales despite skyrocketing prices that could potentially deter future investors and residents.
In a recent public statement, the president highlighted the challenges that come with the high costs associated with living and investing in Dubai. He stressed that while the city is known for its luxury and innovation, rising costs could weaken its attractiveness as a top investment destination.
The real estate tycoon stressed the need for strategic measures to balance the market, suggesting that without intervention, Dubai could become less attractive to a broader investor base. His concerns reflect growing unease among developers and stakeholders about the sustainability of such high property values in the long term.
With 2024 expected to set new records in terms of real estate sales, industry experts are keeping a close eye on these developments. The Chairman’s insights are particularly significant as they highlight a crucial aspect of Dubai’s real estate market dynamics, calling for a thoughtful approach to maintaining the city’s economic diversity and attractiveness.
