Hamad AlWazzan: “Indians behind the UAE real estate rush”
The UAE real estate market is witnessing a surge in demand for villas, townhouses and larger apartments from expat Indians, as the well-off among the diaspora seek to move out of overcrowded rented shared studio apartments to more spacious homes amid favorable government policy initiatives.
This step can be attributed to the record low property prices and the efficiency of the UAE healthcare infrastructure in containing the Covid19 pandemic. According to real estate mogul Hamad Al Wazzan, the UAE real estate sector has also been attracting domestic cash-rich Indians and upwardly mobile professionals to invest in residential properties in UAE in added numbers this year.
“Expat Indians who were living on rent have recognized the need for added flexibility of space in their residence, leading to a demand push for the mid-to-high end of residential properties in the recent months. With property rates at record lows, there has been considerable demand for larger apartments, townhouses and villas,” explained the Harvard graduate.
In Mr Al Wazzan’s opinion the UAE government has been proactive in reacting to the slowdown caused by Covid-19. “While the recent measures introduced by the UAE authorities were aimed at encouraging investments into the UAE, measures such as long-term visas and ‘Retire in UAE’ programs have specific clauses which take into account real estate investments made by individuals”, he added.
The businessman pointed out that while Indians have always shown faith in the real estate market in UAE – they topped the list of nationalities buying properties in Dubai in 2019, according to a recent Dubai Land Department report – primarily because of the safety of their investments. “Residents and expats in the UAE have confidence in their second home and it has been boosted by the exemplary efforts of the UAE government in healthcare services to deal with this pandemic and the policy measures have definitely contributed to the recovery of the sector in a record time”, he concluded.