Wasl Asset Management Group's H.E. Hesham Al Qassim On Dubai's Real Estate Market As preparations for Dubai 2020 goes underway, H.E. Hesham Al Qassim shares how he sees Dubai's real estate sector going forward.
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Attendees and exhibitors at Cityscape Global 2017 witnessed the resilience of Dubai's property market in action at the World Trade Center recently. At the exhibition, investors from across the world showed greater interest and confidence in Dubai real estate, which is testament to the exceptional reputation that Dubai enjoys as a safe haven for investors.
This positive outlook is confirmed by the latest research from Dubai Land Department, which shows that real estate transactions for the first half of 2017 reached a total value of AED 132 billion across 36,000 transactions. This is a value jump of 16.8% compared to the first half of 2016, while transaction numbers also grew by 26% over the same period. In addition, 5,400 completed residential projects have been sold in the first five months of 2017, and a further 78,000 residential units are under construction and due for completion by 2020– a very important year for Dubai.
As a semi-government organisation, wasl Asset Management Group is heavily involved in the development and progress of Dubai itself, and in supporting our leadership's vision for sustainable real estate growth, particularly in the run-up to Expo 2020 but also well beyond it. Our vision is to make Dubai the world's favourite destination to live, work and visit. We have been proud to contribute to the city's skyline and help to drive its thriving real estate sector, which has played a major role in Dubai's transformation over the past 30 years and continues to not only maintain its performance, but in fact grow year by year thanks to the ambitious and progressive culture of the Emirate.
wasl has supported the market's growth by launching flagship projects such as the MGM Grand, wasl1, wasl tower, and many other developments where work is still progressing. These will bring hundreds of new residential units to the market, each of which offers a contemporary, cosmopolitan and integrated lifestyle that reflects our high aspirations for Dubai. By providing our tenants with a new way of life, we are making a significant contribution to the real estate sector by attracting new investors and residents to the city.
According to the latest estimates from the United Nations, the current population of the UAE is approximately 9.1 million. Euromonitor predicts that by 2030, this figure will have grown by 21.9% from 2015 to a total of 10.5 million. The world is recognising Dubai as a safe and secure haven where residents can enjoy a modern and happy lifestyle. This atmosphere of security extends to Dubai's real estate sector, where transparency, credibility, quality and investor confidence have never been higher. As we embark on new projects and prepare ourselves for Expo 2020 and beyond, I am confident that our real estate market will continue to go from strength to strength.